Mortgage loan inquiries counted as multiple separate inquiries?

[Puipui]

Hi, 

I have a question. Yesterday (Aug 22 2016) I applied for mortgage loan with 2 different companies (Quicken loans and First Internet Bank) and I just looked at my credit reports (Equifax and Transunion) on creditkarma.com and it's showing me 2 different reports even though they are for the same purpose and were done on the same day. 

I was under the impression "rate shopping" rules apply for mortgage loans inquiries. If I apply 10 mortagage loans to 10 different companies, they will be counted as a single inquiry, not as 10 separate different reports? 

What am I missing here?

[dragontears]

This causes a lot of confusion. Each lender will pull their own report so applying with 10 lenders will result in 10 pulls on each CRA. The "counts as one" is reference to how scoring models veiw them, so even though there is 10 pulls (using your example) your score will only take the "hit" of one pull.
Hope that helps

[Anonymous]

Your report will still show separate inquiries. If properly coded fico will lump the inquiries made within (I think 30 days) together and will score them as if it were only one inquiry. You will still take a small hit from the initial inquiry but nothing else. Hope this helps.

[Anonymous]

Properly coded is the other hiccup. Some code it as Mortgage inquiry, some code as miscellaneous inquiry, they won't be lumped together unless it is the same code.

[StartingOver10]

Comment on your lenders - apply to a lender that only does mortgages and not cc's or vehicle loans too.  The big box banks and Quicken Loans are very conservative in their guidelines now. Compare loan products. Research your lenders for the mortgage experience too.  

I have found the non-bank lenders that originate, underwrite and fund their own loans are much better to work with than the big box banks.

I have never had a positive experience (as a Realtor) with Quicken. They promise more than they can deliver from what I have seen. Usually, they end up not being able to close the deal for one reason or another and they don't say anything until a week before closing. Just had another one fall through in June 2016 when the QL rep was certain they could close it. We closed, but Quicken couldn't do the loan. Compare lenders products and read reviews + check with friends and family that have recently gone through the mortgage process so you go with someone that has a good reputation.