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  1. #1
    Join Date
    Sep 2014

    Default If There is a Change of Mortgage Servicer, Does the Account Number Change

    My question involves real estate located in the State of: Michigan

    This question ties into my previous one.

    Don't know if this is an "answerable" question but when a bank buys another bank (including its mortgages) do they keep the same loan numbers on the mortgages they took over servicing?

    The title search on my parent's home resulted in a so-called missing loan discharge that I believe was the result of the bank servicing the mortgage being bought by another bank that kept the same loan number but added a 3 digit prefix to the existing loan number. There's no record of discharge at the time because the loan was taken over. There is a discharge of mortgage document when the loan was paid off from the bank that bought the other bank.

    Maybe it's a moot point and a quiet title is needed as was suggested earlier. But it's frustrating because the loan numbers are the same, there is a paper trail and it's a reasonable assumption that it is the same loan that WAS paid off- just to a different bank. ARGH.


  2. #2
    Join Date
    Sep 2010

    Default Re: Loan Number

    You should keep it all in the same thread.
    But no, there's no obligation to keep the "numbers" the same. Often they will get some prefix added to them to differentiate possible loans with the same number acquired from different sources.

  3. #3
    Join Date
    Sep 2014

    Default Re: Loan Number

    Thanks and sorry. I wasn't sure if I needed to make a separate thread.
    So, if I understand what you are saying, banks will often keep the same loan number but add a prefix to it which would signal it was from a loan acquired when they bought another bank?

    This is exactly what I'm trying to determine. My loan (#xyz) was sold. The new bank added 123 to the old loan # making it #123xyz. Is this a common practice and I wonder if there is any other way to prove it besides having to quiet title it? Definitely a question for my attorney tomorrow!
    Thanks again.

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