Real Estate

Anyone ever use 2 mortgage brokers? Current one not responding.

  • Last Updated:
  • Feb 26th, 2017 10:48 am
[OP]
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Dec 12, 2006
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Anyone ever use 2 mortgage brokers? Current one not responding.

Looking at refinancing a house and an adjacent property.

Currently using a highly recommended broker, but since application no communication, prior was responding within hours to any questions or request information. Possibility she's on vacation or sick leave, emergency for past 2 weeks, but she never communicated this to me nor on voice message. Think she can't find deal and afraid to tell us. Or trying a unique approach to our situation and needs more time....but hey no response. Maybe over reacting

Since was getting 100% attention prior to application processed, assumed would be same level service.

So has anyone used 2 brokers, and did it affect anything?
Seeing as extra credit pulls? Or if I use someone else from same company can they use to application and credit pull?
Or, are mortgage applications like car loan shopping and allowed so many within 2 week period without drastic credit complications?
any other issues to look out for?

Debating contacting her manager..........but what really will that produce. Or, sending email stating I will no longer require her services ( CC'd to manager as well ) due to lack response.

Thanks in advance.
13 replies
Deal Guru
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Mar 31, 2008
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You're not 'committed' to a broker like you are a Realtor. So sure, go contact and communicate with as many as you can until you decide to sign a loan through that specific broker.
[OP]
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at1212b wrote: You're not 'committed' to a broker like you are a Realtor. So sure, go contact and communicate with as many as you can until you decide to sign a loan through that specific broker.
I'm more worried about any complications to credit score due to more pulls etc....or headaches in future.
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theguyz wrote: I'm more worried about any complications to credit score due to more pulls etc....or headaches in future.
They'll confirm with you before they do a 'hard pull' I believe. Alot of times, they do the initial quote based on general information you have which is almost mostly accurate. Assuming you tell them the truth on your credit history that is irregular, etc.
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Is she a broker or a bank employee?

Credit inquires wont damage your credit, and unless your credit is berely good enough to get approved, any minor changes to the score would not be enough to break the deal.

Did you call her? If you have been calling a person for 2 weeks and get no reply, I say there is a major issue with that person.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
[OP]
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at1212b wrote: They'll confirm with you before they do a 'hard pull' I believe. Alot of times, they do the initial quote based on general information you have which is almost mostly accurate. Assuming you tell them the truth on your credit history that is irregular, etc.
Would that not be a pre-qualification vs a pre-approval?

I gave her all information and honest about credit history, she stated after last bit of information provided, she would be pulling credit bureaus. And that was last I heard from her.
[OP]
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valuemortgage wrote: Is she a broker or a bank employee?

Credit inquires wont damage your credit, and unless your credit is berely good enough to get approved, any minor changes to the score would not be enough to break the deal.

Did you call her? If you have been calling a person for 2 weeks and get no reply, I say there is a major issue with that person.
She is a broker.

Last time when went mortgage shopping took a 25 point credit hit, car shopping only 5 points and was about 8 credit inquires at that time.

Yes, I have called her, left messages, and emailed. She was highly recommended by many( family and friends ) in our area, and responded quickly and seemed better than a few others I had considered that just copied and pasted answers from there websites,.

Thanks for stating its not enough deal break, as gives me some relief as starting to look for another broker in our area now.
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Oct 27, 2013
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MISSISSAUGA
I wouldn't wait around. Lack of response tells me your not on the brokers mind. Vacation, sick leaves etc usually communicated with email out of office or voice message recording indicating so. One thing with customer service, if they can't even muster up the time to return a call how much effort do you think they'll put into actually performing the service?
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So that you know, this is a common misconception about credit. If you checked you credit 1 day, then a broker checked your credit the next day and when you checked again you saw a lower score, its does NOT mean it was the credit check that lowered the score. Credit agencies such as Equifax dont have a formula where 1 hard hit costs X points while a soft hit deducts Z points... rather, they have a very complex algorithm that is not public. Bur Equifax makes a few bits and pieces of its computation available to the public, and one of the factors they often publish is that out of all considerations used to determine one's credit, only 10% relates to credit inquires. 90% of your credit is determined based on other factors (how long you have had a trade line, how much limit is available, how much is used, how many lines available, missed payments, etc). And Equifax groups together inquires made for the same purpose, so 1, 3, 5 or 20 inquires for the same reason count as a single hit.

I had a client many years ago and his credit was "not so perfect"... just below the 680 limit (most lenders want to see a 680 or better score).. about 2/3 weeks later, we pulled the credit again and it had improved enough to be a little over the 680 mark.
Your credit will vary naturally, and it changes everyday. What you see when you pull your own credit report on Equifax website is NOT the same report brokers/banks/lenders see. Actually, Equifax probably has some 5-10 different formulas they use for different reports, made available for different platforms and different institutions. If I pull your credit report, then a car dealership does it too, and you check your own credit report at home, we will see 3 completely different reports with different scores.

Back to the subject.... 2 weeks of phone calls not being returned is completely unacceptable, in my opinion. Heck, when I go on vacation I bring a laptop and reply to emails daily!
theguyz wrote:
Last time when went mortgage shopping took a 25 point credit hit, car shopping only 5 points and was about 8 credit inquires at that time.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
Jul 3, 2011
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I would not wait around. I am an agent and getting back to my clients my number one priority
[OP]
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Just to update my OP.

I have gotten in contact with another mortgage broker. Within 2 days off application ( email me on a Saturday stating they had a some good news but not in office till monday to forward ) came back with a 3 pre-approvals different scenario's and a conditional mortgage approval which they claim is stronger than a pre-approvals.

And as of this posted date have not heard back from original mortgage broker company ( had contacted manger )...........
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Find a new one, let them know up front why you've switched allegiance.

There is scepticism that can arise from mortgage shopping, I don't think you have to worry about that with this one incident.
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You could go to another one, as the first one will just not work with you anymore after finding out.
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I thought we could do as many credit pulls for mortgage applications within 45 days or something without affecting our credit score. Is that not true?

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