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#2069809 - 03/17/16 04:57 PM Prequlifications with no response
jmm Offline
New Poster
Joined: Mar 2015
Posts: 21
I am looking for how others handle prequalification files when the potential applicant does not follow up or get back with an address? How long before you close the file or is a letter being sent indicating they have so long to go forward with the application or it will be considered withdrawn? I have looked at the FDIC prequalification information but not finding this addressed.

If it is denied from the beginning they are treated as denials.

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#2069812 - 03/17/16 05:37 PM Re: Prequlifications with no response jmm
Tracey, CRCM Offline
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Joined: Jul 2015
Posts: 542
Gorham, ME
Is it a true pre-qualification or a pre-approval?
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Tracey

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#2069875 - 03/17/16 09:16 PM Re: Prequlifications with no response Tracey, CRCM
jmm Offline
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Joined: Mar 2015
Posts: 21
Prequalification's.

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#2069899 - 03/18/16 01:18 PM Re: Prequlifications with no response jmm
JobSecurity Offline
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Joined: Oct 2009
Posts: 573
We consider them an incomplete application because we don't have an address. We mail a letter before the 30 day mark asking for a property address and telling them we will close the file for incompleteness if we don't receive that.

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#2069946 - 03/18/16 03:59 PM Re: Prequlifications with no response jmm
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,324
Why are you asking for an address or sending an incomplete letter on a prequal at all?
A prequal is not an application so it can't be incomplete.
It's a request for an if/then guestimate on the loan amount the borrower should likely qualify for.
If it's truly a prequal, it's done when you send them the letter saying 'if all checks out, you should qualify for $x amount loan.'
Neither Reg C or B come into play on a prequal so I don't understand why you're sending letters as you outline above unless your marketing to get an application?

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