[JSL23]

My question to you is why submit to 5 banks.. You can't have that many banks that do different things.. Submit to 2 get some info on the file then decide where to go with the file once you have more info.. It is easier to get a file funded if you bring it to a bank and submit with any issues that the file may have. By submitting to 2 banks it allows you to minimize credit pulls and if the file is good you are able to get it funded. If the file is not good you now have valuable information you can use to get the file funded at the next bank you submit it to. By submitting to so many banks at the same time I think you hurt yourself and the merchant more then help. On top of that you are making the banks underwrite a file that they only have a 1 in 5 chance of funding. If you continue to do that the banks wont want to work with you either

UNDER 5 banks.....usually 2-3. Sometimes it can go up to 5, if the Merchant gets declined or we get a weak offer but usually it is 2-3 on the initial submission. I would honestly like to send it to 6-8 Lenders; let you guys compete for the business but I do not want to shotgun anything in the best interests of the client. That is why I would like to do the credit pull ourselves, so it is one-time and on time ONLY until an offer is accepted.