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#1354972 - 03/10/10 03:16 PM application for home purchase
gunches Offline
100 Club
Joined: Dec 2005
Posts: 210
We received an application for a pre-approval to purchase a house. Customer had the address of property he was looking at and just wanted a pre-approval so he could put in an offer. No purchase agreement had been signed.
Since we didn't have a signed purchase agreement, I treated it more like a pre-qual and did not do early disclosures. Should we have since he had the address???

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Lending Compliance
#1355147 - 03/10/10 05:02 PM Re: application for home purchase gunches
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
If you have an address, it's not a preapproval. If you have the other items needed to call it an application [see 3500.2(b)], then you have an application for RESPA and TIL.
_________________________
David Dickinson
http://www.bankerscompliance.com

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