Credit where credit is due.

[Jolly]

I have a friend on the East Coast that works as a HR manager for a decent size business. She said her department is receiving multiple calls from banks or other loan issuers, verifying employment information, two or three times during the loan process.

According to her, this is something new...

[Mik]

I'm all in favor of responsible lending, but this seems like overkill.

[Axtremus]

If it's one inquiry per prospective borrower per lender, that's reasonable.
Maybe she's getting 2~3 calls per day because of multiple prospective borrowers and multiple lenders.

[Jolly]

@Axtremus said in Credit where credit is due.:

If it's one inquiry per prospective borrower per lender, that's reasonable.
Maybe she's getting 2~3 calls per day because of multiple prospective borrowers and multiple lenders.

Same bank, not same day.

[Doctor Phibes]

I keep getting these reassuring emails from my mortgage lender telling they'll take care of me if things get tough. They make me slightly uneasy.

[Axtremus]

@Jolly said in Credit where credit is due.:

@Axtremus said in Credit where credit is due.:

If it's one inquiry per prospective borrower per lender, that's reasonable.
Maybe she's getting 2~3 calls per day because of multiple prospective borrowers and multiple lenders.

Same bank, not same day.

Oh, you mean, for the same loan application, a lender calls 2~3 times to verify employment? Are such calls "days apart," "weeks apart," or "months apart" for the same loan application? I can understand if it's "weeks/months apart," but would think it excessive if merely "days apart."

[Mik]

[Horace]

@Doctor-Phibes said in Credit where credit is due.:

I keep getting these reassuring emails from my mortgage lender telling they'll take care of me if things get tough. They make me slightly uneasy.

Something tells me there's a government money backdrop for their pledges of support. Or maybe they just don't want everybody bailing on their mortgages.