Which department...?

[Andre Green]

Hi BP Community! I need some help. I have been scouring the internet to find a straight answer to this question and I am hoping that someone could finally solve this for me or at least give me something I can work off of. What department in the bank deals directly with selling mortgage notes (NPN)? The answer is some type of mythological creature at this point .

I know many of you are seasoned vets so I am hoping that one of you can show me the light!

PLZ HELP! :cry:

[Andres V.]

well, given that the vets are not answering this one yet... here goes my answer based on my experience.

1. If you are trying to buy a specific note, what has worked for us is to fax the responsible person an offer for the note. Usually this is handled by the loss mitigation dept. and there is a person responsible for that loan.

Send a fax with the loan number and a formal offer. Proof of funds with the offer helps. Add different ways for them to contact you (phone number, fax number, email address).

2. When trying to buy multiple notes from the bank, the only approach that has worked for me has been through note brokers. I haven't had success with the banks directly.
I've heard others telling me they get calls from the bank employees when they get a loan they want to get rid of, but they tell me this happens after a few successful transactions have occurred with the same person. I have not experienced this directly.

I hope this helps and I too wait for others with different experiences to chip in...