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US Bank Home Mortgage
Kato
Registered User regular
Registered User regular
I have a question...and one that I just can't seem to find the answer for. My google-fu is not that good...to say the least.
As many of you have probably seen, there are all kinds of issues with banks and stuff lately in the economy. I'm trying to find out more information on US Bank Home Mortgage. I am trying to find...I don't know. Not even sure if I know exactly what I am looking for. Who do they have ties with and stuff like that...in essence, I want to know if we are safe or not as this is who our house mortgage is going through. We are on a fixed rate loan, so no surprises there, but I am still trying to find some other info about them or their past/future. Anyone have an experience with them or any advice?
As many of you have probably seen, there are all kinds of issues with banks and stuff lately in the economy. I'm trying to find out more information on US Bank Home Mortgage. I am trying to find...I don't know. Not even sure if I know exactly what I am looking for. Who do they have ties with and stuff like that...in essence, I want to know if we are safe or not as this is who our house mortgage is going through. We are on a fixed rate loan, so no surprises there, but I am still trying to find some other info about them or their past/future. Anyone have an experience with them or any advice?
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Are you specifically concerned about them folding or something? As long as your mortgage is in good standing, you as a consumer don't really have much to be concerned about. When a bank folds/goes under/gets boned they usually sell their loans and accounts in good standing to another, more stable bank. So, worse comes to worst, you'll be writing your mortgage check to a different bank but your terms (balance, rate, credit rating) should remain the same.
However, if you are also a shareholder and/or investor in said bank separate from being a customer (i.e. you own stock), then you have more things to worry about.
Even if the institution your mortgage is funded by goes under, and no one buys the loans for some terrible reason, more than likely your debt will be charged off or forgiven.
But you're fine and safe. You don't know what you're looking to find out because your fear really doesn't hold water. Take a deep breath and call them tomorrow if you have concerns.
It's necessary to maintain our economy and to fund new loans. It isn't out of place for a loan to be sold many, many times during the course of its existence in order to provide capital for your new neighbors to secure their loan.
What you'll see get sold frequently is servicing rights, which is what several of you are referring to; it's not uncommon to see servicing sold several times over the life of a loan.
Unless you're getting a loan through a warehouse lender (there are very few left, so don't worry) there's zero chance that your mortgage will have any problems prior to closing. If the bank were to go under, someone else would start servicing it...sorry, never heard of anyone getting the loan forgiven!
It happens from time to time with 80/20 notes, where the servicer will forgive a 2nd mortgage in order to bring a loan out of delinquency, though it is very, very rare and no bank is going to take a step like this unless it is absolutely necessary to maintain the collection of the note.