The company promised me a closing date within 7 to 10 days. They instructed me not to make any future mortgage payments, because the loan would be paid off. After submitting numerous information to them, (i.E. Requesting additional information daily) and pro-longing the close date, I was told they were unable to make the loan for me. That spiked my curiosity, due to the fact I was repeatedly told there would be no problem. They told me that within 20 days my credit score went down 30 points. Curiosity got the better of me, so I went online to check on my credit scoring situation. Luckily, I had subscribed to receive my credit history and scores with an online service. I printed a copy of my report, and happened to notice the Mortgage Source, and each of the banks they were submitting my re-fi to requested inquiries of mine, and my husbands report 5 times. I have worked with Brokers previously, so I know the rules. Typically a Broker will pull your credit and submit that to the bank they intend to do business with, and then usually the day before the signing the Bank will then pull a report. Not each bank, and the brokerage firm pulling numerous reports. A person can have their credit history pulled up numerous times within a 2 week period and only have it counted as 1 inquiry. But this company was allowing such a grace period between inquiries that they damaged my credit score. Buyer beware!!! Don't allow them to pull your credit as many times as they did mine, it will take a long time for me to rebuild my scores due to their neglect in submitting the report they pulled to the banks they were doing business with. Cheryl - Brockton, MA
0 comments