Mortgage Loans

[Ron6262]

   I closed in August on a 15 yr FHA with Michigan Mutual Inc.  I knew the loan would be sold and assumed Wells Fargo or one of the big guys would pick it up.  Was getting kinda concerned as I havent heard a thing until yesterday.  I got a very vague and poorly written letter from MMI saying "GNMA" is my new servicer.  I had to employ google power to see what GNMA even was.

   The letter goes onto explaining all the legal mumbo jumbo but leaves the line blank about the business address for the new servicer.  So, basically I have no clue who or where to send the first payment due next month???  WTH???

[ladyli22]

I received the same thing after closing on my home on August 1st. However, the letter indicated a date which this was to take effect. Essentially, I had to mail my first payment to my initial company and then beginning on October 1st I had to send to my new company. Shortly after receiving the initial letter I received another letter from the new servicer with information, how to make payments, etc.

[Chbraswell]

GNMA is actually a government pool of loans.  Unless your sending a payment to them directly(which normally people dont) I think you gotta call your old servicer to see who you will actually send your payments to.

[Hammer23]

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Chbraswell wrote:

GNMA is actually a government pool of loans.  Unless your sending a payment to them directly(which normally people dont) I think you gotta call your old servicer to see who you will actually send your payments to.

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Moe than likely GNMA is the investor (owner).

Go to this address, it can tell you who the servicer and investor on the account are 

https://www.mers-servicerid.org/sis/index.jsp

My loan is serviced my Wells Fargo, but the investor is Ginnie Mae (GNMA)

[Chbraswell]

actually,  gnma is a a pool of loans that are mortgage backed securities.  Very rarely is GNMA an actual investor.  It is a common misconception.

check it out

http://www.ginniemae.gov/about/about.asp?Section=About

"

Ginnie Mae does not buy or sell loans or issue mortgage-backed securities (MBS). Therefore, Ginnie Mae's balance sheet doesn't use derivatives to hedge or carry long term debt.

What Ginnie Mae does is guarantee investors the timely payment of principal and interest on MBS backed by federally insured or guaranteed loans — mainly loans insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA). "

[Ron6262]

   Well it appears they letter they sent was a mistake, or just some canned form.  I received a second letter the next week saying that MMI was keeping the mortgage and using a servicer only.  Dovenmuehle is going to be the servicer.