topic Re: Does your mortgage report every month? Should mine? in General Credit Topics

Does your mortgage report every month? Should mine?

Anonymous — Sun, 05 Oct 2008 15:31:14 GMT

We bought a house back in May, and, although I'd been led to expect from some things I'd read in the past that it may take months to appear on my CRs, the bank reported it within days of closing, showing a May payment. Followed by a June payment. And then a July payment.

And since then... nothing. Just to state the obvious, we have been making our mortgage payments on time, and I can see the details showing the reduced principal and the amount of interest paid, escrow balance, etc, when I log into their website (it's Fifth Third bank, who we also have our checking with)... they just don't seem to be reporting it to the CRAs for the last few months. Or at least, if they are, not ONE of the CRAs is putting it on our reports. It's like that on both mine and my husband's reports.

I seem to remember reading that sometimes mortgage lenders only report to the CRAs maybe twice a year or something, so maybe this is normal. But I'm worried that with all the paranoia among lenders right now, and all the adverse action going on, it may appear to any of our credit card issuers who look at our CRs, that we haven't been paying our mortgage or something. Yet for some reason I'm loath to call up the bank and say 'hey, you need to be reporting our payments!'

Is this normal? Or not normal? Anyone think it is something to worry about? And should I just call them and ask them to report?!

Re: Does your mortgage report every month? Should mine?

haulingthescoreup — Sun, 05 Oct 2008 16:13:14 GMT

Well, put it this way: my Countrywide (!) mortgage reports every month. Eventually.

I think they've made it up to August, last I looked.

Might be worth giving them a call!

Re: Does your mortgage report every month? Should mine?

Anonymous — Sun, 05 Oct 2008 16:22:09 GMT

@haulingthescoreup wrote:
Well, put it this way: my Countrywide (!) mortgage reports every month. Eventually.

I think they've made it up to August, last I looked.

Might be worth giving them a call!

Thank you! So, they might eventually get around to reporting every payment, but not in or anytime particularly soon after the month in which it was made! I was just very impressed when the first few were reported so promptly, but they seem to have forgotten about us since then. Makes me worry (especially with a brand new mortgage) that it might appear that we stopped paying after the third payment or something - as usual it comes down to 'ugh, what if AmEx softs me and thinks I don't pay my mortgage?!' - although they're in no position to expect that CRs would contain accurate and up-to-date payment information, what with them being so appallingly slow to update and all...

Our October auto-payment thing is due to go out tomorrow, so I'll give it a few days, then give them a call - at that point I'll be able to say that our August, September AND October payments aren't showing, unless of course they get around to reporting them in the interim!

Thank you, again!

Re: Does your mortgage report every month? Should mine?

Miner — Sun, 05 Oct 2008 18:49:49 GMT

My CU has never updated all 3 reports consistantly on any of my 3 mortgages that I've had with them. On one hand, that can be an avantage since my TU report has half the lates on a previous mortgage then my other 2 reports. And even now, one of my reports hasn't been updated since Aug and the amount owed is from last Jan.

And it wasn't just my CU, as my Discover Card account shows a similar thing on the lates.

Re: Does your mortgage report every month? Should mine?

Lel — Sun, 05 Oct 2008 21:41:38 GMT

@Anonymous wrote:
We bought a house back in May, and, although I'd been led to expect from some things I'd read in the past that it may take months to appear on my CRs, the bank reported it within days of closing, showing a May payment. Followed by a June payment. And then a July payment.

And since then... nothing. Just to state the obvious, we have been making our mortgage payments on time, and I can see the details showing the reduced principal and the amount of interest paid, escrow balance, etc, when I log into their website (it's Fifth Third bank, who we also have our checking with)... they just don't seem to be reporting it to the CRAs for the last few months. Or at least, if they are, not ONE of the CRAs is putting it on our reports. It's like that on both mine and my husband's reports.

I seem to remember reading that sometimes mortgage lenders only report to the CRAs maybe twice a year or something, so maybe this is normal. But I'm worried that with all the paranoia among lenders right now, and all the adverse action going on, it may appear to any of our credit card issuers who look at our CRs, that we haven't been paying our mortgage or something. Yet for some reason I'm loath to call up the bank and say 'hey, you need to be reporting our payments!'

Is this normal? Or not normal? Anyone think it is something to worry about? And should I just call them and ask them to report?!

My guess is that the mortgage companies may not report on-time payments right away, but you can bet that they report the lates a few minutes after midnight of the due date!

Anyways, I don't think it's anything to worry about. As long as you have been current with your payments, then the mortgage will report as account in good standing with no lates.

I should go check what my CRs were saying when I got my HELOC last May.

Re: Does your mortgage report every month? Should mine?

Anonymous — Mon, 06 Oct 2008 12:17:30 GMT

Not a mortgage here but my student loan and car loan report similarly. I last pulled my reports in September which showed the student loan status as of June (I'm paid through Feb09..lol) and my car loan status is as of July. They always eventually update and the accounts show as in good standing" so I've not bothered to ask them if they would update soon.

Also, I was approved in Sept for a card from PenFed and in August a small limit increase from Discover so it hasn't bothered either of them too much Hopefully a little reassurance..

Re: Does your mortgage report every month? Should mine?

llecs — Mon, 06 Oct 2008 12:33:20 GMT

@haulingthescoreup wrote:
Well, put it this way: my Countrywide (!) mortgage reports every month. Eventually.

Oops! I forgot to welcome you to the BofA family, HTSU.

Re: Does your mortgage report every month? Should mine?

Anonymous — Mon, 06 Oct 2008 17:46:38 GMT

Since June, 1998 Chase has been reporting mine on the 13th of every month - without fail.

Re: Does your mortgage report every month? Should mine?

haulingthescoreup — Wed, 08 Oct 2008 02:56:10 GMT

llecs wrote:

@haulingthescoreup wrote:
Well, put it this way: my Countrywide (!) mortgage reports every month. Eventually.

Oops! I forgot to welcome you to the BofA family, HTSU.

They can't possibly be worse in the mortgage category. Well, unless they decide to sell my credit info, as well as DH's.