A mortgage note is the document in the mortgage paperwork package that describes the rate, any changes to that rate, the payment, the term (length) and whether any additional fees are attached to the loan (such as prepayment penalties). While lenders are not required to record these documents, many often do. If you are a mortgage broker, mortgage notes can be great leads for new customers. The best place to find mortgage notes is at the Registry of Deeds.
Target a segment of a town or a neighborhood based on income levels. Many brokers and loan officers call mortgage notes "courthouse leads" because these documents give brokers information on homeowners who might be interested in refinancing. Information that will be helpful in your search includes property addresses, neighborhoods and surnames.
Visit the Registry of Deeds for the particular county in which you'd like to conduct a search. Some registries have online access; in other cases, however, you must visit the registry in person.
Search the registry's database with the information you have as keywords. The more specific your searches, the narrower (and more targeted) your results will be. Pull up individual property addresses and look through the recorded documents. This is where you will find mortgage notes.
Look also for riders. These are additional documents often included in mortgages that are considered "exotic." Many adjustable-rate mortgages (ARMs), interest-only mortgages and negative amortization loans come with riders to be recorded.
Before making a solicitation call, check the Do Not Call database to find out whether your potential customer is in it (see Resources).
- Before making a solicitation call, check the Do Not Call database to find out whether your potential customer is in it (see Resources).
Based in Eugene, Ore., Duncan Jenkins has been writing finance-related articles since 2008. His specialties include personal finance advice, mortgage/equity loans and credit management. Jenkins obtained his bachelor's degree in English from Clark University.