We have a prequalification program where we give a "based on unverified income....letter". If we have an applicant that is seeking a prequalification, specifically wants a letter to give to a realtor, and they mention a property they are interested in but they don't know for sure this is the final property, do we need to disclose on this address or can it be considered a TBD?

Let me be the devil's advocate. You were given an address by someone wanting to be "prequalified" and you refer to them as an applicant. You have (I am taking liberties) verified some information but you are saying because you didn't verify income you don't have an application.

I would say you have an application and have triggered everything necessary to disclose your early disclosures. You have a property address. If things change and they go for another property, you re-disclose the other property.

Under the due diligence clause you need to obtain all the information to complete the application immediately.

I concur. Once your borrower is providing you with that addy, you have an app, regardless if they are still shopping.

I certainly understand why your applicant wishes to name the address in the letter... it gives more weight to their offer to the seller. The borrower is well past the prequel or preapproval stage, they have an app for credit and as RH suggested, you should treat it as such.

The buyer should have started the financing portion sooner.