[TiMSport]

Just got off the phone with a rep at my insurance company and it's being handled now. I explained to him the basic situation and he put me on hold for a moment and called Mr. Cooper directly. He told me that often times the loan company will contact the client's insurance company, but not always. As such, you ought to proactively contact your homeowner's insurance policy provider to make sure they get the information about your situation to be safe.

Ultimately he said I don't have anything to worry about now because they will be sure to provide whatever information is necessary to Mr. Cooper.

[Chick Webb]

Originally Posted by fiveohwblow

Share how you got on a bi weekly schedule cause we tried too and all they were doing was allowing the payment to stack… not applying it

As you probably know, the deal with bi-weekly payments is that the servicer essentially banks your first 1/2 payment for two weeks, and then when you make the second 1/2 payment they credit that to your account. That's a (small) negative since you lose out on whatever interest you'd be earning on that 1/2 payment, but the positive is that you meter your cash flow and make one extra principle-reducing payment each year w/o having to think about it.

With Mr Cooper we had to fill out some paperwork opting into the bi-weekly plan and then pay the first 1/2 payment at least two weeks before the next full month's payment was due. Once the 2nd 1/2 payment went through on the normal due date we were off an running.

Mr Cooper's paperwork was very badly worded and confusing. Our current servicer allowed us to opt-in via their web portal, which was much more straightforward, and their presentation of how it worked waaayyyy more clear. Much better experience.

[Reborn_]

Just to add another data point, I have had my mortgage with wells fargo for 9 years now. I also agree that wells has high rates - they were laughably high when I refi'd (a different mortgage/property).

My refi was sold to PennyMac (which some of you have mentioned). I don't love their website but it could be worse. CF Bank (the original refi bank, who i made 2 payments to) didnt even have a web-based portal! I mailed those checks like it was 1995.

[stevenc]

Loans get sold and moved constantly. Mr. Cooper is a known finance company. I have a client with commercial real estate financed through Mr. Cooper.

[F32Fleet]

The loan is purchased and bundled into a MBS and someone else does the servicing. The servicing can get sold around as well. The mortgage loan itself remains in the MBS. It's expensive to pull a mortgage out of the MBS.

[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.

[RickFLM4]

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.

I have never had my credit score affected by a mortgage transfer so that is odd. Probably a timing difference.

[grocerylist]

Originally Posted by dscabra

Recommendation: Finance your mortgage with Wells Fargo. They will service the mortgage for the life of it.

My mortgage was bought by Wells Fargo a few years back. They're the last bank I'd ever want to do business with for dozens of fraudulent reasons.

[TiMSport]

Originally Posted by RickFLM4

I have never had my credit score affected by a mortgage transfer so that is odd. Probably a timing difference.

That's what I'm hoping. It simply states "account closed" with BofA as being a potential factor. I've understood that sometimes closing a credit card account can negatively impact your score, but probably for those that don't have much diversity in their credit history, etc. That is not the case for me however and we're talking about a mortgage here, not a cc. I'll keep an eye on it over the coming weeks and if it doesn't change I may contact Equifax directly about this.

Transunion hasn't changed and didn't indicate the closure of my mortgage account yet. It just annoyed me that I would see such a dip in my score with Equifax though.

[vreihen16]

Originally Posted by TiMSport

It just annoyed me that I would see such a dip in my score with Equifax though.

...and so it begins. I can't tell you how it ends, because I was enlightened enough by reading others people's horror stories to get the flock out while I still had a credit score to refi with our local credit union.....

[TiMSport]

Originally Posted by vreihen16

...and so it begins. I can't tell you how it ends, because I was enlightened enough by reading others people's horror stories to get the flock out while I still had a credit score to refi with our local credit union.....

I don't really have a lot of faith in Equifax either considering the BS they went through a few years ago with the hacked data base, etc. Nonetheless, they are one of the major 3 credit reporting agencies. To be clear, even though it dipped by 23 points, I'm still in the excellent credit range as I've always been in the 800s. It's really the principle of the matter for me and this illogical impact on my credit score.

Fortunately I don't have plans for any big purchases in the near future so hopefully it will eventually correct itself in due time. If I was planning a refi or buying my car, this would be a bigger deal to me. Still annoying though.

[F32Fleet]

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.

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.

[TiMSport]

Originally Posted by F32Fleet

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.

Thanks, that's what I would have thought. Transunion has now also shown my score having dipped by 27 points. AMEX just notified me (via e-mail) that my credit rating has changed. I certainly hope this gets corrected and it's just temporary.

I should add that I'm using Credit Karma for monitoring my credit accounts so not sure how accurate it is. It has been very much so over the past several years I've used them however.

[YETIinFL]

I've had good luck with Mr. Cooper. When I bought my house I went through a local lender -- a friend of the builder. They had good rates, but sold my loan to another mortgage lender. The new lender then sold it off again, this time to Mr. Cooper. The interest rates were dropping and Mr. Cooper quickly offered a VA refinance, which saved us quite a bit.
So far they have been good. They pay my taxes and insurance well before they are due, so no complaints.

[TiMSport]

Thanks for the insight guys. So far I've made 2 payments and no problem at all. They're actually pretty well organized it seems as far as their website is concerned. The only issue I still have to this day is the fact my credit scores are still 27 points or so lower, but I'm hoping this will shoot back up to where they were prior to this transfer. Really hoping it's a delayed effect of Mr. Cooper not yet having reported my account with them to the credit agencies.

[OkieSnuffBox]

Originally Posted by TiMSport

Thanks, that's what I would have thought. Transunion has now also shown my score having dipped by 27 points. AMEX just notified me (via e-mail) that my credit rating has changed. I certainly hope this gets corrected and it's just temporary.

I should add that I'm using Credit Karma for monitoring my credit accounts so not sure how accurate it is. It has been very much so over the past several years I've used them however.

I also use Credit Karma as it's an easy button. The last time I actually got a long for a car, my credit score came back about 25 points higher than the Credit Karma estimate.

[Alfisti]

Originally Posted by TiMSport

Thanks for the insight guys. So far I've made 2 payments and no problem at all. They're actually pretty well organized it seems as far as their website is concerned. The only issue I still have to this day is the fact my credit scores are still 27 points or so lower, but I'm hoping this will shoot back up to where they were prior to this transfer. Really hoping it's a delayed effect of Mr. Cooper not yet having reported my account with them to the credit agencies.

So what happens if you have a HELOC tied to the mortgage?

[RickFLM4]

Originally Posted by Alfisti

So what happens if you have a HELOC tied to the mortgage?

You mean a HELOC separate from the primary mortgage? Nothing. It’s not a refi just a transfer so no impact on separate HELOC.

[Alfisti]

No tied to it.

So the mortgage is 300K, bank allows you to borrow $500K total, as you pay the $300K down your Line increase by same amount. So instead of 300 and 200 you are at 295 and 205 etc.

[RickFLM4]

Originally Posted by Alfisti

No tied to it.

So the mortgage is 300K, bank allows you to borrow $500K total, as you pay the $300K down your Line increase by same amount. So instead of 300 and 200 you are at 295 and 205 etc.

Haven’t had a HELOC like that but transferring to a new servicer or owner shouldn’t matter because those are the contractual terms. If it would change upon sale or servicer change, should be spelled out in original loan docs.

[TiMSport]

Thanks man. I actually started this thread quite some time ago. Since then, everything has been fine. I've made several payments to Mr. Cooper now. Only annoying thing about them is they send me a shit load of e-mails soliciting me about getting a new loan or refinancing, lol.

Yeah more importantly, the terms are identical and have not changed. On top of all that, my credit score popped back up to where it was before this mess. THAT was one thing that really bothered me.

[RickFLM4]

Originally Posted by TiMSport

Thanks man. I actually started this thread quite some time ago. Since then, everything has been fine. I've made several payments to Mr. Cooper now. Only annoying thing about them is they send me a shit load of e-mails soliciting me about getting a new loan or refinancing, lol.

Yeah more importantly, the terms are identical and have not changed. On top of all that, my credit score popped back up to where it was before this mess. THAT was one thing that really bothered me.

They are pretty excessive with those refi emails. But if you go to the fine print at the end of the email, there is a link to unsubscribe from them. It is a link to “Go here” rather than just “unsubscribe” presumably to make it harder to see and click.