Quote:
Originally Posted by TiMSport
Just an update on my situation with Mr. Cooper. Everything officially transferred from BofA to Mr. Cooper and I have made my first payment. Now that I'm registered online with Mr. Cooper I have come to realize it's better than the original simply in terms of the ease-of-use and the information provided on their website. Just much more detailed and user-friendly. All in all my mortgage has not changed at all of course so that's fine.
HOWEVER, I just noticed my credit score took a nosedive on Equifax because a loan was closed. Obviously they're not taking into account the fact it was simply taken over by a different company. I have very solid credit so this bugs the hell out of me. It dropped 23 points! As of this moment the Mr. Cooper loan does not appear in my report so it's as though I paid off my mortgage but it's still ironic that would negatively impact my credit score. I would think it would have the opposite result. Go figure.
I'm hoping it's simply a timing issue and that the new new loan servicing company will appear and my scores will reflect that accordingly and go back to where they were.
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From at least one of the bureaus your mortgage should report something like "Paid off, transferred" with the transfer in servicing. It should have no impact on your score.
it's nothing to fret over.