Home Buying in Sunnyvale>Question Details

Tom Burdo, Home Buyer in Pittsburgh, PA

Changing loan officers at the same bank to renew a pre-qualified letter.

Asked by Tom Burdo, Pittsburgh, PA Tue Jun 17, 2014

Hi, there. I have a loan officer at a big bank issue a pre-qualified letter. I want to renew it. I am not very happy with his service and want to work with another loan officer at the same bank. Do I need to notify the previous officer to transfer my documents to the new officer? If I start a completely new case, will it affect my credit scores?


Help the community by answering this question:


Hi Tom

A big bank, in the end will let you switch, but not easily....

.....if your letter is more than 60 days old, any lender has every right to run your FICO again
as well as ask for updated Bank statements.

Good luck

Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Fri Aug 8, 2014
Craft a letter to the manager stating:

I request that my current file be transferred from "original loan officer" to "new loan officer".

or call the branch manager and explain that you would be happy to stay with the big bank, but would prefer to work with 'new loan officer'.

If these folks are professional, there will be no ill will directed at you nor should the original loan officer be upset. In fact, they should learn a lesson from the experience.

If you tire of the 'big bank', drop me a line and experience 'concierge' lending!
0 votes Thank Flag Link Tue Aug 5, 2014
If the new person is from the same branch - it may be uncomfortable situation for him to take over your file. Talk to the new loan officer that you want to work with and he/she will be able to explain the situation and what you need to do. Most likely if the pre-approval letter has expired the bank will need to run your credit again to make sure you still qualify.
0 votes Thank Flag Link Fri Aug 1, 2014
Have a chat with your REALTOR and discuss the value of the following as they apply to your ability to purchase a home.
1. Pre-qualified
2. Pre-approved
3. Clear-To-Close

Of the three the first two have little value in assuring the seller you will be able to complete the purchase agreement. Number three means you have passed the lenders underwriting process and you 'Have The Money' and can close in days!

Regarding your question. multiple inquiries to the credit bureau within 30 days should have little effect, if any on your credit score.

Identifying a potential problem with a loan officer early will prevent being left at the buyers alter 4 days before closing. There are many indicators that should raise the RED FLAG!

Do Not Let Your Shadow Cross The Threshold Of A Big Bank!
0 votes Thank Flag Link Fri Jun 20, 2014
Hi Tom,

In my experience, it's best to talk to the loan officer with whom you prefer to work about this issue. If the new loan officer you want to work with is at the same bank (maybe the same branch), then it usually isn't an issue - at least this is true for my clients who have had to make such a switch.

Your loan officer is very important in the process; and it is important that you completely trust in the loan officer. You are going to be the one paying off this mortgage for the next 30 (depending on your loan program) years or so! You should be happy (as possible) with the process! :) And of course, as my colleagues have stated below: Your satisfaction is the lender's ultimate goal; the bank will work hard to attain this.

Good luck to you,

Huey Nguyen
0 votes Thank Flag Link Wed Jun 18, 2014
Great Question. The overall answer is NO! Once your credit score is pulled for a Mortgage it is good for usually 30 days. This allows you to shop around. Since you like your bank than the answer should still be no. You want to give them business and they will more likely want to keep your business. If you dont like the branch.. choose another branch. If you dont like the local branches try the corporate branch. Basic business rule you are the customer and satisfaction is the ultimate goal.

Best of Luck to you.
0 votes Thank Flag Link Tue Jun 17, 2014
These are questions that can best be answered by your new loan officer. Contact the loan officer at the same bank that you want to work with and they can tell you directly.
0 votes Thank Flag Link Tue Jun 17, 2014
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