In this episode of Closing Market Weekly, Phillip Hogan welcomes mortgage professional Mo Phanor, an experienced portfolio and servicing expert and Georgia-licensed mortgage loan originator. Drawing on his post–Great Recession experience, Mo explains how he “accidentally” entered the mortgage industry and ended up on the portfolio management and servicing side—helping lenders mitigate losses, support homeowners, and navigate complex transactions with Fannie Mae, Freddie Mac, Ginnie Mae, and private investors.
Phillip and Mo walk step-by-step through what actually happens after a loan closes, including how a closed mortgage becomes an asset, what “servicing rights” are, and the difference between the company that owns your loan and the company that services it. Mo breaks down the primary vs. secondary markets, why loans are almost always sold, and how servicers handle your monthly payment, escrow, taxes, and insurance behind the scenes—often without homeowners realizing how much is happening on their behalf.
The conversation also covers the major loan categories available to borrowers today: conventional loans, government-backed loans, and how products like FHA, VA, and USDA loans are structured. Mo explains who each loan type is best for—especially why veterans should strongly consider using VA loans and how to start that process. He also clarifies how and why servicing can transfer multiple times over the life of a mortgage, what those “welcome letters” and “goodbye letters” really mean, and what protections borrowers have when a new servicer takes over.
Tune in now to learn how mortgage servicing really works, how Fannie Mae, Freddie Mac, and Ginnie Mae fit into the bigger picture, and what every homeowner or future borrower should understand before walking into a closing table.
Highlights of the episode:
01:00 – Guest intro: Mo Phanor
02:40 – Entering mortgages post-recession
04:30 – Primary vs. secondary markets
06:15 – How servicing rights work
08:10 – From closing table to servicer
10:30 – Who actually owns your loan
12:30 – Fannie Mae vs. Freddie Mac
14:30 – What Ginnie Mae supports
16:00 – Conventional vs. government loans
17:45 – FHA, VA, USDA overview
19:30 – How VA loans benefit veterans
21:30 – Steps to start a VA loan
23:50 – Servicer’s duties to borrower
25:30 – Escrow, taxes, and insurance
28:10 – When your servicer changes
30:30 – 15-day transfer notification rule
33:00 – Why borrowers should care
34:10 – How to connect with Mo
Connect with Guest:
Linkedin: https://www.linkedin.com/in/mophanor/
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