Will a direct mortgage lender have an effect on your credit score?
by Felixx on Wednesday, January 25th, 2012 | 2 Comments
I was just told by a direct mortgage lender that it would have absolutely no affect on my credit score/report if he was to run a credit check on me, is that true? He says it is because he is a direct mortgage lender not a broker. Anyone know about this?
The major advantage of a direct lender is that the loan officer usually works along side the underwriter much more closely than with a mortgage broker
BULL S--T! I am a direct lender as well and any inquire on your credit effects the score. I just pulled one where the client has been shopping for a loan and with 18 pulls the scores went from 619 down to 567. Don't believe him as it is not true. I will have to wait for her scores to reset in order to help her get a home.
I am a mortgage banker in TN & KY