mortgage with wells fargo was paid off

Anonymous · ‎12-06-2010

2 questions---

1. I paid off my balance of $51,000 on my home mortgage on Nov. 15th. Though it doesn't appear as of Dec. 6th on my Fico summary of accounts,

I would like to know how long it would take to appear and what effect it will have on my fico score.

2. Wells Fargo has yet to return my mortgage note marked paid. In fact, they didn't know who the holder of the note was. Can anyone help with this?

Anonymous · ‎12-07-2010

Having just refinanced with WF for a primary mortgage and a heloc at the end of October I can share what I've seen so far. I recieved the paid note from the previous mortgage holder about a month after closing. It was a local bank that didn't resell the note so that may have sped things up. That mortgage reported as paid in full at the end of last week and my fico score dropped from 755 to 752 (my wife's dropped from 750 to 745). My WF heloc just showed up on my credit report on Saturday so that's 6+ weeks after closing. That showing up on my credit report upped my score from 752 to 754 (my wife's score dropped another 5 points to 740). I've read in other posts that it can take as long as 6 months for new WF mortgages to show up on a credit report, I would guess it could be that long for paying one off too.

Can't really help on the holder of the note thing....maybe if they can't find who has your note you can ask for your money back!!!

Anonymous · ‎12-08-2010

Thanks. I've been bugging wellsfargo for the past couple of months--prior to paying off the note--on the website http://action.seiu.org/page/speakout/wheresthenote

That's a site where you put in your mortgage loan info and request that the lender tell you who holds the note. According to banking regs, the lender has a limited number of days to comply.

Wells Fargo hasn't of course. When I paid the thing off I asked for the note marked paid and they looked like I was crazy and said probably Fannie or Freddie had it but they didn't know for sure, but that it most likely would be shredded.

Of course there is nothing to prevent Wells Fargo from selling the note to who knows what entity, nothing but laws against fraud, but that's never stopped a bank. Seriously it's not a real concern, but it is troubling that business is conducted so sloppily.