This is an update to an earlier article about determining who the investor is relative to your mortgage serviced by Saxon Mortgage Services Inc. We received a reply from Saxon today.
“Your loan is included in a pool of loans that have been securitized and are held in Trust. The Trustee is Novastar Mortgage Funding Trust. Interests in the pool have been sold to various investors through the securitization. You may be able to obtain additional information regarding this Trustee, [sic] from the Securities and Exchange Commisson (SEC) website.”
One question, asked by a visitor, was “Is Saxon Mortgage Company a bank”? The answer is No.
We knew we had a Novastar loan. We wanted to know who the original investor is, or was. Our loan is held by one of the securitization trusts which Deutsche Bank National Trust Company is the trustee.
Saxon did not tell us that, but Google searches gave us the answers.
Saxon’s references to the SEC website are not helpful. Here are the specifics:
At issue are NovaStar Mortgage Funding Trust, Series 2006-4, NovaStar Mortgage Funding Trust, Series 2006-5, NovaStar Mortgage Funding Trust, Series, 2006-6, NovaStar Mortgage Funding Trust, Series, 2007-1 or NovaStar Mortgage Funding Trust, Series 2007-2.
The underwriters for the deals were Greenwich Capital Markets, Inc, Wachovia Capital Markets, LLC and Deutsche Bank Securities, Inc. They are the ones that purchased the certificates and sold them to investors to finance the loans.
Those trusts were set up and loans were sold from Novastar Mortgage, Inc to a Depositor which transferred all rights to the Trustee without recourse and the Trustee issued certificates to the depositor for those loans and the depositor sold those certificates to the underwriters and the underwriters sold those certificates to investors. (Kudos to Steve in Clearwater for this information)
These are asset backed securities (ABS)
While the reply from Saxon did not really answer the question in as much detail as we had hoped, this article shall now serve as a record for future use.