Are You Curious About What Lenders Pull Your Credit After The Broker Pulls Your Credit?

What Should You Expect?

Recent updates to TransUnion and Equifax will show which lenders the deals were submitted to, this is why clients are seeing more on their bureau. You will see BKR then the lender name when this happens.

First National:

•Equifax and TransUnion

•Don’t typically pull their own bureau – they use the one submitted in Velocity

•In unique scenarios where they are given only TransUnion and the score is on the lower end, they might pull Equifax to compare, but this isn’t typical.

Merix:

•Equifax Only

•Generally do not pull credit, they rely on the one submitted in Velocity. If a new one is needed their underwriter will request that we pull the bureau

•Their renewals group has the authority to do a soft pull of a bureau if needed

•Bureaus may be pulled by their customer service group for renewals, ports, adding or removing a covenant and if one of the parties were to pass away.

Sagen:

•Equifax and TransUnion

•Do not accept broker reports and pull their own

•If there is a resubmission with a material change, their underwriters may pull another bureau.

CMHC:

• Equifax, but may also pull TransUnion if needed

• They do their own inquiry, but it is a soft hit

Canada Guaranty:

• Equifax and TransUnion

• Do not accept broker reports and pull their own – It is a soft hit

• They also monitor our portfolio on a regular basis for disclosure, risk and required capitalization requirements – this may include a look at credit scores in addition to other metrics it would be a soft hit and again would not affect credit scores

TD:

• Equifax only, but on exception can accept TransUnion

• Do not pull their own and use the one in Velocity

• If there is questions and the story doesn’t sit right the underwriter on rare occasions have pulled their own TransUnion to check on things.

RMG:

• Equifax Only

• Do not pull their own and use the one in Velocity. They have the ability to pull Equifax, but very rare that they do.

• If the client goes past 120 days from commitment a new bureau will be required

Equitable:

• Equifax Only

• Do not pull their own and rely on the one in Velocity.

• They will pull their own if the broker is unable to provide an updated bureau or around renewal

• Bureaus are valid for 90 days from the date pulled and would need a new one if it closes in more than 90 days

MCAP:

• Equifax only, but if Equifax is missing credit and this makes the score non satisfactory, they will consider TransUnion of it has a more accurate picture.

• If credit is pulled within 30 days, MCAP will not pull another one so long as it funds within 120 days from the credit pull.

RFA:

• Equifax Only

• Use the bureau in Velocity and never pull their own.