Mortgage Question on Acris
in acris, on most of the deed records, party 1 is the name of the buyer. party 2 is usually the mortgage lender, like chase bank or citibank or wells fargo. what happens if there’s a name on it like ‘Residential Home Funding, LLC’ is this some private mortgage entity? is this better or worse…
in acris, on most of the deed records, party 1 is the name of the buyer. party 2 is usually the mortgage lender, like chase bank or citibank or wells fargo.
what happens if there’s a name on it like ‘Residential Home Funding, LLC’
is this some private mortgage entity?
is this better or worse than having a large lender own the mortgage?
Residential Home Funding is a lender, just like a bank. RHF may allow a buyer to put down less of a downpayment. If they have a better interest rate than the bank, some people may choose to use them for the mortgage. It doesn’t matter which company a buyer chooses because the buyer’s attorney will review all the loan terms for accuracy.
would fannie mae ever purchase this loan, because it’s not a big bank, or would they only buy from wells fargo, hsbc, chase, citibank?
I thought that, or deeds, part 1 = seller and party 2 = buyer. For mortgage docs, party 1 = borrower and party 2 = lender. But if a particular record is important to you, don’t go by the ACRIS summary, click the link to the .pdf of the doc itself.