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GLOSSARY OF TERMS

Why has my mortgage, credit card account, etc. been sold to another company?

A lender generally sells a mortgage for two reasons. The first is to free up capital. Selling a $200,000 mortgage allows the lender to then loan that money to another customer. The other reason is that the lender can make money off of the sale of your mortgage — generally in the form of fees, commission or interest from your monthly payments. These sales do not require the consent of the borrower, and it is common for a mortgage to trade hands between lenders multiple times over the course of the loan term. Most lenders combine real estate related loans into credit-worthy rated groupings for resale to secondary market investors such as “Fannie Mae” (FNMA) or “Freddie Mac” (FHLMC).

Secondary market holders like FNMA or FHLMC usually do not collect payments; they usually hire a Mortgage Servicer (see below) to collect the monthly payments and report any non-payment or delinquency issues to them. When a delinquency takes place, the Note holder then takes over the loan and issues notice to the borrower of demands for payment, foreclosure, etc.

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