- Jul 22, 2009
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I've been in the process of trying to refi the loan on my home. Because home values are down the only way I can do this is contacting the lender directly because they can currently refi up to 150% of the current home value. Any outside lender can only do 105%, which won't work for me.
Sounds simple, so I set out on my task because of the low interest rates. Since taking the loan it has changed hands twice and now currently collected by a company called Lender Business Process Services (LBPS). I call them to ask the very direct question, who is the lender that holds my note so I can refi with them (I already know it is backed by Fannie Mae). They tell me they can only give this information if I send a written (yes SNAIL mail) request.
I comply, send my letter and clearly state I am looking to refinance the loan and need to know who actually holds my loan due to the 150% vs. 105% issue. Their first written request back is they need to take 60 BUSINESS days to get the information and get back to me.. So I wait and to my surprise they get back to me in about a month telling me they they "service" this loan on behalf of Fannie Mae.... Ok... thanks for telling me that already.
Anyone run into this before? I've never heard of someone refinancing directly with Fannie or Freddy. What should I do next, call and harass them til I get an answer or what?
Sounds simple, so I set out on my task because of the low interest rates. Since taking the loan it has changed hands twice and now currently collected by a company called Lender Business Process Services (LBPS). I call them to ask the very direct question, who is the lender that holds my note so I can refi with them (I already know it is backed by Fannie Mae). They tell me they can only give this information if I send a written (yes SNAIL mail) request.
I comply, send my letter and clearly state I am looking to refinance the loan and need to know who actually holds my loan due to the 150% vs. 105% issue. Their first written request back is they need to take 60 BUSINESS days to get the information and get back to me.. So I wait and to my surprise they get back to me in about a month telling me they they "service" this loan on behalf of Fannie Mae.... Ok... thanks for telling me that already.
Anyone run into this before? I've never heard of someone refinancing directly with Fannie or Freddy. What should I do next, call and harass them til I get an answer or what?
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