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Who Owns My Mortgage?
Who Owns My Mortgage?
by Ralph Roberts
When trying to contact your lender to work out a payment plan or some other deal, knowing who owns your mortgage can be very helpful. Unfortunately finding out is not as easy as it sounds. You should be able to call the phone number on your last mortgage statement or the number in your payment coupon book and connect directly with your lender.
More often than not, this merely puts you in touch with the servicer - the business that collects and processes your payments. In some cases, the servicer is prohibited from divulging the true identity of your lender. In other cases, the person you're dealing with has no idea who your lender is.

Mortgages are often sliced and diced and repackaged into mortgage backed securities (MBS's) that are sold and traded on Wall Street. Many investors subscribe to an automated system called MERS (Mortgage Electronic Registration System) that keeps track of who owns the mortgage and note as it changes hands among investors, as well as who services it for that investor. MERS can provide another level of anonymity to the process. On many mortgages, the Mortgagee (the party that was ... more

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