Local or Nationwide Home Mortgage Loan Company?

It is a little known fact that most money used to fund a mortgage home purchase comes from one of the following three sources:

• FNMA - Federal National Mortgage Association, or Fannie Mae
  
• FHLMC - Federal Home Loan Mortgage Corporation, or Freddie Mac
  
• GNMA - Government National Mortgage Association, or Ginnie Mae
  

When you apply for a mortgage loan with a lender, they process and verify your application. Once the house is yours you may make payments to the lender you approached, but in most cases the company you make your payments to very rarely owns your loan. They are the "servicer" of your mortgage, in effect an intermediary who manage the process, however the institution which own the loan is normally one of the above three.

This occurs because your loan is packaged with a group of other loans which are then sold to one of the three institutions above. The company which setup and manages the loan receives a monthly fee from the institution for managing the payments and the loan. These relatively low fees obtained for every mortgage loan the company sets up and manages constitute a large percentage of their income and profit.

Listed below are some of the well known National Mortgage and Loan lenders and brokers:

GMAC Mortgage
Countrywide Home Loans
Ameriquest Mortgage Company
Wells Fargo
Washington Mutual
Chase Home Finance
Nationwide Mortgage