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My settlement lady said that it's a good idea to make my first mortgage payment by mailing in a check.

Posted by Dano (aka dano) Jul 12 '16, 19:55

The bank that I got the mortgage from sold it before I even settled. I was given temporary payment coupons and the settlement lady specifically said I should make the first payment (or two) by mailing in a check and then if I wanted to do it online to do that then. Something about how it helps set it up better? Anyone heard of such a thing? No big deal to send in a check, but I assume that ultimately they would prefer me to pay electronically.

Responses:

I was told to do this as well many years ago but I forget why. Some kind of physical paper trail for any disputes in the future -- nm - Bacon Jul 12, 20:18
Maybe this is what she meant. I tried to create an account on the new bank's website and it doesn't recognize my loan #. -- nm - Dano Jul 12, 20:16
Isn't it just automatically set up to be deducted from your account every month? -- nm - Andie Jul 12, 20:09 3
- One of the reasons I got the mortgage through my bank was to be able to do that to make it easier. Then they sold the mortgage. -- nm - Dano Jul 12, 20:12 2
  - They can't set it up that way anyway? - Andie Jul 12, 20:17 1
    - Well, see above. I'm not sure the new bank knows they own my mortgage yet. -- nm - Dano Jul 12, 20:19
The selling of new mortgages is an industry I don't understand. - David Jul 12, 19:58 14
- I was also trying to figure out how that worked too. - Dano Jul 12, 20:03 10
  - that's what I found when I researched my early sale to a gse (freddie or fannie) - they collect debt that's meant to be good (likely to be paid) and - i.b! Jul 12, 20:20
  - Sort of. - iSpam Jul 12, 20:20
  - I think that's about it. Pretty much the underlying concept of The Big Short - except in that case they - Meg Jul 12, 20:10
  - My WAG is that it's something much simpler. - David Jul 12, 20:08 6
    - I think we need Nick Jonas in a bubble bath to explain it. -- nm - Dano Jul 12, 20:11 5
      - Wait! Is Nick the hot one? -- nm - David Jul 12, 20:12 4
        
        Keep up. The Jonas Brother hierarchy goes: Nick > Joe > Joel Osteen > Kevin -- nm - Dano Jul 12, 20:15 3
        
        Is Joel Osteen, like, honorary or what? -- nm - David Jul 12, 20:16 2
        
        He's just a jerk, but Kevin is worse. (Andy Cohen and Billy Bush are worse than Kevin though) -- nm - Dano Jul 12, 20:18 1
        
        Is AllJonasBrothersRanked.com down for maintenance or what? -- nm - David Jul 12, 20:19
- My mortgage was sold twice before I made my first payment. I kind of understand why but mostly not. -- nm - Amanda Jul 12, 20:00 2
  - The way I understand it is this. - Spawn Jul 12, 20:02 1
    - almost - Peglegpete Jul 12, 20:05
What country do you live in? - Spawn Jul 12, 19:58
This is crap. Just use online bill pay. Same as a check. -- nm - Amanda Jul 12, 19:57

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My settlement lady said that it's a good idea to make my first mortgage payment by mailing in a check.

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