Why Do Banks Sell Their Mortgages – And Which Ones Don’t
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Mar 03, 2021
Much about the home-buying process can be confusing. When you add mortgages to the mix, it can become even more challenging. From interest rates to closing costs, it can be tough to keep track of everything it takes to become a homeowner.
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Unfortunately, being prepared for
everything is next to impossible, and sometimes life can throw you a curveball. As one of our users recently asked:
Bank of America sold my mortgage to Carrington. What does this mean?
In truth, it happens all the time banks frequently sell their mortgages to other financial institutions. Here’s why they do it: to free up money for selling more mortgages. Fortunately, this common occurrence doesn’t have to keep you up at night.
ATLANTA, Ga., Jan 12, 2021 (SEND2PRESS NEWSWIRE) Top of Mind Networks (Top of Mind), a leader in customer relationship management (CRM) and marketing automation software for the mortgage lending industry, anticipates continued growth and innovation in 2021 after a banner year of accolades and the launch of new product enhancements and technology partnerships.
“Top of Mind has succeeded in the current market by meeting lenders’ demand for an easy-to-implement marketing automation platform equipped with the content and workflows they need to begin increasing volume on day-one,” said Top of Mind EVP of Sales Nick Belenky. “Between our expansive library of creative content and push-button ‘Blueprints for Success’ automated workflows, Surefire is unparalleled in its ability to help lenders to execute comprehensive, multi-channel marketing campaigns that win new business, delight borrowers and retain clients for life.”
CFPB Investigating Quicken’s Real Estate Affiliate Some Lenders Take Referral Fees, Too By Lew Sichelman | Special to Banker & Tradesman | Jan 10, 2021 | Reprints | Print
Lew Sichelman
In a little-known civil action, the Consumer Financial Protection Bureau is investigating the real estate affiliate of Quicken Loans for allegedly illegal kickbacks.
Specifically, the consumer watchdog agency is wondering whether Rocket Homes Real Estate violated the Real Estate Settlement Procedures Act when it charged fees for referring Quicken’s mortgage clients to real estate agents. Under RESPA, it is illegal to collect money without providing “meaningful” services.
The CFPB’s investigation has gone largely unnoticed because it does not publicize such cases until a determination of guilt is made. And rightly so – to announce an investigation without any such findings would cast an unnecessary cloud over innocent compan
Non-QM, LOS Admin, Ops, MLO, IT Jobs; Broker, Sales Tools; QC and Compliance Dec 28 2020, 8:09AM
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