Quote:
Originally Posted by codeman671
On the contrary I have had multiple mortgages with BNH and they kept every one in house. My main home was originated and is still with them. The rates were always competitive and Tammie Mahoney was a pleasure to deal with.
My island home was originated with Meredith Village, who promptly sold it off to Arvest Bank (a Walmart company).
I bank with BNH and will stay with them for now. My local branch in Dover is excellent to work with.
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You are sure they hold the note?
Because if it doesn't state it in your mortgage documents, they are not required to.
Carroll Stafford - though long ago - made it clear to me that low liquidity, low interest fixed mortgages were not the best investments for a bank.
So my 20 year term adjustable was slightly lower in the interest rate over a 30 year fixed, shorter than a 30 year fixed, and had a much higher down payment than the 5% of recent originated loans.
He explained that regardless, the bank had to make money on the spread with a risk adjustment over a treasury.