Xyon (xyon) wrote,


After getting the job offer to MS I was contacted by Wells Fargo (since I told recruiting I was interested in buying a house). They ended up sucking a lot; and couldn't pull their stuff together. In the end, I went through a mortgage broker, and ended up with a loan through Ohio Savings Bank.

Today I get a letter in the mail (I suppose it technically arrived yesterday) that says my loan has been sold.... to Wells Fargo.

So, what I can't come up with is this: Why is it worthwhile to sell a mortgage to another bank? And why is it worthwhile to buy a mortgage from another bank? Unless it's just the bank shuffling their profiles around. But it seems like for any particular account that whatever would make one bank want to sell it would make all other banks not want to buy it. Because with a mortgage the bank is guaranteed to make more money the longer it holds it; unless they suspect the owner of defaulting (at which point no one would want to buy it).
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