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Two homes refinanced with lender demanding final payoff amount

I have two homes and I’ve refinanced one time so far. I’m in the process of going through a second refinance on my main house. I decided to refinance because of a lower interest rate and the removal of the PMI. Thus far, based on the final numbers I can do both. So here’s the deal, the lender or title company demands a final payoff amount from my first lender. My query is, why doesn’t the existing lender try to contact their current client to try to stop the refinance by modifying the terms of the existing loan. by adhere339 from Arlington, Arizona. Jul 26th 2022 Reply


John Burke (jburke)
#27 ranked lender in Texas - 321 contributions

Most lenders/servicers do not "own" the note, they just own the rights to service(collect the monthly payment) the loan. | John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231

Aug 3rd 2022
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