Quote:
Originally Posted by John Mercier
You are sure they hold the note?
Because if it doesn't state it in your mortgage documents, they are not required to.
Carroll Stafford - though long ago - made it clear to me that low liquidity, low interest fixed mortgages were not the best investments for a bank.
So my 20 year term adjustable was slightly lower in the interest rate over a 30 year fixed, shorter than a 30 year fixed, and had a much higher down payment than the 5% of recent originated loans.
He explained that regardless, the bank had to make money on the spread with a risk adjustment over a treasury.
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Yes of course I am positive they hold the note. All of mine have been portfolio loans, not assignable/sellable.
My loan with Meredith Village was not "servicing retained", and got sold immediately.