topic Re: How long does it take for mortgage to report? in Mortgage Loans

How long does it take for mortgage to report?

frugalQ — Sun, 03 Feb 2013 20:34:27 GMT

I refinanced my house and closed on 10/29/12. As of 2/1/13, the new loan is not showing up on any of my credit reports. However, the old loan was updated to close in 11/12.

What has been your experience with the length of time it has taken for new loan to show up?

I lost 15 FICO points because my report shows no open mortgage.

Re: How long does it take for mortgage to report?

Anonymous — Sun, 03 Feb 2013 20:58:41 GMT

It should be soon as your first payment was just due on Feb 1. So usually once they receive your first payment, they will add the new account to you CRAs.

Re: How long does it take for mortgage to report?

Anonymous — Sun, 03 Feb 2013 21:21:12 GMT

@Anonymous wrote:
It should be soon as your first payment was just due on Feb 1. So usually once they receive your first payment, they will add the new account to you CRAs.

No real way to know. There are some smaller independent Banks that do not report at all and at times the larger Banks also do not report.

There is NO rule saying that any Creditor or Lender must report to the Credit Bureaus.

Generally is takes about 30-90 days for some Banks to start reporting.

The positive side is that majority (not all) of Smaller and Larger Banks will sell your loan anyway after a few months. Once they sell the loan the new Bank that takes it over could possibly report.

Re: How long does it take for mortgage to report?

webhopper — Sun, 03 Feb 2013 21:51:39 GMT

It took 3 months for my refi to report. It took 5 months for my new mortgage will wells Fargo to report.

Re: How long does it take for mortgage to report?

frugalQ — Sun, 03 Feb 2013 22:21:53 GMT

Ok. I refi'd with Chase...which is whom my original mortgage is with.

I thought it was really odd that they reported my original mortgage as closed but not report the new one.

The 1st payment was 12/1....we're 3 payments in and it's still not reporting.

We are hoping to start building a new home in April 2013 (and keep our current home as investment property)....I really want our current mortgage to report to avoid any issues during this process.

Re: How long does it take for mortgage to report?

Anonymous — Sun, 03 Feb 2013 22:32:42 GMT

Only the passage of time can truly answer the questions JM-AM posed. That is why an ARM is so risky.

Re: How long does it take for mortgage to report?

Anonymous — Sun, 03 Feb 2013 22:33:26 GMT

Wrong post. LOL