So we are scheduled to close on our new house end of October. In August our current mortgage servicer sold our mortgage to another lender. When our credit was pulled after this it showed we had no mortgage and our scores dropped on average 20-25 points. We are scheduled to have our credit pulled on the 1st. My concern is the our current mortgage will pop up and show as a new loan since it is a new provider and they didn't report in August or September and that our scores will drop drastically again costing us even more.

Anyone work in mortgage or know enough about credit if we will see a major drop because of our current mortgage showing up?

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I'm no expert, but it sounds like having your mortgage sold does actually ding your credit. Hopefully it's only temporary while the credit agencies sort it out.

https://www.creditkarma.com/question/would-a-mortgage-transfer-affect-my-credit

yeah my first mortgage was sold like 4 times in 2 years. i thought that was wierd. It was right around the sub prime housing bubble bursting so maybe the companies were trying to generate cash by giving up good loans?? i don't have the slightest clue how any of that shit works.

Not being a smart ass but ask Google "banks sell mortgages affect credit ratings?" and a lot was found.

Credit scores are a bunch of bull shit. It is a scam

Credit scores are for poor people.

Not sure but always shop around for rates. You can use rates against each other to get lower do t just go to one lender.

I have to use this lender. The home builder actually is buying our home from us so we have to use their lender.

I did find out if that happens, they can use our previous credit score. So we should be safe.

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