Reply
Valued Member
Posts: 40
Registered: ‎08-05-2011
0

Bank Credit Inquiry After Closing

[ Edited ]

We closed on our house December 6. We used a mortgage broker who intially pulled our credit back in October. The credit was never pulled again prior to closing. I just noticed that the bank (MetLife) did a hard pull of my credit on January 10, more than a month after closing! Why would this be? Also, the mortgage loan is still not reported on my CR.

Established Contributor
Posts: 866
Registered: ‎09-22-2011
0

Re: Bank Credit Inquiry After Closing

IMO Met Life probably used the mortgage broker's credit report for closing.  Post audit may have required the new report.  This is unusual if this was a HP.  I would contact your mortgage broker and ask why this happened.

Established Contributor
Posts: 866
Registered: ‎09-22-2011
0

Re: Bank Credit Inquiry After Closing


namvet wrote:

IMO Met Life probably used the mortgage broker's credit report for closing.  Post audit may have required the new report.  This is unusual if this was a HP.  I would contact your mortgage broker and ask why this happened.


Just heard that Met Life is closing it's mortgage opoerations.  I guess they are getting ready to sell the loan.  So if that's the case then the inq is not unusual.  SOP

Valued Member
Posts: 40
Registered: ‎08-05-2011
0

Re: Bank Credit Inquiry After Closing

Ah... I just saw that news too. But why should this negatively impact MY credit score with the hard inquiry!?

Regular Contributor
Posts: 195
Registered: ‎08-01-2008
0

Re: Bank Credit Inquiry After Closing


namvet wrote:

IMO Met Life probably used the mortgage broker's credit report for closing.  Post audit may have required the new report.  This is unusual if this was a HP.  I would contact your mortgage broker and ask why this happened.


Does the lender audit your credit report after closing?? Are they checking to see if you obtained new credit afterwards?

;Starting Score: Low 500s FICO Aug 2008
Current Score: EQ 668 EX 723 TU 723 (All FICO)
Goal Score: 720s Across the Board! Almost there!

Cap1 NHR ($1250), GE Rooms2Go ($4k), WalMart Discover ($3250), Barclay's Rewards MC ($2k), Amex BCE ($5K), Kohl's ($1K), Chase Freedom ($3K), Discover More ($1K)
Regular Contributor
Posts: 188
Registered: ‎10-03-2011
0

Re: Bank Credit Inquiry After Closing

Check your packet that was given to you at closing because in my packet there was a sheet that stated. "If USAA decide to sell your loan they will have to do it within 30 days and at that time they may have to repeal your credit."  After siging, It gave them written permission to be able to pull my credit report within 30 days of the closing. Maybe that's what happen to you. Your credit could of been pulled within that time frame and just posted.

Capital One Cash World MasterCard 7500, PenFed World Visa 6500, USAA Military Affiliate Visa 2000, Capital One Platinum 2500, Affas Military Star Card 8700, Affas Take It Home Today 4900, Orchard Bank Platinum 1500, Orchard Bank Silver 1300, Lowes 5000 and Chase 500.

Closed on USAA Mortgage Dec 23, USAA Auto Loan 42000 Mercedes Dec 30

Credit Scores: EQ 656 TU 669 EX 679 All Lender Pulls Oct 2011
Established Contributor
Posts: 866
Registered: ‎09-22-2011
0

Re: Bank Credit Inquiry After Closing


ReBuildingAgn wrote:

namvet wrote:

IMO Met Life probably used the mortgage broker's credit report for closing.  Post audit may have required the new report.  This is unusual if this was a HP.  I would contact your mortgage broker and ask why this happened.


Does the lender audit your credit report after closing?? Are they checking to see if you obtained new credit afterwards?

In most cases the lender who will be funding the loan will pull credit (HP) just prior to funding.  So if they used the broker's report to close then the lender is required to pull credit again to satisfy funding conditions.  They are not concerned with you credit picture after closing.  However, any lender can pull your credit again at any time.  In this case it looks like someone forgot to pull the new credit report prior to funding.  So the question to the OP is.....was the loan actually funded when that report was pulled?   A loan can be closed and not fund until days later (too many reasons to go into here).

 

Regular Contributor
Posts: 188
Registered: ‎10-03-2011
0

Re: Bank Credit Inquiry After Closing

Just go through your mortgage packet you will find the sheet.

Capital One Cash World MasterCard 7500, PenFed World Visa 6500, USAA Military Affiliate Visa 2000, Capital One Platinum 2500, Affas Military Star Card 8700, Affas Take It Home Today 4900, Orchard Bank Platinum 1500, Orchard Bank Silver 1300, Lowes 5000 and Chase 500.

Closed on USAA Mortgage Dec 23, USAA Auto Loan 42000 Mercedes Dec 30

Credit Scores: EQ 656 TU 669 EX 679 All Lender Pulls Oct 2011
Regular Contributor
Posts: 212
Registered: ‎06-20-2009
0

Re: Bank Credit Inquiry After Closing

[ Edited ]

 

It sounds like you may have gotten hit the same as I was by a post-closing, "random 10% audit".  I described my experience and what I found out about it in a post on this board,  "Mortgage Audit": Question for Mortgage Pros.  Is this similar to your situation?



Starting Score: EQ 804 - (April 2009)
Upgraded thanks to FICO Forums: EQ 813 / EX 842 / TU 823 - (FICO scores from mortgage lenders, June 2010)
Recent Scores: EQ 807 / TU 799 - (March 2012)
Goal: Survive Another Day
Take the FICO Fitness Challenge

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.