How do mortgage inquiries impact scores?

We know you get asked this a lot by your clients (and we do, too!). Don’t worry, we have you covered. Here are four fast facts to remember next time a borrower asks you about the relationship between mortgage inquiries and credit scores:

• Mortgage inquiries aren’t factored into credit scores until they’re over 30 days old – even if they’re listed on the current report.
• Multiple mortgage inquiries within a short time frame are only counted as one. This “shopping window” varies by bureau, ranging from 14-45 days.
• An additional mortgage inquiry doesn’t always impact the credit score. When it does have an impact, the score declines five points on average. It depends on the bureau, scorecard and other reported information.
• Once the mortgage inquiry is over a year old, it’s no longer factored into the credit score.
  We know your borrowers sometimes fear the impact of that additional inquiry. We created an informational sheet that you can print and share with them. Check it out!