Mortgage Loan shopping (HP's) affects on score?

[itpromike]

So my wife and I are refinancing and we got an initial offer from Quicken Loans however we are thinking we wanted to shop around a bit more. If there are 2 other places we wanted to take a look at and they do an HP as well, how will that usually affect ones score? I have one other HP on there from last years. I know it's usually said that if the HP's are all from the same type of loan product (ie. car loans if you're shopping for cars or mortgage loans if you're shopping for a mortgage) in a relatively short period of time then it should all count as 1 HP theoretically but is that just anecdotal evidence or is that truly how it works?

Also as a side note - anyone have experience with Quickenloans as a mortgage lender? They any good?

[Anonymous]

I was at a mortgage seminar this week, they said its 30 days but inq must be coded the same. I just prequeled but my CU coded it as a misc inq so if i got a mortg inq it would not be the same category and would count against scoring.

[itpromike]

That's helpful. Any idea how to see how it's coded?? Is that on your report somewhere?

[Anonymous]

My lender has done three HPs so far! One was coded misc, the other two were mortgage. The most recent one did seem to impact my score a little.

[onstar]

Any direct lender, like Quicken Loans, will code it correctly. It's already built into the software. If a lender does a variety of loans, then I suppose they could make a mistake, although this should be rare since they should all/mostly be software driven.

itpromike: I sent you a PM. Check it out.