Posted on: 01st Feb, 2010 05:18 pm
Hi,
Can a licensed bank or a mortgagor in our state sell our loan note to another bank in another state that does not practice or licensed in our state?
Can a licensed bank or a mortgagor in our state sell our loan note to another bank in another state that does not practice or licensed in our state?
Hi,
I'm not sure, but I think it might not be possible. The mortgage company who will hold the mortgage note and will collect the monthly payments from you needs to conform to the laws of your particular state. If a mortgage company does not comply with the laws of your state, how would they work in your state?
I'm not sure, but I think it might not be possible. The mortgage company who will hold the mortgage note and will collect the monthly payments from you needs to conform to the laws of your particular state. If a mortgage company does not comply with the laws of your state, how would they work in your state?
you're trying to compare origination to servicing, and that's simply not correct. yes, indeed, a lender who is licensed to originate in your state can and will sell the servicing rights to others who have no originations offices in your state.
it's typical business.
it's typical business.
