Multiple Inquiries from one lender

Ausfarm — Fri, 23 May 2008 19:31:11 GMT

I apologize now for the length of this post.

We applied for a mortgage loan w/ a certain lender originally on 1/30/08 (mind you this is a construction loan). There's an inquiry on my credit report w/ that date. For whatever reason the lender repulled on 2/6. Well, then the lender informs us that it would really be best if I applied alone. They were the ones who said it was okay to apply together and admitted that it was their mistake to have said that. I was assured there would be no additional pulls of my credit and the application fee would be applied. So, I reapplied. That resulted in to more credit inquiries dated 2/19 and 2/21. I was furious, but decided not to make a big deal out of it (b/c the inquiries would probably combine).

So, fast forward to a couple of weeks ago. My score tanked b/c of the SM student loan reporting error. I call the lender to tell them --we're getting close to closing and I just wanted to make sure at closing my credit wouldn't be repulled. The lender's agent looked at my file and said that the credit report is dated 2/21 and that credit score is good for 6 months. So, it was good until August. They would not pull.

Guess who got an SW alert today stating there's a new inquiry on my EQ report? Not only that, I go to view my 3-in-1 credit report and they pulled on 5/20 and 5/22!!!!! WTF!?

I looked at my application and it states that the "owner of the loan" can verify and reverify credit. However, I haven't signed any loan agreement. There is no owner of a loan. There's no loan. Only a loan application. Although, I applied for credit I never envisioned that it would result in (so far) 6 inquiries! The intiial application was done in reliance on information from them. Any advice?

Message Edited by Ausfarm on 05-23-2008 12:31 PM

Re: Multiple Inquiries from one lender

DallasLoanGuy — Fri, 23 May 2008 20:05:23 GMT

You paid an application fee?

Re: Multiple Inquiries from one lender

Ausfarm — Sat, 24 May 2008 03:37:00 GMT

Yes -- one fee. It's a big box bank.

Re: Multiple Inquiries from one lender

DallasLoanGuy — Sat, 24 May 2008 12:01:14 GMT

wtf is right.

Re: Multiple Inquiries from one lender

ShanetheMortgageMan — Sat, 24 May 2008 16:43:13 GMT

Sounds more like you applied with a cavalier broker than with a big bank - on Tuesday I'd call up the manager and ask for an explanation on each inquiry. If they don't have a good explanation the bank can call their credit vendor up and tell them the reports were pulled in error, and for the credit vendor to call up the credit bureaus and ask if the inquiries can be removed.

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