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Question about mortgage reporting...

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RW771
Frequent Contributor

Question about mortgage reporting...

For those of you that used Wells Fargo or your loan was bought by Wells Fargo...when did your mortgage report? I closed on my home on December 7th and a few weeks later received a letter in the mail stating Wells Fargo had purchased my mortgage. Here it is, mid-March and it still doesn't show up on my CR? Is there a certain waiting period before it shows up?

 

05/31/2013 672 EQ (Fico), 03/08/2012 697 TU (Fico)

Closed on my first home 12/07/11! Officially a homeowner, thanks to this forum!!!

Message 1 of 6
5 REPLIES 5
203bravo
Established Contributor

Re: Question about mortgage reporting...

mine tood 4 months.

Message 2 of 6
Booner72
Senior Contributor

Re: Question about mortgage reporting...

WF reports after the 3rd payment.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 3 of 6
RW771
Frequent Contributor

Re: Question about mortgage reporting...

Awesome, thanks! I was hoping that was the case, so if I closed the 7th of December it seems like it shouldn't report until some time in April! Hopefully that gives me enough time to apply for a loan/cc before the mortgage hits and kills my dti! Thanks!

05/31/2013 672 EQ (Fico), 03/08/2012 697 TU (Fico)

Closed on my first home 12/07/11! Officially a homeowner, thanks to this forum!!!

Message 4 of 6
cdtotten
Established Contributor

Re: Question about mortgage reporting...

As a reminder - DTI is not a factor in your fico score - FICO does not know your income.


Overall amounts of debt do impact your score, but if you didn't have a mortgage reporting before, the added mix of credit might actually offset it.

 

For underwriting, yes the mortgage payment would be included in the DTI once it posts.

 

Just wanted to clear this up for other readers.


Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU


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Message 5 of 6
RW771
Frequent Contributor

Re: Question about mortgage reporting...


@cdtotten wrote:

As a reminder - DTI is not a factor in your fico score - FICO does not know your income.


Overall amounts of debt do impact your score, but if you didn't have a mortgage reporting before, the added mix of credit might actually offset it.

 

For underwriting, yes the mortgage payment would be included in the DTI once it posts.

 

Just wanted to clear this up for other readers.


Yes, guess I should have clarified that. I spoke with one of the LO's at my CU and he advised me to apply for my card before the mortgage hits or my dti would be too high and my chances for approval wouldn't be so great. Sorry if this confused anyone.

05/31/2013 672 EQ (Fico), 03/08/2012 697 TU (Fico)

Closed on my first home 12/07/11! Officially a homeowner, thanks to this forum!!!

Message 6 of 6
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