Comments on: Our Mortgage was Sold http://www.fivecentnickel.com/2006/07/25/our-mortgage-was-sold/ personal finance tips, tricks, and commentary Sat, 21 Nov 2009 18:35:25 -0500 http://wordpress.org/?v=abc hourly 1 By: Dan Green http://www.fivecentnickel.com/2006/07/25/our-mortgage-was-sold/comment-page-1/#comment-15383 Dan Green Mon, 31 Jul 2006 16:51:58 +0000 http://www.fivecentnickel.com/2006/07/25/our-mortgage-was-sold/#comment-15383 Good stuff, Nickel. Wells Fargo has just bought about $140 billion worth of loans from Washington Mutual so a lot more folks will be getting similar calls. The business of collecting mortgage payments is called "mortgage servicing" and the profits lie in scale, as in Economies of Scale. Wells Fargo pays to service loans, but for each loan it services, the cost per loan to Wells Fargo is reduced. Good stuff, Nickel. Wells Fargo has just bought about $140 billion worth of loans from Washington Mutual so a lot more folks will be getting similar calls.

The business of collecting mortgage payments is called “mortgage servicing” and the profits lie in scale, as in Economies of Scale. Wells Fargo pays to service loans, but for each loan it services, the cost per loan to Wells Fargo is reduced.

]]> By: Madame X http://www.fivecentnickel.com/2006/07/25/our-mortgage-was-sold/comment-page-1/#comment-14683 Madame X Wed, 26 Jul 2006 13:15:28 +0000 http://www.fivecentnickel.com/2006/07/25/our-mortgage-was-sold/#comment-14683 Interesting... when I had a mortgage about 10 years ago, it was sold but nobody ever called to tell us about it. I think we just got a letter and a new little payment coupon book with the new bank name on it, and it was seamless. I suppose the little coupon books aren't really in use anymore? That would be a fairly complicated thing for a phisher to produce! Interesting… when I had a mortgage about 10 years ago, it was sold but nobody ever called to tell us about it. I think we just got a letter and a new little payment coupon book with the new bank name on it, and it was seamless. I suppose the little coupon books aren’t really in use anymore? That would be a fairly complicated thing for a phisher to produce!

]]> By: Kim http://www.fivecentnickel.com/2006/07/25/our-mortgage-was-sold/comment-page-1/#comment-14598 Kim Wed, 26 Jul 2006 03:25:08 +0000 http://www.fivecentnickel.com/2006/07/25/our-mortgage-was-sold/#comment-14598 My last mortgage was sold right away - I hadn't realized it was a common practice. I love this website - you keep it so fresh and interesting. Thanks, Nickel! My last mortgage was sold right away – I hadn’t realized it was a common practice.
I love this website – you keep it so fresh and interesting. Thanks, Nickel!

]]> By: nick http://www.fivecentnickel.com/2006/07/25/our-mortgage-was-sold/comment-page-1/#comment-14541 nick Tue, 25 Jul 2006 20:22:16 +0000 http://www.fivecentnickel.com/2006/07/25/our-mortgage-was-sold/#comment-14541 This is a good advice. I have never thought about this ... That's for sharing. This is a good advice. I have never thought about this … That’s for sharing.

]]> By: mapgirl http://www.fivecentnickel.com/2006/07/25/our-mortgage-was-sold/comment-page-1/#comment-14516 mapgirl Tue, 25 Jul 2006 15:36:48 +0000 http://www.fivecentnickel.com/2006/07/25/our-mortgage-was-sold/#comment-14516 GREAT advice! Thanks for posting it. GREAT advice! Thanks for posting it.

]]> By: Kira http://www.fivecentnickel.com/2006/07/25/our-mortgage-was-sold/comment-page-1/#comment-14511 Kira Tue, 25 Jul 2006 15:18:43 +0000 http://www.fivecentnickel.com/2006/07/25/our-mortgage-was-sold/#comment-14511 My boyfriend's father's mortgage was sold, and he thought it was some kind of scam, because who in their right name would name a mortgage bank Fifth Third? My boyfriend’s father’s mortgage was sold, and he thought it was some kind of scam, because who in their right name would name a mortgage bank Fifth Third?

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