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Talked to GMAC Mortgage.... Question....


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OK... So NOBODY answered my other thread and I'm a big baby! 8-)

I called and found out some details on our mortgage we refi'd in November 04 still not reporting.

They said " Since our first payment wasn't due till 1/05 that it takes 2 months to have it report and it should start reporting in March!

Now my questions are:

Does that make sense/

Will this cause my scores to drop or now does it have a few months under it to help my scores stay the same(Close)?

If it should drop what would be the worse case senerio?



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You deserve more respect than that. Let's blame it on Charles 8-) .

The reason mortgages do not start recording right after first payment is clarified in Real Estate Settlement Procedures Act, which states that no late payment fees or late payments can be recorded for the first 60 days following the closing or transfer of a mortgage to another lender.

This really has more to do with getting the payment statements or coupon books (if they are still used??) to the customer. Many times in a servicing transfer payments get sent to the previous mortgage company , who should transfer to the new servicer, but that does not always happen in a timely manner.

As far as the credit score, you will have one good account paid off in full, and one new account reporting, so I would guess it to be a wash and no score impact. I wish I could say for sure but can't really guess the outcome. I used to see positive impact of credit scores following a new mortgage, but recently, some have posted that the scores have actually dropped.

If you stil monitor your scores, the old mortgage should be treated as a positive paid in full tradeline, and I think that increases the score, but in the next couple of months when the new mortgage hits the bureaus, it may drop a few points (but as well as you have done over the past, yours will keep on increasing). :notworthy:

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Interesting information! Thanks so much! :lol:

I enjoy blaming Charles as well! 8-)

The one thing is that this mortgage is my first, we used my DW's scores for a NO-Doc last time and re-fi'd when my scores hit 620. So this will be the first mortgage to hit my CRA's.

I do know that my scores will go up the more I pay and the ageing will help!

Thanks for the info!

Eric :twisted:

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