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#1795524 - 03/15/13 08:26 PM Conditional Approvals & Conditions
GatorsFan Offline
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Joined: Feb 2010
Posts: 64
I was curious if anyone out there includes verification documents (i.e. income/tax returns) as a condition when conditionally approving a loan. We recently received advice that "If you are issuing a conditional approval, you are generally waiting for things the borrower cannot provide."

I'd appreciate any thoughts anyone may have.

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#1795541 - 03/15/13 08:35 PM Re: Conditional Approvals & Conditions GatorsFan
Matt_B Offline
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Matt_B
Joined: Sep 2011
Posts: 1,648
A CU, Where Regs Don't Apply
For us, and the investors we deal with, conditional approval typically means that the borrower's details are verified and approved, but 3rd party needs are not met. Appraisal, title work, things of that nature. We wouldn't conditionally approve anything without verified income.
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#1795666 - 03/18/13 01:49 PM Re: Conditional Approvals & Conditions GatorsFan
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
We recently received advice that "If you are issuing a conditional approval, you are generally waiting for things the borrower cannot provide."

I'm curious where that advice came from and on what regulatory citation it was based on.
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The opinions expressed are mine and they are not to be taken as legal advice.

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