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Why would my mortgage company verify my wife’s employment and do a credit pull on me months after closing on our house? My wife and I closed on our loan on December 2nd, 2014 by using American Midwest Mortgage, they subsequently transferred the loan to Chase, and we’ve made our first mortgage payment, yet this week (February 20th, 2015) American Midwest Mortgage, who no longer owns our loan, contacted my wife’s employer to verify her employment and salary information and did a hard credit pull on myself which my credit monitoring service caught. Why would this be happening?
Can they take your house after closing, if the pull after found a discrepancy, etc and you were making payments? Say someone switched jobs after closing?
If mortgage fraud was found (not minor discrepancies), the Note could be accelerated and called due and payable, as is the lender's right in the case of fraud.
More than likely, it it was something that could be corrected by rate or fees, they would offer re-pricing or an offer to modify the Note.
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