Julie Messina, CMB

Ever wonder why your mortgage is sold to another lender? Mortgage Servicing rights are sold, or transferred for a variety of reasons.

A look at the top mortgage loan servicers in 1993 - Where are they now?

Countrywide Company bought by Bank of America in July 2008

Fleet Mortgage Bank parent merged, and mortgage unit was sold to WAMU

Prudential Home Sold to Norwest, which later merged with Wells Fargo

GE Capital Mortgage Company liquidated by GE, and servicing was sold off

Citibank Still strong in loan servicing

Chase Mahattan Bank merged with other banks, then merged with JP Morgan

Bank of America Now #1 in servicing volume (after purchasing Countrywide)

Norwest Bancorp Norwest Bancorp parent merged with Wells Fargo

Sears Mortgage Bought by PNC, PNC Mortgage unit sold to WAMU

Chemical Bank Merged with Chase Manhattan Bank, now JP Morgan

This information and more on National Mortgage News: http://www.nationalmortgagenews.com/data/

Whenever your mortgage (servicing rights) is sold, your lender will send you a RESPA mandated good-bye letter advising you on the servicing transfer. The new lender is required to send you a welcome letter (also required by RESPA).

INTEREST RATES at CNN Mortgage More Treasury auctions are scheduled this week. Staggering amounts of treasury debt has been issued and the Fed lowered it's outlook for an economic recovery last week, which had a negative affect on mortgage rates.

Conforming Conventional 30Yr Fixed 5.000% (APR 5.102, Ln Amt 250k, FICO 720, 80% LTV, AZ SFR)

Conforming Conventional 15Yr Fixed 4.625% (APR 4.799, Ln Amt 250k, FICO 720, 80% LTV, AZ SFR)

FHA 30Yr Fixed 5.000% (APR 5.213, Ln Amt 250k, FICO 680, 96.5% LTV, AZ SFR)

Jumbo 30Yr Fixed 6.000% (APR 6.200, Ln Amt 650k, FICO 720, 75% LTV, AZ SFR)

I saw an interesting article this morning on the Mortgage Bankers Association's website about FICO score trends and thier affect on new mortgages. The current loan level price adjusters on mortgages purchased by FannieMae and FreddieMac reward borrowers with the bests pricing options if the appicant has a FICO score over 740. There is another bucket (of worse pricing) for FICOs from 720 - 739, and several buckets under 720. The lower your FICO score, the higher the loan level pricing adjuster, which translates to a higher interest rate. This "risk based pricing" is used by mortgage lenders to determine the interest rate offered. The best way to keep your FICO over 740 is to make all payments on time, keep revolving debt under 30% utilized, and have a healthy mix of revolving / mortgage / installment debt. Obtain a copy of your credit report at least once a year and become educated on FICO components and good money management practices. http://www.mbaa.org/default.htm

No major economic data will be released today and MBS markets close early for the long holiday wekend. Interest Rates are still low even with the yield on the 10Yr Note over 3.3% and rising. Best rates for conforming mortgages with at 80% Loan to Value and 740 FICO, full doc purchase or no cash out refinance with impounds:

Conforming 30Yr Fixed Rate at 4.875% no points (APR 4.972)

Conforming 15Yr Fixed Rate at 4.500% no points (APR 4.602 )