Hello Jeanetta, Mortgage sales are very common in the mortgage industry. This is typically done as a way for lenders to free up capital that can then be used to lend to other borrowers. If you have any questions about the transition of your loan, please let us know and we can have someone on our team answer them for you.
Lenders usually don’t service Loans for too long, they sell them to “SERVICERS / WAREHOUSES” after few months, either because they don’t have the permits or the necessary funds to keep servicing all the loans they generate. In UWM case, it is my understanding that even when they sell your mortgage to a servicer, they keep monitoring it and your Loan Officer can sign you up with them for you to receive updates every 3months.
They always sell the mortgage, because they got paid with the promissory note. YOU issued them the collateral security instrument!! You can't have a debit without a credit first. Did you get a receipt for the note?? I did!! Banks do not loan money, they purchase securities! They took the note and attached an allonge to it and made it negotiable, then they sell it!!
I would like to know as well; they sold my mortgage.
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