When they continually sell your note over and over again, no one knows who owns it. But it doesn’t stop there. From the trust to other trust, to debt buyers, the note is sold multiple times. So whats happened with the mortgage crises is that no one, not even the bank knows who owns the note!
The example clarifies the question of who owns your loan when it is securitized. The answer is that the trust established by the securitizer owns the loan. The residential mortgage-backed securities investors own the beneficial rights to your loan, but not the loan itself. Beneficial rights are the rights to receive principal and interest cash.
Many people who carry a note will set up an escrow account that has strict conditions; for instance, if the monthly payment is not received each month by a certain date, the ownership of the home immediately reverts back to the original owner, any principal that the buyer has paid is forfeited to the seller and the sale is null and void.
Ownership of Note. The homeowner proves ownership by means of a grant deed recorded at the county recorder’s office. The mortgage holder proves ownership of the mortgage debt by producing the original deed of trust that is evidence of the indebtedness.
How can I tell who owns my mortgage? You can send a written request to your servicer asking for information about the identity of the mortgage loan note holder. The servicer is obligated to provide you, to the best of its knowledge, with the name, address, and telephone number of the owner of your loan.
Fannie Mae is at all times the owner of the mortgage note, whether the note is in Fannie Mae’s portfolio or whether owned as trustee, for example, as trustee for an MBS trust. In addition, Fannie Mae at all times has possession of and is the holder of the mortgage note, except in the limited circumstances expressly described below.
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The Differences between the Deed, the Note, and the Deed of Trust When you are ready to purchase your new home or refinance your current one, you will be given a series of documents you need to sign at settlement.