WF doesn't hold the deed, they merely service the mortgage for a cut of the interest rate. They send the letters, keep track of the taxes and insurance, enforce

WF doesn't hold the deed, they merely service the mortgage for a cut of the interest rate. They send the letters, keep track of the taxes and insurance, enforce the foreclosures, etc. They're nothing but a third party. The actual mortgage is held by, generally, holders of mortgage backed securities and/or the US Government via Fannie Mae and Freddie Mac.