[JSL23]

The impact on a borrower's credit score is a function of whether it is a hard pull or a soft pull, as well as the type code of the lenders that are pulling the borrower's credit. Ignoring the hard/soft pull distinction, provided the lenders pulling the bureau all have the same type code (mortgage, auto, *actual* bank, etc.), the borrower's credit is only impacted at the first pull and then a window is open for 30-90 days depending on the type code and credit bureau being used, during which subsequent pulls from lenders with that same type code won't impact the score. This is done by the bureaus to allow borrowers to shop rates and approvals from different lenders. It should also be noted that some lenders incorporate the pull count over a certain duration into their risk scoring, so while the FICO score itself might not be impacted, multiple pulls might cast the borrower's risk profile in a negative light.

I appreciate the input.

I usually deal with the Merchants on the sales end of things and my firm's President and Office Manager handle the Underwriter's and submission part. They fill me in pretty well but based on what I hear from them and several other people(and this is my opinion) is there is just a disconnect between the Lenders and Brokers. It is not always explained WHEN they pull or if it is a "Soft Pull" or not. These things should all be explained by every single lender. Yes, there are some that are thorough and fill us in on their process and then there are the one's that piss on your back and tell you it's a waterfall! "Just send the file! We fund in 2 hours!" you guys know the type....

I would still like some feedback from the Lenders as to whether this type of arrangement is doable....Good for the Merchant, good for us in terms of saving time. Win Win.