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Grrr... Bank sold my home loan, dropped 16 pts.

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Frequent Contributor

Grrr... Bank sold my home loan, dropped 16 pts.

Guessing they sold it as my loan is such a low apr.

What will happen when a new mortgage account shows up?
This one was 3 years old.

The current one shows paid, closed, transferred.

Scores all sit at 780+
2/2019 - EQ 789// TU 777 // EX 783
3/2016 - EQ 615 // TU 605 // EX 621
155k CC, 9 accounts.
Message 1 of 6
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Valued Contributor

Re: Grrr... Bank sold my home loan, dropped 16 pts.

The new credit line will show the original dates and terms and appear as a transferred services. It will not affect your Fico Score.... lenders selling loan portfolios is an every day occurrence.
Message 2 of 6
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Community Leader
Super Contributor

Re: Grrr... Bank sold my home loan, dropped 16 pts.

This is why I want to get mine with NFCU...they service it for the life of the loan.

Agree with JVille..Smiley Happy

My rebuild worked for me, but won't necessarily work for you!
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Message 3 of 6
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Valued Contributor

Re: Grrr... Bank sold my home loan, dropped 16 pts.


@JVille wrote:
The new credit line will show the original dates and terms and appear as a transferred services. It will not affect your Fico Score.... lenders selling loan portfolios is an every day occurrence.

Had my 1st mortgage sold/transferred 3 times, not a big deal.

At first glance it might make you portfolio look thicker    Smiley LOL

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Ficos : 830 / AAoA : 9 yrs / AoOA : 24 Yrs / AoYA : 0
Message 4 of 6
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Moderator Emeritus

Re: Grrr... Bank sold my home loan, dropped 16 pts.

My mortgage has been sold five times since 2010. Unreal ... somebody makes money but it sure isn't me!
Starting Score: 300
Current Score: 850
Goal Score: 850


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Message 5 of 6
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Moderator Emeritus

Re: Grrr... Bank sold my home loan, dropped 16 pts.


@pizza1 wrote:
This is why I want to get mine with NFCU...they service it for the life of the loan.

Agree with JVille..Smiley Happy

Hrm, maybe I need to go request my mother's paperwork and get membership anyway... seem to have pretty respectable rates and I know their servicing would work just fine if I decide to really make a dent in my mortgage balances.

 

Really coming to the conclusion I might as well just add another 900 bucks to my cash flow instead of sitting on this 15 year fixed at the correspondingly higher payment.

 

Edit: or maybe not with NFCU, their closing costs are absurd from everything I can find on them... seems to be a trend with CU mortgages =/.




        
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