Avoid blasting applications shotgun-style to every lender you do business with, advises Josh Rodriguez of EFG Cos. It increases the number of rejected applications and can throw off look-to-book ratios if more than one lender approves the deal. It can also hurt customers’ credit and make "them angry when they start receiving all the rejection letters, which could result in refinance," he said.
Blasting loan applications can beget unhappy lenders, customers
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