Disclosures on Pre-quals and Preapprovals - David Dickinson

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Disclosures on Pre-quals and Preapprovals
Answer by David Dickinson, BOL Guru
Guru BIOS

Question: Are preliminary disclosures required on pre-approvals when there is no designated property? Borrowers obtain full credit approval, subject to appraisal. Also on pre-qualifications, are disclosures required? These would be cases that there is no credit verified, only qualified at borrower's verbal communication.

Answer: Neither a Prequalification or a Preapproval require any RESPA, TIL, etc. disclosures until a house is identified.

First published on BankersOnline.com 01/19/04

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