Often hold their own "paper" rather than selling to the secondary market.
Notes are bought at a discount to the "Unpaid Principal Balance" (UPB). how to buy a mortgage note from the bank
Don't call the local branch teller. You need the decision-makers: Ask for the . Request to speak with the Secondary Marketing Manager . Ask for the VP of Asset Management . 3. Vet the Note (Due Diligence) Before sending money, verify these three pillars: Often hold their own "paper" rather than selling
Get a Broker Price Opinion (BPO) or drive by to check the condition. how to buy a mortgage note from the bank
Banks sell these notes to clean up their balance sheets or offload "non-performing" (delinquent) loans. 1. Find the Right Sellers