Creditor on Credit Report

Posted By: terpsfan

Creditor on Credit Report - 03/23/16 09:16 PM

Should a loan be reported under the owner of the mortgage or the servicer? I am reviewing a report where a mortgage is being reported under the servicer. I thought it should show the creditor but what about Fannie Mae loans they do not show as the creditor.
Posted By: rlcarey

Re: Creditor on Credit Report - 03/24/16 03:01 PM

owner of the mortgage

If these have been bundled into CMOs, many different people might "own" one mortgage. They are reported under the servicer as they are the only ones that can verify information.
Posted By: terpsfan

Re: Creditor on Credit Report - 03/24/16 06:23 PM

That is what I thought I am confused why the one I am looking at is reported under the servicer.
Posted By: rlcarey

Re: Creditor on Credit Report - 03/24/16 06:31 PM

That is as it should be, is it not??
Posted By: terpsfan

Re: Creditor on Credit Report - 03/24/16 07:21 PM

The one I was looking at was originated by us and sold to a state housing authority. They are not CMOs so I am not sure why it is showing the servicer as the creditor.
Posted By: terpsfan

Re: Creditor on Credit Report - 03/24/16 07:25 PM

When I look at the metro 2 guidelines is says the following

Identification Number
Used to uniquely identify a data furnisher. Report your internal code to identify each branch, office, and/or credit central where information is verified. For accounts reported by servicers, the Identification Number should refer to the current holder of the note.
Posted By: rlcarey

Re: Creditor on Credit Report - 03/24/16 07:35 PM

Have you looked at FAQ 46?
Posted By: terpsfan

Re: Creditor on Credit Report - 03/24/16 07:51 PM

So they are reported under the servicer? It seems to be conflicting instructions but I probably am just not reading it right.
Posted By: rlcarey

Re: Creditor on Credit Report - 03/24/16 07:59 PM

Maybe - maybe not. You could always give your CRA rep. a call to see if they can explain the incongruity.
Posted By: terpsfan

Re: Creditor on Credit Report - 03/24/16 09:00 PM

It's probably correct. It just confused me. Thank you for your help.