You can claim two homes as primary residence if relocating for a job and the lender obtains documents to support the relocation. Also can relocate and the former residence can be turned into a second residence. It can be hard to determine from public records, need to see the original mtg application
the two applications were under process at the same time
It should have been underwritten by one underwriter and occupancy is addressed. Lenders track other applications in process on the loan operating system/LOS.
two different lenders. in theory the normal checks still make the situation obvious to the underwriters, but it's definitely more complicated than someone relocating for work after some amount of time
I thought she was appointed for the new job around the time of the loans could be mistaken though. She might also work remotely would need to see docs.
appointed about 6 months later, confirmed nearly a year after there are guidelines that can make it not fraud even if she did apply for both as primary
Oh yes with two different lenders and they originated close together is tricky. Some systems can track loans by other lenders but I don't think all systems have that capacity. If the second lender didn't know about the first loan that would be an issue if both are primary residences.
they'd have seen both the initial inquiry and the new account on the pre-closing soft pull, so I can't see how they'd be completely unaware. it's an interesting exercise to figure out how this could have made it through without seeing the full details of the applications
Yes there would be a credit inquiry for the loans on the credit report. The first loan inquiry would be on the second loan credit report or the pull right before closing. Interesting would need to see both files and applications.
In the first scenario the former residence could be turned into investment ppty or a second residence. Need to see the application and supporting docs.