Your Lender Is A Reflection On You; Multiple Credit Inquiries OK!
A Few Important Reminders:
We were speaking at a Realtor training seminar this week and the leader of the group told a story about losing a valuable client and tens of thousands of dollars of commission money.
He referred his client to a lender with a two-star Yelp average.
The client read the reviews, got very mad, and promptly fired the Realtor.
Reminder #1: The lender you refer is a reflection on you. You might check your lender’s online reviews :)
Reminder #2: Multiple “inquiries” on a credit report within a short period of time do not affect your credit score. They are in fact treated as a “single inquiry.”
This is the case for mortgage, auto and student loans, and you can read more about it here.
The “multiple inquiry rule” is important b/c we often encourage Realtors to send already pre-approved borrowers to us for a second opinion.
We are especially adamant about second opinions when borrowers are only “pre-qualified” by a “big bank” or an online lender, and are having trouble getting offers accepted as a result (b/c listing agents don’t trust those lenders).
It is important that borrowers know that second opinions or an additional pre-approval will not affect their credit.
Jay Voorhees at (925) 855-4491
Real Estate Broker, CA Bureau of Real Estate, BRE# 01524255, NMLS# 335646