I have a mortgage with GMAC and they do AR's on me more often than they even update with the bureaus, what's up with that? Why would a mortgage holder do an AR, it's not like they can go back and raise my interest rate, and I do not not recall agreeing that they could sale the loan so WHY?
I've read that AR inquiries after the close of a mortgage has no permissable purpose. However, they are probably the only ones who can answer that...
humblemarc just directed me to a thread here. I think I will hang on to this little tidbit in case I ever need it. I am not going to cut their throats over ar's but you never know, I may be late one day and need this as leverage. (not that I PLAN on being late but you never know) Plus I guess they will continue to pull and if it REALLY is worth 1k a peice, hey I'll wait till they get 10 or more and get it deducted from my mortgage. hee hee!
NO "PP" FOR AN "AR" the mortgage is a DONE DEAL. On the other hand...THEY CAN SELL YOUR MORTGAGE 10 TIMES IN 30 YEARS!!! MINE HAS BEEN SOLD 2 TIMES IN 13+ YEARS. It really is not sold...the "SERVICER" is changed... I was told that mortgages are sold as a "BLOCK"...maybe like $1,000,000 or $10,000,000 in a "BLOCK"
Sorry I can't find my notes just now. but I do recall reading that your mortgage holder does indeed have PP. They are a current creditor just as your credit card issuers are. No, they can't raise the interest rate, but they do analyze the loans they service to determine which ones to sell. Put another way, if they packaging a bunch of loans to sell at a discount, they'll likely go with the percentage of those whose CRA's show recent "dings" (late payments, collections, accounts closed by creditor, etc.) As a Realtor and a real estate investor, I can tell you I often come across foreclosures where the foreclosing bank bought that loan just weeks or months before it defaulted. Seen lots of them this year already.
it's also possible they are looking to offer you other products and seeing if you match the criteria.
Hope is correct. Trading mortgage backed securities is a huge business among institutional investors. The only way to see what that mortgage is worth in a potential pool of mortgages is to access the risk of the underlying credit. When Butch posted the footnote to the Gowen letter a few days ago that was the first thing I though about. GMAC is likely getting ready to place your mortgage in a pool for resale.
Re: Re: Why is GMAC doing AR's on me? Why would they be placing my mortgage for sale? I thought they would place for sale if I was a potential risk. If they were going to place it for sale regardless of wether I was a risk or not, then there is no reason for them to be pulling my credit.
Re: Re: Why is GMAC doing AR's on me? Mortgage companies frequently sell their loans to investors. Fannie Mae is probably the biggest buyer in the industry.
Re: Re: Why is GMAC doing AR's on me? well, what I do not understand is how come they can do an AR on me every month or 2 but can only update my cr every 3 or 4 months? Idgits!
Re: Re: Why is GMAC doing AR's on me? The reason they may be doing an A/R prior to a sale is to be able to price the mortgage to an investor. I really doubt you have anything here.
Re: Re: Re: Why is GMAC doing AR's on me? Well like I stated earlier, I am not worried about it, they are not bothering me doing AR's, but what DOES bother me is why can they PULL my report but yet can't UPDATE it? For instance, the last time they updated was 1/03 but they pulled 2/03
Re: Re: Re: Re: Why is GMAC doing AR's on me? My mortgage was last UPDATED 12/02 because I disputed the balance with EQUIFAX... Now the 03/2003 payment has been paid and it still says 12/2002...I'm going to send the APRIL 2003 payment next week and EQUIFAX will still say 12/2002 I'M SURE!!! I am beginning to believe that they "NORMALLY" update every 6 to 12 months...
Re: Re: Re: Re: Re: Why is GMAC doing AR's on me? Hey George, I asked something similar in another thread, I disputed one of dh's cc's in Sept, Efx changed it to 0 balance after 30 days, I noticed last week that the tradeline is showing DOLA 9/02. But yet has been updated every month w/TU and Exp. What gives, is this some kind of punishment, dispute the balance, never get updated again.
Re: Re: Re: Re: Re: Re: Why is GMAC doing AR's on me? Who knows... Wife had CREDIT LIMIT $17,500 BALANCE $17,500 for 3 months on DISCOVERCARD... When I talked to DISCOVERCARD they said they could never do that because the balance was less than $100 (paid in full each month)... EQUIFAX fixed the balance finally...but then they put "CONSUMER DISPUTES ACCOUNT INFORMATION" or some such words!!! I finally got it removed by EQUIFAX EXECUTIVE OFFICES...
Re: Re: Why is GMAC doing AR's on me? Now, THAT would be a no PP. I believe it is actually covered as well in the Gowen letter.
Re: Re: Why is GMAC doing AR's on me? A lot of mortgage companies don't report at all unless you go negative. This is why lots of times you can say you own a house and the creditors believe it.
Re: Re: Why is GMAC doing AR's on me? hell i get household AR's even this month and i haven't had an account open with them for 6 months lol. they are retarded imo
