Posted on: 02nd Oct, 2011 10:06 pm
In the mid of September, I contacted my loan officer. He did a hard credit pull and found my scores to be good so that I can order an appraisal so that I can start off with the process of mortgage. However, few days later, I found that the same lender has made two soft pulls. This is reported to all three credit bureaus from the mortgage company. Why would they be doing two soft pulls on the same day once they had just done hard pulls?
Hi Jennifer,
It is quite surprising that the lender has made two soft pulls when he had already checked your credit scores at the time of hard pull. You should contact your lender immediately and can clarify the whole matter. It is he who will be able to give you the exact reason for those soft pulls. However, you should note that soft pulls don't have any negative impact on your credit report.
Take care.
It is quite surprising that the lender has made two soft pulls when he had already checked your credit scores at the time of hard pull. You should contact your lender immediately and can clarify the whole matter. It is he who will be able to give you the exact reason for those soft pulls. However, you should note that soft pulls don't have any negative impact on your credit report.
Take care.
I wouldn't worry too much about it. The soft pulls won't hurt your FICO scores or have any negative effect on you as you work with potential lenders for your mortgage.
Usually, the soft pulls are done within ten days of closing, not several days after the application.
Some mortgage quality control guidelines require that a lender confrrm that at the time of closing, there will be no other extensons of credit other than those items that were on the credit report at the time of application.
To meet those guidelines, most lenders do a soft pull just before closing to see if there are any new loans or any new inquiries. If new inquiries, they will ask and you must tell them if the inquiry will result in a new loan.
Some mortgage quality control guidelines require that a lender confrrm that at the time of closing, there will be no other extensons of credit other than those items that were on the credit report at the time of application.
To meet those guidelines, most lenders do a soft pull just before closing to see if there are any new loans or any new inquiries. If new inquiries, they will ask and you must tell them if the inquiry will result in a new loan.
