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What Happens to Your Loan After You Close?

What happens to your loan after you close? It gets sent to our post-closing department where they package everything up and ship it off to secondary market investors to be sold on the secondary market.


After your loan closes, it gets sent to our post-closing department where they package everything up and ship it off to secondary market investors to be sold on the secondary market. This is done for a few different reasons.

The first is that this is how we mortgage bankers make money in our industry. We sell your loan with hundreds of other loans that month. That’s how we get paid, but the benefit for you as the buyer, the borrower, is that you get access to the bigger banks and their interest rates. The second reason is that it allows us to keep our fees very low compared to our competition because we’re not having to charge origination fees or discount points to make money on your loan.
After your loan closes, it gets sold on the secondary market.
Does this change my payment or loan in any way? When your loan gets sold on the secondary market, the only thing that changes is where you make the payment to. Your interest rate, the loan balance, and the term of your loan has to stay exactly the same.

Do you sell my loan to a bank of my choosing? Unfortunately, no. When we sell the loan on a secondary market, we have a group of investors that we at Success Mortgage Partners sell to. It may end up with your financial institution, but that institution may be one we’re either not approved to sell to or not actually involved in mortgage loan servicing, to begin with. From a lending standpoint, it depends on who we can package your loan with and who we can make the most money with.

We understand that the post-closing process can sometimes be a little confusing, so if you ever have any questions about it, don’t hesitate to reach out. It is our goal to be your mortgage lender for life, whether it be for your next home purchase or a refinancing of the home you own now. Just call or send us an email and we can talk about it.

How Exactly Does Closing Day Work?

By the time you’ve made it to the closing table in your transaction, the hard part is over.


Our walkthrough of the mortgage process continues with the closing day. First off, congratulations. You made it. This is what you’ve been working toward for weeks, maybe months. Let’s walk through what’s going to happen on closing day step-by-step.

On your way to the closing table, you will wire your funds to the title company. Once you get to the title company, that’s where you will re-sign everything that you have previously signed. You may have done e-signatures all the way through, but we need your physical signature on every single document. Bring an ice pack for your hand if need be. 

You should also bring two forms of identification with you. One should be your driver’s license, and the other can be something that verifies your name or identity, like a social security card. The closing agent is going to review all the paperwork with you as you sign it. Once you are done signing the documents, they are going to take a few select documents and send them back to our closing department to get funding authorization. We as the lender will then have to review those documents before we release the money to the seller.
You have achieved the dream of homeownership.
If you’ve been issued funding authorization and the buyer and seller documents are all signed, you can leave the closing table and go directly to your new house to celebrate. There’s no delay with you getting in, although it is a good idea to have your utilities switched over for when you take possession of the home.

Congratulations, this is a huge accomplishment. You have achieved the dream of homeownership. If you have any questions for us or know anyone looking to buy a home, give us a call or send us an email. We look forward to hearing from you.