FREQUENTLY ASKED QUESTIONS

Do banks sell Residential Mortgage Loans?

Yes, nearly 95% or more of mortgage loans are packaged to be sold today. This is largely due to risk assessment in our current industry trends. Unless your loan is a portfolio product specifically held by the bank, it will be sold.  Portfolio products have become short-term or interim loans that are done as a courtesy to bank clients.

Should I be concerned about my loan being sold?

No, the only thing that will change is where the payment is mailed.  The Note contains your loan information or contract which can not be changed without your signature. 

Should I use my bank then?

Tough question for me as I prefer that you use my wholesale services! With that in-mind, yes.

These are extensively trained people that attend courses and certification regulary. This means your bank is competing and has several lenders to find you the best rate. This also means less cost and higher standards. Not to beat up the brokers, but your banks can pound them right now. Banks also have great portfolio products for your security to fall back on should you wind up in a moving van with your family waiting to close on your new home.