Quote:
Originally Posted by Beestie
Your loan was sold once - maybe twice. What was sold over and over was the servicing rights - collecting the payments.
Unless your loan was one of the few that don't get carved up, it was put into a pool of other similar loans, and the combined payments from you and your pool-mates are split up into all sorts of interesting structures. However, as complicated as the structures are, all the payments to all the structures have to equal all the payments by all the borrowers for any given month. And that can get incredibly complicated.
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Damifino? Several times I got notices from different places saying they now held my mortgage. It was a pain in the ass because they would invariably say the last guy wasn't collecting enough escrow.
But then the letters would start, do you know you live on a 100 year flood plain? Who wrote the flood insurance policy? Who wrote the homeowners policy? Why doesn't your mailing address match the deed address? Blah, blah, blah, every damn time. I was glad to be done with it.