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Who's In Your Wallet?

10Apr 2011
Published in Homeowners

The Surprising Truth About Who You're REALLY Doing Business With


Check out the OCC's (Office of the Comptroller of Currency) website and you'll see I'm not kidding!


When it comes to mortgage servicing, it can get even more confusing! You sit down at the closing table and sign papers with one company name on them, shortly thereafter, you're getting mail from a different company looking for your monthly mortgage payments. Here?s what we think happened with my loan.

I refinanced my house with Superior Banks F.S.B

Superior Banks F.S.B sold the loan to Merrill Lynch Mortgage Capital

Merrill Lynch Mortgage Capital sold/transferred/assigned the servicing rights to Fairbanks Capital Corp.

Merrill Lynch Mortgage Capital sold/assigned/transferred my actual loan to Merrill Lynch Mortgage Investors

Merrill Lynch Mortgage Investors bundled my loan with other loans into a Real Estate Mortgage Conduit (REMIC) and made LaSalle Bank N.A. the trustee of said REMIC


The foreclosure notices came in the names of Merrill Lynch Mortgage Investors and LaSalle Bank N.A.

Only Fairbanks Capital showed up in Court during the foreclosure proceedings


PMI takes control of Fairbanks Capital during the time period in which I am trying to get the foreclosure stopped


Fairbanks Capital then changes their name to Select Portfolio Servicing during the time period my foreclosure case was in Court



I took out a loan with Superior Bank and before I knew it I was no longer dealing with them. In fact, I wasn?t dealing with the lender of my loan at all, I was dealing with a company THEY CHOSE to force me into doing business with! The unfortunate part is that a good many homeowners don?t realize that they?re not actually doing business with their lender at all. Like me, they are dealing with a mortgage servicer. 

The kicker is, many of these mortgage servicing companies are not only employed by, but are owned by huge international banking institutions. These huge & often well respected companies like ABN Amro, Merrill Lynch and Credit Suisse First Boston have consistently failed to take any accountability in the way the mortgage servicers they hire and own do business. This is unacceptable when you consider that in most cases, like my own, I am actually a customer of theirs by contract and not of the servicer?s at all. I would not have to deal with Fairbanks/Select if Merrill Lynch hadn?t hired them to service my loan. Yet Merill Lynch has not done done one single thing to assist me over the years!


I know who?s in my wallet! Do you know who?s in yours? If not, you need to find out exactly who you are doing business with. It could mean the difference between owning your home and ending up on the street.
Last modified on Thursday, 14 April 2011 17:11