Quote:
Originally Posted by 6oclockshadow
This is a very common practice--mortgages are asset-backed securities, that are bought and sold as such by investors. It's stated clearly in the application process, and it happens up there too with the same frequency. Non conforming loans are not sold, and typically offered through small local banks and credit unions.
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My non-conforming jumbo loan was sold soon after I moved into my house. And it's been sold again since - although I don't even know who holds it as they bought it from the second company, but use that companies website services to manage it so nothing changed for me.