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What if I got denied by my bank for a mortgage?
Banks are extremely selective in giving out mortgage loan approvals to mortgage loan applicants. Banks have many mortgage lender overlays. If you got denied by a mortgage by your local bank who you have been doing business for a long time, no need to worry. There are mortgage lenders who have much more lenient mortgage lending standards then banks and credit unions. Here is an article I wrote and published about alternatives if you got denied for a mortgage by banks.


After I got a loan, why was my loan sold to another lender?
All banks sell the loans to originate to Fannie Mae or Freddie Mac. They do not hold it in their portfolio except for portfolio lenders. For example, if you work for a mortgage banker, the mortgage banker has a line a credit, somewhat like a credit card. They use their warehouse line of credit to fund the loan to a consumer. They then resell that loan to Fannie Mae or Freddie Mac and reuse their line of credit. Fannie Mae or Freddie Mac then hires a mortgage company to service that consumer's loan.

Here is an article on Fannie Mae and Freddie Mac:



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