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Posted in Mortgage
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3red3red

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4 People Helped
remarks Transfer for a Mortgage
If a Mortgage lender sells your Mortgage to another lender, as they often do, does the wording "Transfer" hurt your Credit score? Wouldn't it be better if they stated Mortgage transferred to (the new lender name) so it would be easier to follow the loan on a credit report? And how do you ever have this updated/corrected if the original Mortgage lender(s) have filed Bankruptcy and/or were bought out buy another larger Mortgage lender - say Bank of America.....

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Top Contributor
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No the transfer doesn't hurt because it will show the old account as paid in full.  If your lender was purchased by another party, the account name will change to current holder of the mortgage.

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