IN WELLS FARGO’S OWN WORDS, THERE IS NO LENDER IN SECURITIZATION

The thing most borrowers fail to realize about conduit loans is that once a loan has been securitized, they are not working with a “lender” anymore. The loans are pooled into a securitization called a Real Estate Mortgage Investment Conduit (REMIC). The REMIC is a trust and it has no lenders, only fiduciaries of the “certificate holders.” Once the loans have been pooled and securitized, the players are as follows:

Master Servicer

Special Servicer

Trustee

For complete details see the document below…

It also can be downloaded here…

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