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The selling of the loan is an often time consuming and disconcerting process. How many people would even open a letter from a bank they've never done business w

The selling of the loan is an often time consuming and disconcerting process. How many people would even open a letter from a bank they've never done business with? How many have automatic payments setup that would just stop when the loan is sold? How many blindly write a check to the same bank every month as their mortgage book tells them to? Answer: almost everyone that's ever taken out a mortgage or any other loan for that matter. I think, from a consumer perspective, the answer here is the originating bank of the loan should be responsible for the lifetime of the loan for servicing it, even if they sell the debt itself to another party. This simple act would simplify immensely the process for the consumer and probably put a bit more pressure on the banks to get the paperwork right.

scarface74 8y ago
The selling of the loan is an often time consuming and disconcerting process. How many people would even open a letter from a bank they've never done business with? The first letter you get is from your current bank. How many have automatic payments setup that would just stop when the loan is sold? I think I would notice if my largest bill wasn’t deducted from my bank account. But at the end of the day, the bank doesn’t want your house. They don’t want to go through the trouble of foreclosure, for being responsible for maintenance while it’s being sold. They don’t want to go through the hassle of selling your house. You will get letters, phone calls, notices, court dates, etc before your house goes into foreclosure. I doubt that people are sending thier payments to the wrong place long enough to go into foreclose.
- inetknght 8y ago
  > The first letter you get is from your current bank. Where in that letter can I say "I object to this transaction"? Where in that letter can I say "I will be emotionally and/or financially damaged by this transaction"? Where in that letter can I tell the bank that the new bank does not personally know me and I do not believe it can fulfill the obligations to Know Your Customer?
  - scarface74 8y ago
    You had a chance to “object” before you signed the loan. You are more than welcome to not buy a house until you save enough to pay cash.
    - deleted 8y ago
      [deleted]

scarface74 8y ago

The selling of the loan is an often time consuming and disconcerting process. How many people would even open a letter from a bank they've never done business with? The first letter you get is from your current bank. How many have automatic payments setup that would just stop when the loan is sold? I think I would notice if my largest bill wasn’t deducted from my bank account. But at the end of the day, the bank doesn’t want your house. They don’t want to go through the trouble of foreclosure, for being responsible for maintenance while it’s being sold. They don’t want to go through the hassle of selling your house. You will get letters, phone calls, notices, court dates, etc before your house goes into foreclosure. I doubt that people are sending thier payments to the wrong place long enough to go into foreclose.

inetknght 8y ago
> The first letter you get is from your current bank. Where in that letter can I say "I object to this transaction"? Where in that letter can I say "I will be emotionally and/or financially damaged by this transaction"? Where in that letter can I tell the bank that the new bank does not personally know me and I do not believe it can fulfill the obligations to Know Your Customer?
- scarface74 8y ago
  You had a chance to “object” before you signed the loan. You are more than welcome to not buy a house until you save enough to pay cash.
  - deleted 8y ago
    [deleted]