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To: Ilaine who wrote (6)2/19/2001 7:01:43 PM
From: Don Pueblo  Read Replies (2) of 6901
 
Technically, what the buyer is buying is the payments that you are making. Loans are sold by everyone, your loan officer was either outright lying to you or doesn't know how the game is played. My guess is the latter.

In the business, a group of loans is called a "bundle". The most common practice is for an institution to sell bundled loans that are less attractive (payments have been missed, low interest rate, etc.) and buy bundled loans that are more attractive. Loans are generally bundled by some common factor, such as interest rate or borrower's evidence of prompt payment, or some other common factor.

Another thing to be aware of is that many loans are "serviced" by a company (called a Servicing Company) that is not the same institution that owns them. As a general rule, you want to direct any questions to the people that are servicing your loan (which may or may not be the bank that gave you the loan), because they are the ones that are handling your money.
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