Mortgage Daily Logo
mortgage news from industry experts

Total Touts Seller-Servicer Status

Total Mortgage Services LLC is getting into mortgage servicing.

The company announced Tuesday its approval as a Fannie Mae residential seller-servicer.

In addition to being able to retain mortgage servicing rights, the Milford, Conn.-based firm said its new status enables it to expand product offerings. Total also can sell and pool loans into mortgage backed securities.

Total Mortgage President John Walsh called Fannie’s approval process “rigorous.”

The company boasts lifetime originations of $6 billion. Total previously reported $0.7 billion in 2009 originations and expected to close $1 billion in 2010.

“This approval will further enhance our pricing advantage, while positioning us to leverage our operational infrastructure to drive our geographic and channel expansion,” Walsh said in today’s statement.

Through spokesman John Lovallo, Total declined to provide a projection for the growth of its servicing portfolio. There is nobody on its servicing staff at this time, and there are no loans in the servicing portfolio.

Total won’t be servicing any investment portfolio loans, but it possibly could enter private-label third-party servicing, Lovallo said.

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts