A mortgage comes in two halves. One half is the mortgage note, which will almost always be sold to an investor like Freddie Mac or Fannie Mae so that the lender can get their money back and then lend it to someone else. That’s the way that virtually every loan in the country is done, with the exception of portfolio loans. Luckily, since Guardian is bank-owned, we also have portfolio loans.
The other half of the mortgage coin is the servicing side—that’s who you pay your monthly mortgage payment to, who administers an escrow account for taxes and insurance, and who calculates the interest you paid year to date for the IRS.
The servicing rights are often sold numerous times until you end up with some megabank, it seems; that can be frustrating as a consumer because, frankly, it’s hard to just keep it all straight.
That’sone of the major advantages of working with a lender like Guardian: We maintain the servicing rights for virtually every loan that we close. There are some exceptions—certain investors do require the servicing rights to be sold—but 99% of the time you close with us, you’re paying us every single month. In turn, that makes it very important to deliver on what we promise you because we’re going to be partnered on this together for the life of the loan, and it also gives a vested interest in your success, as well.
When you work with us, we’ll connect every year for annual mortgage reviews to make sure that the mortgage we put you on is still appropriate for your needs. Circumstances change, and we need to make sure we’re right there with you to change if you need it.
If you or someone you know is looking to buy a property and could benefit from a consultation with us, please think of Guardian. Feel free to reach out—we would be absolutely honored to help.