How can I tell who owns my mortgage? | Consumer Financial Protection Bureau (2024)

FAQs

How do you know who your mortgage lender is? ›

Check the MERS Online System

If you have a Mortgage Electronic Registration System (MERS) loan, call the MERS Servicer Identification System toll-free at 888-679-6377 or visit the MERS website. Your mortgage servicer's identity will be listed in the MERS system if you have a MERS loan.

Visit our Loan Lookup Tool to learn whether Fannie Mae owns the mortgage on your home. Homeowners with a Fannie Mae-owned mortgage can seek help for their COVID-19 related financial hardship. Click here for details.

As a homeowner, you typically cannot prevent your mortgage from being sold or transferred. The lender has the legal right to sell the mortgage to another entity, lender or investor, under federal law and under the terms of your loan contract (read the fine print).

Federal Housing Administration (FHA) (includes reverse mortgages) Check if your single-family loan is FHA insured by calling the FHA Resource Center at (800) CALL FHA, or via email at answers@hud.gov.

MERS is a separate company that serves solely as the mortgagee of record. MERS does not own the promissory notes, and it is not the entity to which the monies are owed under the promissory notes that are secured by the MERS Mortgage.

That's why it's crucial to check your credit report for any unfamiliar entries regularly. The three major credit reporting agencies – Equifax, Experian, and TransUnion – are required by federal law to provide you with a free report once a year.

You can look up your mortgage servicer by searching the Mortgage Electronic Registration Systems (MERS) website. Call your mortgage servicer. Check your monthly mortgage statements to find the phone number for your servicer.

Key Takeaways. Fannie Mae HomePath properties are foreclosed properties owned by Fannie Mae. HomePath homes come with a variety of perks, such as lower price points and special financing options. Because the homes are foreclosures, they may need repairs.

Why do mortgages get sold? Many lenders specialize in originating a mortgage, but often, this initial lender can't afford to wait for 15 or 30 years for you to pay it all back. By selling it, they no longer have to keep your debt on their books, and they can offer loans to other prospective homeowners.

Can someone walk away from a mortgage? ›

You can turn over the key and walk away, free and clear. Your mortgage contract allows it. The bank can't come after you to collect the rest of the money owed. You pay a higher interest rate for a mortgage with a walk-away option and should feel free to use it, if that makes sense for your family and your future.

You could see a rise in your mortgage payment for a few reasons. These include an increase in your property tax, homeowners insurance premium, or both. Your mortgage payment will also go up if you have an adjustable-rate mortgage and your initial rate has come to an end.

Lenders typically look for 2 months of bank statements from potential borrowers, which provides enough data to assess your income consistency, spending habits, account balances and other crucial financial information. It's possible the lender may ask to see more bank statements for additional insights in process, too.

The brief's key findings are: An unconventional strategy allows individuals to use early Social Security benefits like a “free loan,” paying back the principal while keeping the interest. If this strategy were widely adopted, it would cost Social Security $6 billion to $11 billion per year today and more in the future.

We encourage you to contact your servicer (often your bank or lender) to verify that your mortgage loan is owned or guaranteed by Fannie Mae or Freddie Mac, or you may verify it yourself by accessing the following websites: Fannie Mae www.KnowYourOptions.com/loanlookup, Freddie Mac www.freddiemac.com/mymortgage.

Your individual loan numbers, which are each 16 digits long, are not shown in your online profile. However, both your account and your loan numbers appear on your monthly statements. You can find your monthly statements under the "Documents" section of your dashboard.

Borrowers don't get to choose who services their loans. In fact, they don't get a say at all. After you close your loan, the lender is free to sell it to an external company. That company can also sell the loan, without the borrower's approval, at which point your servicer may change.

On your original mortgage documentation (Offer or Variation Agreement), which we sent to you when you completed your mortgage with us. If you use Online Banking and/or our Mobile App, you will find your mortgage account number and balance on the 'Account Summary' screen. On your annual mortgage statement.