How are things in the mortgage industry today, in what is supposed to be the post-robosigner era? According to source on the ground, reader Chris, it’s not so great. Chris writes that when he and his wife refinanced their house, they knew that GMAC would most likely buy their loan from the mortgage originator. What they couldn’t have predicted was that GMAC would wait around for more than a month before they got around to actually acquiring the mortgage, then call Chris and tell him that he was delinquent on the mortgage that he had already paid.
I just thought I’d share a quick story of how insane things appear to
be in the mortgage industry these days.
My wife and I refinanced our home in November to lock in a lower
interest rate and reduce our monthly payment. We worked with a local
mortgage originator and were told at closing that GMAC would more than
likely be purchasing the new mortgage from them. The first payment
was due January 1st and we were instructed to make the payment to the
originator if we had not yet heard from GMAC by then. We did exactly
that and our first check for the new mortgage was cashed on December
31st. As of today, we still have not received anything at all from
GMAC or anyone else about the new mortgage.
This afternoon I answered my cell phone and heard a recorded message
that GMAC was trying to reach me. Interested, because we have no
relationship at all with GMAC at this time, I held on the line until a
gentlemen spoke, asking me “Am I speaking with (my first and last
I confirmed that he was speaking to me and asked who he was,
explaining that I have no relationship at all with GMAC. He responded
by telling me he was calling about the property at my address. I
reiterated that I have no relationship with GMAC and demanded that he
explain what the purpose of the call was. He coldly stated that he
was calling regarding a delinquency on a mortgage for the property at
At that point, I demanded his name and extension and told him we were
through speaking but he should expect to hear from my mortgage
After several calls with the originator, they were able to explain
what happened. Apparently, GMAC indicated they wanted to buy the
mortgage back in November, when we closed on it, but never actually
purchased it (and I’m sure I’m not using the correct industry
terminology here) until YESTERDAY, January 11th. The originator did
receive my payment for the 1st but were unable to send it to GMAC
until GMAC officially owned the note.
So, GMAC let my note sit with the originator for more than a month and
a half before they actually purchased it. Then, one day after they
took ownership, it was flagged in their computer as delinquent and
they immediately called me about it.
Maybe this story is a one-time thing and isn’t a Consumerist story,
but it seems to me the mortgage companies like GMAC would want to be a
little cautious about making collection calls in this post
robo-signing world. Calling a guy who HAS paid his mortgage the day
after you took over his note, before you’ve even told him you now own
his mortgage is not a great way to start a long-term customer
relationship. At least not in my book.