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#1544662 - 05/03/11 03:39 PM Preapproval Code
swper Offline
Junior Member
Joined: May 2011
Posts: 31
I'd like to get people’s thoughts on this. If a customer applies for a cash-out refinance on their principle dwelling to purchase an investment property, what do you code Preapproval if you do have a covered preapproval program? It should be coded as a purchase, so should preapproval be coded 2 - Preapproval not requested? Or should it be 3 - Not applicable since it is really a refi that is being coded as a purchase?

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#1544722 - 05/03/11 04:21 PM Re: Preapproval Code swper
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,018
Bloomington, IN
If you do not have a pre-approval program then you should use code 3.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1544794 - 05/03/11 05:47 PM Re: Preapproval Code Dan Persfull
MN Banker Offline
Platinum Poster
Joined: Aug 2006
Posts: 980
ALL of your loans should be coded as 3 if you don't have a pre-approval program

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#1544812 - 05/03/11 06:06 PM Re: Preapproval Code MN Banker
swper Offline
Junior Member
Joined: May 2011
Posts: 31
What if there is a preapproval program?

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#1544877 - 05/03/11 07:08 PM Re: Preapproval Code swper
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,018
Bloomington, IN
Then you would code it 1 or 2 whichever applies.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1547376 - 05/06/11 03:36 PM Re: Preapproval Code Dan Persfull
swper Offline
Junior Member
Joined: May 2011
Posts: 31
Thank you

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