Mortgage Company Pull Credit and Verifies Employment 3 Months After Closing. Why?

[Anonymous]

Why would my mortgage company verify my wife’s employment and do a credit pull on me months after closing on our house? My wife and I closed on our loan on December 2nd, 2014 by using American Midwest Mortgage, they subsequently transferred the loan to Chase, and we’ve made our first mortgage payment, yet this week (February 20th, 2015) American Midwest Mortgage, who no longer owns our loan, contacted my wife’s employer to verify her employment and salary information and did a hard credit pull on myself which my credit monitoring service caught. Why would this be happening?

[Revelate]

Welcome to the forums!

Was this a conventional loan?  Could be that they were tidying it up before selling to Fannie/Freddie, but I'm not sure as to the exact rationale for it.  Either way it's worth contacting them directly and having the pointed conversation... presumably should've been coded as a SP since they already had the relationship with you.

[StartingOver10]

As stated it could be in preparation for the sale of the loan. The lender can sell the loan or sell the servicing or both. The loan is usually not serviced by the same people that own the loan.

Another possibility is the originator is going through a ramdom audit of its files or a quality control type check. It isn't anything to worry about and your wife gave permission when she signed the closing docs (it's one of the docs in the packet she signed).

[Anonymous]

Dang all that speculation, I'd get somebody on the phone.