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Mortgage  Question?
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Lender asks social security card after mortgage closes

My mortgage just closed and now my mortgage company is requesting a copy of my social security card so they can get my mortgage "off their books." What does this mean and should I be concerned?

Michael Jensen, Mortgage and Finance Guru
, Mortgage and Finance Guru

When a lender refers to getting a mortgage "off their books" it means they are going to sell your mortgage to another lender or servicer. Lenders refer to selling a mortgage as getting it "off their books" because the loan is no longer on the lender's financial books or balance sheet. It is very common for lenders to sell mortgages and the decision to sell a mortgage is not related to the borrower or the type of loan. In short, selling a mortgage is a financial decision by the lender that enables them to free-up capital to provide more mortgages to more borrowers and make more money. It really does happen all the time and I had a similar experience to you when my mortgage was sold by my lender to a different bank soon after my mortgage closed. The only thing that changed is that I started making my monthly payment to a different company.

From a borrower's standpoint, when a lender sells your mortgage nothing really changes except for you make your monthly payment to the company that bought your loan. The key terms of your mortgage such as your interest rate, mortgage length, loan features and monthly payment all remain the same. Additionally, when the lender sells your mortgage it does not interfere with or change the ownership of your home in any way. You still own your home as reflected by the grant deed that was recorded when your mortgage closed and you bought your home.

What is a little unusual is that your mortgage company is requesting a copy of your social security card at this point in the process, after your mortgage has closed. Because your loan just closed, the mortgage company should have all the information and documents required to sell your loan. Additionally, unless you obtained an FHA Mortgage, you typically do not need to provide a copy of your social security card to your mortgage lender. Our recommendation is that you contact the individual who originated and processed your loan at the mortgage company to confirm that the request is not a scam and to understand why the company needs your social security card or any additional information after your loan has closed. Because the circumstances you outlined are somewhat unusual, speaking directly to your initial point of contact at the mortgage company should alleviate any potential concerns.

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About the author

Michael Jensen, Mortgage and Finance Guru

Michael is the co-founder of FREEandCLEAR. Michael possesses extensive knowledge about mortgages and finance and has been writing about mortgages for nearly a decade. His work has been featured in leading national and industry publications. More about Michael

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