When your lender sells your loan to another lender (transfers it), that your credit score will drop 16 points? Grrrr.
They fail to mention that to us when we get the mortgage. We tell people at closing it doesn't affect anything except where you will send your payments to, and we have no say in the matter, but it does affect us in a big way. It's a big lie. it does affect us.
I noticed the first time they sold the mortgage to themselves last year (same lender just a different branch) my credit took a mild hit. It showed it paid off and then a new loan started as I started over brand new loan.
Now they sold it to a totally different lender and bang, credit drop by 16 points on my FICO. What??
Has anyone else noticed that who has a mortgage? Will it bounce right back up in the next month? |
