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In previous articles we have learned about different types of mortgage lenders to buy a home in Miami Florida.
BLUE ONE Realty has been filling you with definitions and explanations on how they work for you to have a better understanding on the whole subject.
So now, if an institution or foundation are giving somebody the loan of a certain amount of money and creating more loans by itself, they are called "portfolio lenders." They are lending for their own portfolio of loans and of course from their own money.
They don’t worry about being able to instantaneously sell them on a less important market. As a result of this, they don't have to follow Fannie/Freddie guidelines. They just make their own regulations for determining credit value.
These institutions, organizations or foundations are frequently banks, savings & loans. A piece of their loan programs are "portfolio" results. Fixed rate loans or government loans are definitely engaging in mortgage banking and portfolio lending.
If you made payments on a portfolio loan for over a year or two without any delaying, the loan will be considered as “seasoned” and becomes marketable. Seasoned loans that are sold usually frees up money for the portfolio lender who will have the chance to create more loans to connect in mortgage banking. These loans are packaged into pools and are sold on the secondary market. You will make your loan monthly payments to same lender who became your “servicer” since your loan has been already sold.
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