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Mortgage shops - what about when they want to run your credit?

August 29, 2016 07:25PM
I see A LOT of high paying mortgage shops in my area. I don't mind doing narratives. But if I understand the requirements to get the entire fee, you make an appointment and actually sit down with a mortgage person. Who I assume is going to require me to complete and application and will run my credit to determine my eligibility for a mortgage.

Is my assumption correct? If so, that's going to ding my credit so I'm not interested (it's over 800 and I want to keep it that way!) Any way around this?
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August 29, 2016 07:44PM
@jkmystery wrote:

I see A LOT of high paying mortgage shops in my area. I don't mind doing narratives. But if I understand the requirements to get the entire fee, you make an appointment and actually sit down with a mortgage person. Who I assume is going to require me to complete and application and will run my credit to determine my eligibility for a mortgage.

Is my assumption correct? If so, that's going to ding my credit so I'm not interested (it's over 800 and I want to keep it that way!) Any way around this?

here is my unequivocal anti-nike answer....JUST DON'T DO IT. regardless of what anyone might tell/advise you just DON'T DO IT.
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August 29, 2016 07:44PM
here is my unequivocal anti-nike answer....JUST DON'T DO IT. regardless of what anyone might tell/advise you just DON'T DO IT.
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August 29, 2016 07:49PM
It completely depends on the scope of the shop requirements. I have done lots of mortage inquiries and have never given my social security number so there has never been a threat of running my credit. I have never filled out a mortgage application on a shop and I have never filled out a credit card application or banking application when I did not intend to actually get the card or open the account.

"I know that my credit is excellent, but before we spend time and energy on that, what kind of rates do you offer with what kinds of fees?" This leads into a discussion of what size loan I am looking for, what kind of downpayment I have, what kind of income do I have, am I looking at a 15, 20 or 30 year mortgage, fixed rate or variable?

If the scope of your shop is that you must actually apply for a mortgage then yes, there will be costs in most cases for the application and there will be a credit check. That kind of shop should be paying an extremely hefty shopper fee. Ones that are just information gathering to evaluate the banker and presentation pay more like regular banker shops but usually they are a two part process to make an appointment with a "mortgage banker".
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August 29, 2016 07:56PM
@parkcitybrian wrote:

@jkmystery wrote:

I see A LOT of high paying mortgage shops in my area. I don't mind doing narratives. But if I understand the requirements to get the entire fee, you make an appointment and actually sit down with a mortgage person. Who I assume is going to require me to complete and application and will run my credit to determine my eligibility for a mortgage.

Is my assumption correct? If so, that's going to ding my credit so I'm not interested (it's over 800 and I want to keep it that way!) Any way around this?

here is my unequivocal anti-nike answer....JUST DON'T DO IT. regardless of what anyone might tell/advise you just DON'T DO IT.

additionally, don't ever give up your ss # cuz they will run it. i've done cursory bank/mortgage assignments that are ok but any assignment that requires a credit app is off limits for me even for a ginormous fee.
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August 29, 2016 08:37PM
Simple answer: unless the guidelines say to fill out and application or give your Social Security number you just tell the banker/loan officer, "I would not feel comfortable doing that until I have decided that you have the right product for me." Most mortgage shops actually want to know how the loan officer handles this, since it is a common situation that they are supposed to be trained to deal with diplomatically, so as not to lose a potential mortgage customer. So, the client WANTS you to decline (unless they specify otherwise, which is RARE and pays a LOT more). If the loan officer says they cannot continue to answer your questions without a loan app and/or your SSN, the client will be VERY interested, since the LO has almost certainly violated company policy.

That's what we are sent to find out.

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.
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August 29, 2016 09:19PM
Great answers! Thank you. What about checking account shops? Every time I've ever opened a checking account, they have asked for my SS#. But I've always gotten overdraft protection, so maybe that's why? If I refuse overdraft protection, won't they still want my SS#? But they don't run credit?
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August 29, 2016 09:24PM
Most checking account shops are inquiry only. I never take account opening shops and never give my SSN on any shop. Just say no.

Equal rights for others does not mean fewer rights for you. It's not pie.
"I prefer someone who burns the flag and then wraps themselves up in the Constitution over someone who burns the Constitution and then wraps themselves up in the flag." -Molly Ivins
Never try to teach a pig to sing. It's a waste of your time and it really annoys the pig.
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August 29, 2016 09:30PM
If the mortgage shop is an inquiry, you don't give your SSN. I had a shop go sideways because the MLO insisted that I give her my SSN before we met in person. I got paid half for the shop because she didn't show up.

The next one I did was successful. I told the MLO on the phone that I was shopping around and did not want my credit run. He was okay with that.

jkm, I don't give my SSN for account opening shops.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton
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August 29, 2016 11:02PM
I do checking and savings account openings, and for those, I am required to provide my SSN, There is no hit to my credit score. I can't see how you can avoid providing a SSN if you open an account. I recently opened a savings account in an out of the way branch and got $75 and it will cost me nothing. I just wish I spoke Spanish (or Mandarin) fluently.

Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008
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August 29, 2016 11:19PM
myst, you can provide alternate forms of identification in lieu of your SSN. Because I know this can be done, I am adamant about it when I open the account. I've never been rejected from a shop because of this.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton
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August 30, 2016 02:01PM
@HonnyBrown wrote:

myst, you can provide alternate forms of identification in lieu of your SSN. Because I know this can be done, I am adamant about it when I open the account. I've never been rejected from a shop because of this.

can you tell us more about these alternate forms of ID, please?
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August 30, 2016 02:44PM
The only way you can avoid providing a SSN when you open a checking or savings account is to provide a TIN (a Taxpayer Identification Number) issued by the Treasury Department. But, a TIN (also referred to as an ITIN) can only be issued to people not eligible for to obtain a SSN (https://www.irs.gov/individuals/international-taxpayers/taxpayer-identification-numbers-tin). For savings accounts or interest bearing checking accounts, the bank has to be able to report the interest to the IRS, which requires a SSN or a TIN. Your SSN (even the card) is not a form of identification. The current government anti-money laundering rules require a government issued photo ID (driver's license, passport, etc.) and something else with your name on it (some banks accept credit cards; passports work; sometimes a student ID).

The Office of the Comptroller of Currency, a part of the US Treasury Department, says that a SSN or TIN is required to open a bank account at a national bank: [www.helpwithmybank.gov] Since this specifically says "national bank", there might be some exceptions, but savings and loans follow the same rules.

Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008
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August 30, 2016 03:01PM
Yes, the Patriot Act requires that when opening a financial account two forms of ID must be presented, one has to be an official photo ID of some sort and the second can be a credit card in your name. Indeed for purposes of taxes the SSN or TIN must be provided. Most banks and many credit unions use a banking system tool rather than credit reports to verify the customer for deposit accounts. This system shows them whether you have had troubled accounts with other banks--frequent overdrafts, walked away with a negative balance, did anything the other banks considered shady, illegal or corrupt with your account.
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August 30, 2016 03:47PM
@SweetNShy wrote:

I use an EIN its helps prevent fraud.
quote=HonnyBrown]
myst, you can provide alternate forms of identification in lieu of your SSN. Because I know this can be done, I am adamant about it when I open the account. I've never been rejected from a shop because of this.
[/quote]

I used to own two different small businesses. Each had their own EIN and both were soke proprietorships. When I went to open checking accounts for those businesses, I had to show that I had registered the dba with the Secretary of State. This may have been applicable only in Arizona (where I lived at the time).
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August 30, 2016 04:36PM
@jkmystery wrote:


I used to own two different small businesses. Each had their own EIN and both were soke proprietorships. When I went to open checking accounts for those businesses, I had to show that I had registered the dba with the Secretary of State. This may have been applicable only in Arizona (where I lived at the time).

It is applicable in Florida as well, and in Florida at least, the account opened must be a 'Business Account' which is subject to different requirements and fees than a personal account. Many bank shops indicate you must inquire about personal accounts or open a personal account. I have only seen one MSC that on occasion has shops for a shopper to open a business account.

Once again Bubbabubba/SweetNShy is offering bad advice.
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August 30, 2016 04:53PM
The information about opening an account with an EIN is correct. To open an account in DE and in PA (I have done both), I have had to bring in the papers establishing my consulting business as an LLC. They made copies of some of those forms and in the case of TD Bank, actually scanned them so that when I wanted to add a savings account, I did not have to bring in all the forms again. BUT - the EIN only works for business accounts. I could not use it for a personal checking or savings account.

Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008
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August 30, 2016 05:12PM
Just say NO!
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August 30, 2016 10:30PM
Nope. I don't have a Tax ID or an EIN.

Think about the undocumented immigrants who don't have social security numbers. The banks still want their money.

I'm a documented citizen, but I don't use my SSN to open a bank account for a shop, national bank or regional; checking account or savings.

@myst4au wrote:

The only way you can avoid providing a SSN when you open a checking or savings account is to provide a TIN (a Taxpayer Identification Number) issued by the Treasury Department. But, a TIN (also referred to as an ITIN) can only be issued to people not eligible for to obtain a SSN (https://www.irs.gov/individuals/international-taxpayers/taxpayer-identification-numbers-tin). For savings accounts or interest bearing checking accounts, the bank has to be able to report the interest to the IRS, which requires a SSN or a TIN. Your SSN (even the card) is not a form of identification. The current government anti-money laundering rules require a government issued photo ID (driver's license, passport, etc.) and something else with your name on it (some banks accept credit cards; passports work; sometimes a student ID).

The Office of the Comptroller of Currency, a part of the US Treasury Department, says that a SSN or TIN is required to open a bank account at a national bank: [www.helpwithmybank.gov] Since this specifically says "national bank", there might be some exceptions, but savings and loans follow the same rules.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton
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August 30, 2016 10:34PM
Drivers License, State ID, Passport, Credit Card, Debit Card, Voters Registration, Library Card, Gas Bill, Government Work ID are what I have used in the past.

@jkmystery wrote:

@HonnyBrown wrote:

myst, you can provide alternate forms of identification in lieu of your SSN. Because I know this can be done, I am adamant about it when I open the account. I've never been rejected from a shop because of this.

can you tell us more about these alternate forms of ID, please?

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton
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August 31, 2016 04:17AM
@HonnyBrown wrote:

Drivers License, State ID, Passport, Credit Card, Debit Card, Voters Registration, Library Card, Gas Bill, Government Work ID are what I have used in the past.

@jkmystery wrote:

@HonnyBrown wrote:

myst, you can provide alternate forms of identification in lieu of your SSN. Because I know this can be done, I am adamant about it when I open the account. I've never been rejected from a shop because of this.

can you tell us more about these alternate forms of ID, please?

That was BEFORE the Patriot Act. Now you need a SS #. Non-citizens can get a TIN (Tax Identification Numberl by completing an IRS form. If you already have or are legally eligible for a SS#, you cannot get a TIN.

Foreigners with no SS# may also be able to complete a W-8 form, depending on the type of bank account they are opening.

HoneyBrown, I sincerely think you are incorrect about this and you'll be giving up that SS# next time you open an account.
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August 31, 2016 12:27PM
This has been over the past year.

This also isn't widely known, but you don't need a picture ID to board a flight.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton


Edited 1 time(s). Last edit at 08/31/2016 02:48PM by HonnyBrown.
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