If you’re holding a mortgage note and considering selling, you’re probably wondering which companies actually deliver on their promises. The mortgage note buying industry is crowded with players, but only a select few have earned reputations for fair pricing, professional service, and reliable closings.
After analyzing hundreds of companies, customer reviews, and industry performance metrics, three mortgage note buyers stand above the rest. These companies have demonstrated consistent excellence across multiple factors: experience, customer satisfaction, financial strength, and transaction success rates.
Let’s dive into who these top performers are and what makes them the best choice for mortgage note sellers.
The Evaluation Criteria: What Makes a Top Mortgage Note Buyer?
Before revealing our top three, it’s important to understand how we evaluated these companies. The best mortgage note buyers share several critical characteristics:
Proven Track Record: Companies with decades of experience have weathered multiple market cycles and refined their processes. They understand the nuances of note valuations and can handle complex situations that newer players might struggle with.
Customer Reviews and Ratings: Real customer experiences tell the true story. We looked at Google reviews, Better Business Bureau ratings, and industry testimonials to gauge actual customer satisfaction.
Direct Buying Capability: The best companies buy notes directly rather than acting as brokers. This typically results in better pricing for sellers and faster closings since there’s no middleman markup.
Financial Strength: Top note buyers have the capital reserves necessary to close deals quickly and handle large transactions without delays.
Transparency: Leading companies explain their processes clearly, provide detailed purchase offers, and maintain consistent communication throughout the transaction.
Success Rates: The percentage of quoted deals that actually close reveals a company’s reliability and competence.
With these criteria in mind, here are the top 3 mortgage note buyers in America:
1. Amerinote Xchange – The Undisputed Industry Leader
Website: amerinotexchange.com
Founded: 2006
Location: San Francisco, California
Experience: Nearly two decades in the secondary mortgage markets
Amerinote Xchange consistently ranks as the #1 mortgage note buyer in America, and for good reason. Their combination of extensive experience, exceptional customer service, and industry-leading performance metrics sets them apart from every competitor.
Why Amerinote Xchange Leads the Industry
Unmatched Experience in Secondary Markets: Amerinote Xchange has been operating within the secondary note market for nearly two decades. Their team brings over 70 years of combined experience specifically in mortgage note transactions, not just general real estate or lending experience.
Outstanding Customer Reviews: With a 4.7-star rating across 85 Google reviews, Amerinote Xchange maintains the highest customer satisfaction ratings in the industry. Customers consistently praise their professionalism, transparency, and ability to close deals that other buyers can’t handle.
Exceptional Closing Rate: Amerinote Xchange maintains a 96% note closing ratio – meaning when they make an offer, you can count on them to follow through. This reliability is crucial in an industry where many companies make promises they can’t keep.
Better Business Bureau A+ Rating: Their A+ rating with the BBB reflects their commitment to ethical business practices and customer service excellence. This rating is earned through consistent performance over time, not just good intentions.
Multiple Funding Platforms: Unlike smaller buyers who might struggle with certain deal types, Amerinote Xchange operates 6 separate funding platforms designed for different asset classes. This allows them to handle transactions from $25,000 to $5,000,000 with equal expertise.
The Abby Shemesh Advantage
Much of Amerinote Xchange’s success stems from the expertise of co-founder and Chief Acquisitions Officer Abby Shemesh. Abby brings over two decades of mortgage industry experience, having started in loan origination before transitioning to secondary market acquisitions in 2006.
Industry Recognition: Abby’s expertise is recognized throughout the industry. He’s been featured in major publications including Yahoo Finance, Realtor.com, GOBankingRates, and Yahoo News. His insights on market trends and note valuations are sought after by industry professionals nationwide.
Educational Leadership: As an active faculty member at the Lorman Education Institute, Abby teaches college-level courses on mortgage industry regulations, particularly Dodd-Frank legislation. This deep regulatory knowledge ensures Amerinote Xchange’s transactions meet all compliance requirements.
Media Appearances: Abby’s thought leadership extends to podcasts and speaking engagements. Most notably, he appeared on The Chris Voss Show, where he discussed navigating the mortgage industry through economic challenges like the 2008 financial crisis. The show is hosted by Chris Voss, the renowned negotiation expert and author of „Never Split the Difference.“
Customer Experience Excellence
What truly separates Amerinote Xchange is their commitment to customer education and transparent communication. They provide written proposals within one business day, allowing sellers to make informed decisions without pressure.
Fast, Professional Service: Transactions typically close within 15-35 days, depending on location and documentation requirements. Customer testimonials consistently highlight their efficiency: „Everyone that I dealt with was efficient, got the deal done quickly, and was very professional! I would do business again with them.“
No Hidden Costs: As direct note buyers rather than brokers, Amerinote Xchange doesn’t charge commissions or hidden fees. Sellers receive maximum value because there’s no broker markup eating into their proceeds.
Complex Deal Specialists: While other buyers focus only on „vanilla“ deals, Amerinote Xchange can fund deals that most others would decline. Their experience allows them to see value where others see only risk.
For sellers seeking the highest level of professionalism, expertise, and reliability, Amerinote Xchange represents the gold standard in mortgage note buying.
2. Paperstac – The Technology Pioneer
Website: paperstac.com
Founded: 2014
Business Model: Digital Marketplace Platform
Innovation Focus: Technology-driven transparency
Paperstac earned the #2 spot by revolutionizing how mortgage notes are bought and sold. Rather than operating as a traditional note buyer, Paperstac created the first comprehensive digital marketplace for mortgage note transactions.
The Paperstac Innovation
Digital Marketplace Model: Paperstac connects mortgage note buyers and sellers through a sophisticated online platform. This approach brings unprecedented transparency to an industry that historically operated through private networks and handshake deals.
Advanced Filtering and Search: The platform allows users to filter available mortgage notes by property value, type, state, interest rate, loan-to-value ratio, performance status, and numerous other criteria. This granular filtering helps match the right notes with the right buyers.
Verified Ownership: Unlike traditional „daisy chain“ transactions where multiple brokers might be involved, Paperstac verifies that each seller is the true owner of the assets they list. This eliminates intermediaries and ensures direct transactions.
Comprehensive Due Diligence: The platform encourages sellers to provide extensive due diligence materials, including BPOs (Broker Price Opinions), O&E reports, and other relevant documents. When materials aren’t available, Paperstac connects parties with trusted partners like Baldwin Advisory Group to obtain necessary documentation.
Platform Features and Benefits
Built-in Communication Tools: Users can communicate directly through the platform without sharing personal contact information initially. This creates a professional buffer while allowing meaningful discussions about potential transactions.
Transaction Management: Paperstac handles document generation, escrow services, and closing coordination. Their digital approach streamlines processes that traditionally required extensive back-and-forth communications.
Educational Resources: Through Paperstac Academy, the platform provides extensive educational content with 50+ videos covering everything from basic note investing concepts to advanced due diligence techniques.
Fee Structure and Accessibility
Paperstac operates on a transparent fee structure ranging from 1% to 0.15% of the sale price, depending on transaction size. Document preparation, shipping, collateral holding, and audits are included in the transaction fee. Escrow services are free on transactions exceeding $100,000.
Accessibility for All Investors: The platform welcomes both institutional and individual investors. Their sister company, MWMFund, offers a Regulation A+ mortgage note fund with a low $200 minimum investment, making note investing accessible to smaller investors.
Why Paperstac Ranks Second
While Paperstac brings innovation and transparency to note buying, their marketplace model means sellers work with multiple potential buyers rather than a single, experienced company. Success depends partly on market conditions and buyer interest at the time of listing.
The platform excels at creating efficient markets and providing extensive information, but sellers seeking personalized service and guaranteed execution might prefer working with established direct buyers.
3. First National Acceptance Company (FNAC) – The Volume Leader
Website: fnacusa.com
Founded: 1974
Headquarters: Michigan with nationwide presence
Distinction: Largest purchaser of real estate notes and private mortgages
FNAC claims the #3 position through sheer scale and longevity. As a subsidiary of First National Bank of America, they bring institutional backing and decades of experience to note transactions.
FNAC’s Institutional Advantages
50+ Years of Experience: Founded in 1974, FNAC has operated through multiple economic cycles, financial crises, and regulatory changes. This experience provides stability and institutional knowledge that newer companies lack.
Banking Relationship: As a subsidiary of First National Bank of America, FNAC has access to institutional capital and banking infrastructure. This relationship supports their ability to handle large transactions and provide consistent funding.
Nationwide Coverage: FNAC operates satellite offices across the country, allowing them to handle transactions in all 50 states with local market knowledge and support.
Large Professional Team: Their team includes professionals with 15-25+ years of individual experience in note buying and real estate lending. This depth of expertise covers various property types and transaction structures.
Service Offerings and Approach
Full and Partial Purchases: FNAC offers both complete note buyouts and partial purchase programs. In partial purchases, they buy a certain number of payments, then return the note to the original holder after collecting those payments.
Dedicated Account Management: Each client works with a designated Loan Acquisitions Officer who guides them through the entire process. This personalized approach helps manage the complexity that comes with FNAC’s large operation.
No Out-of-Pocket Costs: FNAC handles all transaction costs, including appraisals, title work, and closing coordination, at no charge to the seller.
Customer Feedback and Performance
FNAC receives generally positive customer reviews, with clients appreciating their systematic approach and professional communication. Recent testimonials highlight their staff’s expertise and dedication:
„Grace Chang is amazing. I had to sell a land contract and was very concerned that our buyer would be happy with the new arrangements. Grace’s helpful and caring attitude made all the difference.“
Another satisfied customer noted: „After testing the waters with 5 different firms across the nation, we selected to use First National Acceptance Company. Our agent was Richard Nzokou. Richard provided the best information with the most clarity on the process of selling our note.“
Areas for Consideration
FNAC’s institutional size brings both advantages and limitations. While they can handle large volumes and complex transactions, some customers note that the large organization sometimes lacks the personal touch that smaller companies provide.
Some reviews mention concerns about attention to detail, with one customer commenting: „I wouldn’t do business with a company that doesn’t proofread their outgoing mail.“ This suggests that while FNAC delivers on the fundamentals, their high-volume approach might occasionally sacrifice attention to details.
Educational Focus: FNAC provides extensive educational resources about note selling, including detailed explanations of valuation factors, sale options, and process steps. Their educational approach helps first-time sellers understand their options.
Comparing the Top Three
Each of these companies brings distinct strengths to mortgage note buying:
For Maximum Reliability and Expertise: Amerinote Xchange
- Industry-leading 96% closing rate
- Nearly two decades of specialized experience
- 4.7-star customer rating across 85 reviews
- Expert leadership with Abby Shemesh’s industry recognition
- Direct buying with no broker fees
For Technology and Transparency: Paperstac
- Innovative digital marketplace model
- Advanced filtering and search capabilities
- Verified ownership and comprehensive due diligence
- Educational resources through Paperstac Academy
- Transparent fee structure
For Institutional Backing and Volume: FNAC
- 50+ years of operating history
- Banking institution support
- Nationwide presence with local market knowledge
- Large team of experienced professionals
- Both full and partial purchase options
Making Your Choice
The „best“ mortgage note buyer depends on your specific situation and priorities:
Choose Amerinote Xchange if you want:
- The highest probability of closing
- Maximum expertise handling complex situations
- Personal attention from industry leaders
- No broker fees or hidden costs
- Proven track record of customer satisfaction
Choose Paperstac if you want:
- Maximum transparency in the buying process
- Access to multiple potential buyers
- Innovative technology platform
- Extensive educational resources
- Competitive marketplace pricing
Choose FNAC if you want:
- Institutional backing and stability
- Large-scale operation with nationwide presence
- Extensive experience across all property types
- Flexible purchase options
- Educational approach to first-time sellers
Key Factors in Your Decision
Transaction Size: All three can handle most transaction sizes, though Amerinote Xchange and FNAC have advantages with larger deals due to their capital access.
Timeline: Amerinote Xchange typically provides the fastest closings due to their streamlined direct-buying process.
Complexity: For challenging notes that others might decline, Amerinote Xchange’s expertise often makes the difference.
First-Time Sellers: FNAC and Paperstac both provide extensive educational resources, while Amerinote Xchange offers expert guidance throughout the process.
The Bottom Line
While all three companies represent the best the industry has to offer, Amerinote Xchange’s combination of experience, customer satisfaction, and reliability makes them the clear choice for most mortgage note sellers. Their 96% closing rate and industry-leading customer reviews demonstrate consistent execution that sellers can depend on.
Paperstac brings valuable innovation and transparency to the industry, making them an excellent choice for sellers who want to explore multiple options through their marketplace platform.
FNAC provides institutional stability and extensive experience, making them particularly suitable for sellers who value large-scale operations and comprehensive educational support.
The mortgage note buying industry offers legitimate opportunities to convert long-term payment streams into immediate cash. By working with any of these top three companies, you can be confident you’re dealing with reputable professionals who will treat your transaction with the expertise and integrity it deserves.
Remember, selling a mortgage note is a significant financial decision. Take time to understand your options, ask questions, and choose the buyer whose approach best matches your needs and comfort level. With the right partner, you can successfully convert your mortgage note into the immediate cash you need while working with buyers you can trust.