How Do I Know Who My Mortgage Lender Is?
It may seem straight-forward, but in reality, finding out who owns your mortgage isn’t always so cut-and-dry. From nearly the minute after you close on your home, your mortgage loan is already getting sold – and perhaps re-sold and re-sold many more times after that. Moreover, the company that services your loan (the one you pay each month) may not in fact own the underlying debt.
In order to determine who backs your mortgage (and owns the debt), there are some steps you can take, including first determining who your loan servicer is.
Identifying your mortgage loan servicer
Your mortgage servicer is the company you pay each month. Their name will be on your monthly mortgage statement or coupon book. If you have a MERS (Mortgage Electronic Registration Systems) loan, you can also look it up on their website or call 800-646-6377.
Identifying your mortgage owner
Once you have identified who services your loan, it will be easier to find out who owns your mortgage. You can do this by sending a written request to your mortgage servicer. They are obligated to provide you with the name, address, and telephone number of the owner of your loan.
Why you should know who owns your mortgage
It’s important to identify the owner of your mortgage because they are the only entity that has the legal right to collect the debt or file for foreclosure if a homeowner fails to make payments. If you believe a debt collector or mortgage servicer is not the legitimate owner of your mortgage, get in touch with us at Jacobs Legal right away to ensure that your consumer rights are protected.