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Old 11-15-2023, 02:16 PM   #25
codeman671
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Quote:
Originally Posted by John Mercier View Post
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.
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.
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