So my mortgage was sold by Flagstar Bank to Cadence Bank. I got a notification today(approx 20 days after formal transfer date) from CreditKarma that the Flagstar Account has been closed/paid. There's no Cadence Bank account showing yet.
I have some questions. Will the new account with Cadence be back dated to the origination date of the initial Flagstar account? (So as to avoid a hit to AAoA).
Will the closing of the one account and "opening" of the new account cause unwanted hits to my score?
I logged into my CK and their "scores" had dropped maybe 20+ points. I mean I know they are super fake scores but they can usually be an indication that the real FICO will drop too.
It can take 30 to 90 days for your new trade line to be reflected. They will show with the old dates and acknowledge it as a transferred mortgage. This is all normal, your credit scores will recover when the dust settles.