topic Re: Bank Credit Inquiry After Closing in Mortgage Loans

Bank Credit Inquiry After Closing

Anonymous — Wed, 11 Jan 2012 14:20:42 GMT

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.

Re: Bank Credit Inquiry After Closing

namvet — Wed, 11 Jan 2012 14:20:22 GMT

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.

Re: Bank Credit Inquiry After Closing

namvet — Wed, 11 Jan 2012 14:34:18 GMT

@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

Re: Bank Credit Inquiry After Closing

Anonymous — Wed, 11 Jan 2012 14:51:28 GMT

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

Re: Bank Credit Inquiry After Closing

Anonymous — Wed, 11 Jan 2012 15:56:48 GMT

@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?

Re: Bank Credit Inquiry After Closing

Anonymous — Wed, 11 Jan 2012 16:12:40 GMT

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.

Re: Bank Credit Inquiry After Closing

namvet — Wed, 11 Jan 2012 18:27:42 GMT

@Anonymous 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).

Re: Bank Credit Inquiry After Closing

Anonymous — Wed, 11 Jan 2012 18:29:24 GMT

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

Re: Bank Credit Inquiry After Closing

Duke-of-Earl — Thu, 09 Feb 2012 08:11:59 GMT

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?