A loan transfer typically won't hurt your credit score - as long as you continue to make payments on time. Your loan terms and payment history stay the same.

You might notice a small temporary dip in your score due to how credit reporting systems handle the transition (closing the old account and opening a new one). This is normal and your score should bounce back once the new loan is reported consistently.

Payments are typically due on the first day of each month, however, you may have a grace period before a late charge is assessed. If your payment is not received by the last business day of the month, you may be reported to the credit bureaus. 
 

No worries – if you made a payment to your previous servicer on or after the transfer date, they’ll forward it to us, and we’ll apply it to your account. It might take a few days for the payment to show up but rest assured, we won’t charge any late fees or report negative activity to your credit agencies during the first 60 days after your loan transfer. We’re here to make this transition smooth and stress-free.

There are different types of scams. A couple examples are below.

Imposter Scams
These are usually phone calls from individuals claiming to be Onity Mortgage (Onity) employees demanding payments in the form of a pre-paid debit/gift cards to cover trial loan modification payments, escrow shortages and/or to avoid foreclosure. These imposters may be calling from what appears to be a legitimate Onity phone number. This is called spoofing.

Onity would never require payment via a pre-paid debit/gift card. Onity would never request a Western Union payment to be sent to an individual. Onity would never ask for personal information over the phone, unless you initiated the contact and we are verifying your identify.

If you ever doubt the legitimacy of a call from Onity, especially if payment is demanded, hang up and call us directly.

If you think you may have been a victim of an imposter scam, please contact us and then file a report with your local police department. You can also contact the Federal Trade Commission.

Loan Modification Scams
These are schemes where “Foreclosure Rescue Companies” take your money, often by making a false promise of saving you from foreclosure.

Onity does not charge up-front fees for a loan modification. You should never sign over title to your property or sign papers you don’t understand. Only make payments to your mortgage loan service provider.

If you think you have been a victim of a loan modification scam, please contact us. You can also file a complaint with the CFPB online or by calling 1-855-411-2372 (CFPB).