Who is REALLY my lender?

DID YOU KNOW that the company you send your monthly mortgage payment to may not be your mortgage company at all? They may be JUST the servicer (the company paid to handle collections and customer service). So WHO is your lender? Find out here!

Does it matter?  Why do you need to know anyway?

Well, for decades, most of us went through life sending our check to the company that billed us and we were happy little campers.  Then the economy fell apart and some of us were struggling to pay our mortgage. When that happened, it suddenly became important.  After all, how do you ask your lender for a loan modification or a short sale if you don’t know who they are? Don’t get me wrong, you still have to do this through your servicer, but don’t you want to know if they are the decision makers or if it is someone else?

REALTORS may be able to use this information to help you, too.  Some really active agents who have processed many short sales and who work with other agents who have processed many short sales know what to expect from certain servicers and certain investors.

So, buyers agents can look here to find out how many loans are on a property and who the servicers are.  Listing agents can look to find out how many loans are on a property, who the servicers are and who the investors are (different access information will get you to different levels of information).  All of this can be good and valuable information that, combined with a true level of expertise and resources, can help us service our clients better and more efficiently.

Of course, there’s always the disclosure – this system does not contain EVERY loan that is out there.  But I think you’ll find most are listed here.  The follow up disclosure is that this is a relatively accurate database, but like all databases it is “garbage in, garbage out” so if someone put wrong information in, then inaccurate information will be listed here.  Nonetheless, most of the time it will provide accurate information and can help you make a slightly more educated guess about how a short sale (or loan modification process might work).

Remember to stay tuned here for continuing real estate tips and advice.  And, when it’s time to make your move, don’t waste your time interviewing 10 wrong agents, call me and let’s get to work!

Vicky Chrisner

Fieldstone Real Estate

Selling Homes & Land

in Loudoun County and the Dulles Region




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