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#1967592 - 10/07/14 04:57 PM GMI on Prequals
Red Raiders Offline
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Red Raiders
Joined: May 2013
Posts: 1,069
Compliance Land
This has been discussed quite a bit and there are differing opinions on whether or not you are required to obtain GMI on prequal requests. Please let me know what your institution does and also if you have any comments from examiners or otherwise please let me know.

Thanks!
GMI on Prequals
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Votes accepted starting: 10/07/14 04:55 PM
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Lending Compliance
#1967895 - 10/08/14 01:09 PM Re: GMI on Prequals Red Raiders
Red Raiders Offline
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Red Raiders
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Posts: 1,069
Compliance Land
bump
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#1968297 - 10/09/14 01:43 PM Re: GMI on Prequals Red Raiders
Red Raiders Offline
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Compliance Land
bumping for one last round of votes (or any comments)!
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#1968776 - 10/10/14 03:37 PM Re: GMI on Prequals Red Raiders
THEBANKERLADY Offline
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THEBANKERLADY
Joined: Nov 2013
Posts: 107
I had an FDIC examiner out of Dallas say that on our denied pre-quals, we need to have GMI checked and the appraisal disclosure sent out. I strongly disagree with him. I says in Reg B that for pre-quals, pre-quals turn into an "application" under Reg B for the purposes of 1002.9. (doesnt say for purposes under 1002.14 or 1002.13)but hey, what do I know??

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#1968777 - 10/10/14 03:38 PM Re: GMI on Prequals Red Raiders
THEBANKERLADY Offline
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THEBANKERLADY
Joined: Nov 2013
Posts: 107
He didnt say that in person, I had sent him an email asking him.. (which I regret now)

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#1969116 - 10/14/14 02:35 PM Re: GMI on Prequals Red Raiders
RCMA Offline
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Joined: Jan 2014
Posts: 17
If it was a pre-approval denied I would say yes, pre-qual NO, there is a difference...

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