Does anyone really know how a mortgage is created?
amacmedic asked:
The true facts about how a mortgage is created are known to very few people… even bank loan officers cannot answer this question!
I am looking to see what people know of the actual mechanics of how a mortgage is created. Lots of people know that they must fill out an application, have a credit check and so on, but what do you know of the actual process of how the mortgage is created at the Federal Reserve level. For instance, did you kow that the mortgage you signed is considered a negotiable instrument to the bank and is treated as a deposit to a banks assets? Do you know the rest of the process?
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Filed Under Credit |
Tagged With Bank Loan, Mechanics, Mortgage