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

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
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
5 REPLIES 5
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
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

Scores held down by umpteen INQ & New accounts
~~~BK7 d/c-08/2013......my rebuild worked for me, but won't necessarily work for you.~~
Message 3 of 6
Established 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

FNBO 2% Cashback Visa (20k) / Bank of the West Cashback MC (20k)
US-Bank Cash+ (15k) / FNBO Travel Elite (15k) / Citi Double Cash (18k)
Ficos : 840 / AAoA : 9 yrs / AoOA : 23 Yrs / AoYA : 3
Message 4 of 6
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: 000 Fico
Current Score: 850 Fico EX08EQ08TU08
Goal Score: 850


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Message 5 of 6
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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