Lenders Asking If There Are Other Open Applications

[Pearlita Gaskin]

I have been shopping around for HELOCs or refinance loans and Bank of America wanted to know if I have any other open loan applications so they can send them a cancellation letter of some sort. Are they asking because they want to know who the competitions are, to make sure I'm not wasting their time or is this a standard obligation when you proceed into the underwriting process? I would like to keep my other open applications open in the event BOA does not approve my loan. What's your take?