Home Point Financial Accidentally Declares Mortgages Delinquent

(Bloomberg) -- Home Point Financial, a mortgage lender backed by private equity firm Stone Point Capital, said it accidentally reported to credit bureaus that some loans were delinquent, even though bills were paid on time.

The Ann Arbor, Michigan-based firm cited a system error that transmitted a test file to the credit companies, and declined to say how many customers were affected. People have complained on social media that their credit scores dropped more than 100 points as a result of the misstep.

The error affected “a limited number of its customers,” Whit Clay, a spokesman for the company, said in an emailed statement. “We are in the process of contacting impacted customers and are working directly with the credit agencies to correct this issue.”

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