Quick Question re: Lender and pulling CR

[Anonymous]

I am approved (w usual conditions) for a new home build.  I had a separate lender REALLY wanting my business, so I met with them last Friday.  He just wants to put his hat in the ring; thinking he has a better deal to offer come time to actually schedule a closing date etc. 

My question is:  is it possible for that second lender to pull a CR without it actually hitting my alerts?  Is it because when 'shopping' for a mortgage, it only counts as once?  Or maybe they use the same reporting service as the first lender? 

I am just a bit confused because he said they were going to do it yesterday, and so far I have not seen a HP show up ANYWHERE.

[ShanetheMortgageMan]

Not sure what "hitting my alerts" means, but any inquiry from a mortgage lender will be a hard inquiry.  You have that window of time that opens as soon as the first mortgage inquiry hits for you to have other mortgage inquiries without further impacting your score, which is 30 days.  If it's within that window then you shouldn't see any decrease in your scores (from the additional inquiry, but other items on your report may have changed which could impact your scores too).

[Anonymous]

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@ShanetheMortgageMan wrote:

Not sure what "hitting my alerts" means, but any inquiry from a mortgage lender will be a hard inquiry.  You have that window of time that opens as soon as the first mortgage inquiry hits for you to have other mortgage inquiries without further impacting your score, which is 30 days.  If it's within that window then you shouldn't see any decrease in your scores (from the additional inquiry, but other items on your report may have changed which could impact your scores too).

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What I mean by that is that I have had zero indicators that they have run my credit.  Generally whenever a HP happens, I get an alert through MyFico. 

I am just a bit flabbergasted that if he did what he said he was going to do, and was quite aggressive in convincing me I should give him a shot, that he wouldn't have run the credit on the day he said he would.  And yes my first mortgage inquiry was done on January 14.

[ShanetheMortgageMan]

If you've always received alets, then I agree it's odd you didn't get one for the new inquiry.

You mentioned "Or maybe they use the same reporting service as the first lender?" which I'm glad you did, because if a lender uses the same credit vendor that a previous lender used, and they have the report ID # from the credit report that the first lender pulled, then sometimes (but rarely) they can use that report ID # to re-issue the same report into their system.  I remember back in the day when we used CBCInnovis they'd allow us to re-issue reports from other lenders, but we don't use them any more. 

If you suplied the first lender's credit report to the new lender, then they may have just reviewed it, taken the debt payments from it, and used that to determine if you'd get approved or not.  If you are well qualified then I could see a loan officer doing that.  For example when I speak to some clients and they tell me they have a recent mortgage credit report and they sent it over to me so I can review, then if I think things will work out, I'll ask if I can check their credit and get the ball rolling.

[Anonymous]

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@ShanetheMortgageMan wrote:

If you've always received alets, then I agree it's odd you didn't get one for the new inquiry.

You mentioned "Or maybe they use the same reporting service as the first lender?" which I'm glad you did, because if a lender uses the same credit vendor that a previous lender used, and they have the report ID # from the credit report that the first lender pulled, then sometimes (but rarely) they can use that report ID # to re-issue the same report into their system.  I remember back in the day when we used CBCInnovis they'd allow us to re-issue reports from other lenders, but we don't use them any more. 

If you suplied the first lender's credit report to the new lender, then they may have just reviewed it, taken the debt payments from it, and used that to determine if you'd get approved or not.  If you are well qualified then I could see a loan officer doing that.  For example when I speak to some clients and they tell me they have a recent mortgage credit report and they sent it over to me so I can review, then if I think things will work out, I'll ask if I can check their credit and get the ball rolling.

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I didnt give him the actual credit report because I didnt get that from them.  What I did give him was the paperwork showing all assets and debts, employment, property info, potential loan info, costs, deposits (disclosures I signed I guess you'd call it) and I also gave him a copy of the paperwork where they printed out all the things that I had to explain (lates and what-not prior to BR13), previous addresses, etc.  I dont have my papers here to see if my report ID# was actually listed on the disclosures.

They were going to get it approved on a TBD (property) and then when its time to lock I can choose either them or the other.  I just find it odd that I havent even heard from a processor either. I did give them everything but the kitchen sink that they'd need but still....  I called and left him a message yesterday.  If I dont hear from anyone today, I guess I am just going to assume he looked at things and just said eh.  He was just SO agressive in getting me to go with them as opposed to his competitor (they are both preferred lenders with the builder).

[Anonymous]

aaaaand I just got the alert.  He did use the same company, but a HP was noted.  All good. He is just a couple days behind when he said they were going to start.