Amount of time to perform a Mortgage Shop, anyone perform the two part shop?

Their raising the amount after nobody came forward below $XXX, has anyone performed the Mortgage Shop scenario? How much time was spent talking with your loan officer and completing paperwork? The shop is precise so that is why I am asking before applying to go for it. Are there any look-outs you would advise a shopper to keep their eyes on?

Edited 1 time(s). Last edit at 04/28/2016 06:57PM by GuyFawkes.

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Can't help you but interested as well. The new fee may entice me out of the woodwork.
Guy,
unless you name the client there is no way to know which 2 part mortgage shop you want to know about. I have done them for numerous clients and they were all quite different. The fees ranged from $50 to $300.

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.
Guy, I have performed several of them, but the MLO never followed up on the appointment. I only got the first part of the fee.

Maybe that's why the total fee went up.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton
After rearranging my entire route to meet a MLO. While sitting in the lobby, one minute before the meeting I get a text "Sorry I did not call....no cell service where I am." I guess his dog ate my response asking to reschedule.
sstazz, how long did your application sit before getting approved by a scheduler? Its based on the successful completion of part one and making your appointment with their MLO. If a shopper is suppose to use a false name won't the MLO get upset their unable to examine your credit score or check financial information? Has anyone successfully performed the two-part Mortgage Shop for Bank of America? I searched and found stage one completed, no reports on stage two. I like Bank of America's Credit Card, their Call Center is operated by people who appreciate your business and treat customers great.
I used my real name since I am interested in refinancing. I emailed my scheduler with a screenshot of the text. The next morning I was told to fill out the report as is, received my $20 in record time.
I did a two-part BoA one a few years ago, and used my real name (I think that I was actually required to be a customer). The MLO seems to be in the same category as car salesmen - relentless pursuit of a potential customer. I still get emails from the MLO.

I have done some mortgage shops for other MSCs and other clients. In those case, I was told to simply offer a credit score and other information.

I have also seen some where they even provide you with a false identity, specify a credit score to quote, and tell you to have a job with $75,000 (or whatever) annual income and to come up with a local company that makes sense for the scenario. And the same for your imaginary significant other. Sometimes, the MSC provides a SSN that I think is intended to look real, but bounce. At my stage of being youth challenged, it would be odd for not to know my own SSN, and I am not good enough to remember a fake SSN. I have thought about arriving with a piece of paper with all sorts of stuff on it, and just handing it over. I am very good at remembering an alias and phone numbers which I can repeat on demand (for situations where I am not required to report if they contact me later), but it took me awhile to figure out a system for doing that.
@GuyFawkes wrote:

sstazz, how long did your application sit before getting approved by a scheduler? Its based on the successful completion of part one and making your appointment with their MLO. If a shopper is suppose to use a false name won't the MLO get upset their unable to examine your credit score or check financial information? Has anyone successfully performed the two-part Mortgage Shop for Bank of America? I searched and found stage one completed, no reports on stage two. I like Bank of America's Credit Card, their Call Center is operated by people who appreciate your business and treat customers great.

Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008
@GuyFawkes wrote:

sstazz, how long did your application sit before getting approved by a scheduler? Its based on the successful completion of part one and making your appointment with their MLO. If a shopper is suppose to use a false name won't the MLO get upset their unable to examine your credit score or check financial information? Has anyone successfully performed the two-part Mortgage Shop for Bank of America? I searched and found stage one completed, no reports on stage two. I like Bank of America's Credit Card, their Call Center is operated by people who appreciate your business and treat customers great.

I just performed a mortgage shop. It took about 45 minutes at the bank, it was not bad at all. The MLO was not upset about not being able to examine my credit score or check my financial information. She was pleasant and continued with the presentation.

I also use BofA's credit card, I think the customer service is appalling. I've been on 20-25 minute holds waiting to speak to a customer service associate. However with Chase, Discover, and Citibank the waits were only 2 to 3 minutes. I guess we all have different experiences.
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