I see only one command here
I beleive , your query is with or without local- addres configuration
"If you omit the local-address statement, the expected source of BGP update messages is based on the device’s source address selection rules, which normally result in the egress interface address being the expected source of update messages. When this happens, the peering session is not established because a mismatch exists between the expected source address (the egress interface of the peer) and the actual source (the loopback interface of the peer). To ensure that the expected source address matches the actual source address, specify the loopback interface address in the local-address statement"
The above is applicable for your loopback peering especially in ebgp mulihop loopback peering this statement is mandatory.