If the simultaneous applications are not disclosed to both lenders and IF the case is investigated later on, it may be treated as loan fraud criminal. In theory, it is possible that you could be required to buy the loan back with cash, or they can foreclose your property.
The reality is that if both loans are applied through same loan agent, the agent gets into trouble first, not the borrower. Haha ...
It is just a possibility, and I do not know the statistical number.
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