Do you know who owns your mortgage? Did you know that the company that owns your mortgage and the one that services it may not be the same? While knowing who owns your mortgage may not be something everyone needs to know, if you ever have a question about the note or deed of trust, you’ll need to get in touch with the mortgage holder or owner.
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Keep reading to learn who should contact in each situation.
Who is the Mortgage Holder?
The mortgage holder is the company that owns your mortgage. They ‘hold’ your mortgage. They created and have the agreement. They also enforce the agreement if you violate it. The agreement is the mortgage note and deed of trust that you signed at the closing. The mortgage holder is the one that would start foreclosure proceedings if you defaulted on your loan.
Who is the Mortgage Servicer?
Your mortgage holder or owner may not be the same company that services your loan. The owner may outsource the servicing to a mortgage servicing company. The mortgage servicer is the company that handles the operation of your loan.
You typically make your payments to the mortgage service. The mortgage servicer also has the most current information about your loan’s balance and escrow account. The servicer may oversee the foreclosure proceedings if you default on your loan too.
Finding Out Who Owns Your Loan
Knowing who owns your loan is good information to have. Your loan servicer is the easiest way to find out who owns your loan. You can call or write to the servicer and ask for this information. They should be able to provide you with the information rather easily.
Other options to find out who owns your loan include:
- Access the MERS website, if your loan was entered into the MERS system. You just need your address, personal identifying information, and mortgage insurance certificate to find your mortgage holder.
- Use the Fannie Mae or Freddie Mac online tools. All you need is your personal identifying information including your name, last four of your social security number, and address to find out if Fannie or Freddie owns your loan.
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Find Out Who Services your Loan
More commonly, you’ll need to know who services your loan. This is the company that you’ll deal with on a daily basis with standard mortgage questions or issues. Find out who services your loan with any of the following methods:
- Look at your mortgage coupons
- Look at your billing statement
- Visit the MERS website
Who Should you Call?
In most cases, you’ll call the mortgage servicer with any questions about your loan. This includes questions about the:
- Balance
- Payment due
- Escrow account
- Payment assistance to avoid foreclosure
- Refinance questions
If you are facing foreclosure, but are unsure about its legitimacy, you would then want the mortgage holder. If the company starting foreclosure proceedings doesn’t own your loan or doesn’t have the right to start proceedings, you may need to call the owner to fight the foreclosure.
The only other time you may need to know who owns your loan is if you want to apply for a hardship program. Some programs are only reserved for Fannie Mae or Freddie Mac owned loans, for example.
Knowing who owns and services your loan is good information to have. You should find all of this information at the closing, but if you don’t, use the above tips to help find out who owns and services your loan.
