When I went into the loan lookup tool they make available, it said Fannie Mae does not find a match, therefore, they do not own the loan. How can this be? This has happened many times over. I have also been told by my servicer that both Wells Fargo and Citibank own the loan. This doesn't seem right to me. How can I find out who owns my mortgage?
A: The owner of the loan is most often the "investor" -- the entity who put up the actual funds to make your mortgage happen. This may be the original party for your transaction, such as a bank, but loans like other investments are bought and sold between parties, so the owner can change from time to time and could be anyone from a pension fund to a real estate investment trust REIT or other entity you might actually be a part owner of certain mortgage loans in any bond mutual fund investments you hold, for example.
That said, the servicer is usually a separate entity, whose responsibility is to collect the monthly payment from you, maintain escrow accounts, and distribute those funds to other parties local tax authorities, insurers and to the owner of the loan. As we mentioned above, Wells Fargo has crept up through the ranks in J. This shows steadily increasing customer reviews in areas like the application and approval process, communication, loan closing, and loan offerings.
Wells Fargo also does relatively well when it comes to customer complaints. Data registered with the Consumer Financial Protection Bureau shows that Wells Fargo is right in line with Chase, the next-biggest mortgage bank. And it does better than some peers, like Bank of America.
Wells Fargo also offers closing cost credits for certain home buyers using the yourFirst mortgage. Credits can help reduce your closing costs to limit the amount you have to pay out of pocket.
You can learn more about yourFirst mortgage and how to qualify here. Wells Fargo requires a credit score for most mortgage borrowers. But that rule is not set in stone. If you have a sparse credit history, Wells Fargo Mortgage is worth an even closer look.
In our analysis, Wells Fargo mortgage rates are about average for the industry. But importantly, the mortgage rates Wells Fargo advertises often include fewer discount points than competitors. So look at combined rates and points from Wells Fargo to see how it compares to other lenders. The yourFirst mortgage is a low-down-payment loan program from Wells Fargo. In addition, yourFirst mortgage customers might qualify for a closing cost credit to reduce their upfront costs.
However, a great financial portfolio might work in your favor if your credit score is a little lower. For example, if you have a FICO score just under , but plenty of savings and a big down payment, Wells Fargo might still accept you for a mortgage.
That could mean lowering the interest rate or increasing the loan term to lower your monthly payments. Despite its missteps within the past five years, Wells Fargo continues to improve its reputation with customers and regulators alike. If it offers you the lowest rate and fees, Wells Fargo could be a good choice for your mortgage. We're sorry, but some features of our site require JavaScript. Please enable JavaScript on your browser and refresh the page. Learn More. Use our mortgage assistance document checklist to see what we may need you to provide with your request.
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