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Notes on note buying.

Case studies from real (sanitized) deals and working education for mortgage-note buyers: how claims get checked, where they break, and how to price from evidence.

case study · valuation

Price from the record, not the claim

A real listing said the collateral was worth $189,000. Three independent sources agreed on a $154,440–$163,534 range, and the deal was priced from its conservative end. Here's what that one gap did to every other number in the deal, and why the claim stays on the page, marked not independently corroborated.

September 10, 2026 · NoteGage

Reference

Mortgage-note investing glossary

Plain-English definitions: UPB, LTV, ITV, lien position, seasoning, chain of title, and more.

How NoteGage checks a listing

The verification discipline behind every report: sources, corroboration, and honest refusals.