Mortgage Sold.....

Question. Do major banks sell mortgages to other major competing banks? I know they sell to smaller servicers as my previous mortgage was sold to someone in PA. Reason I ask is my current Suntrust mortgage has just been sold to Wells Fargo. Now, that's not a really big deal but it made me think if something else maybe in the works between the two banks. I maybe reading too much into this but I know Suntrust hasn't been hitting on all cylinders lately.

 

Yes. All the time.

 

Ok, cool. Didn't know if it was something more. Thanks.

 

Wells Fargo is a much better bank to be in right now.

 

Means nothing. Matter of fact, they just sold the servicing rights (most likely).

And I wouldn't say "Wells is a better place to be."

 

If they just sold the servicing rights, I don't think that they bills change, as the loan is still on Suntrust's balance sheet. I could have it reversed though.

Regardless, sales of pools of whole loans is extremely common.

 

Suntrust has been getting aggressive selling equity lines. I talked to a wholesaler that said they are going up to 90% with competitive rates which no one else seems to be doing these days.

Seems kind of risky in this market.

 

Going up to 90% with the right customer base isn't going to carry much risk.

 

Well no shit but nobody is offering 90% these days at the rates they are. That was my point.

 

And 100% seconds are pretty much GONE. One of the last lenders that did it (Charter One) just shut down.

FYI...9er's right. SunTrust is kicking it on the 2nd's to 90%.