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#2182002 - 06/15/18 07:59 PM Pre-qualifications-FCRA
lisawin Offline
Member
Joined: Sep 2015
Posts: 74
Mississippi
I need some advise on pre-qualifications. We conduct pre-qualification on a consumer before we have a completed application for home mortgage loans. We pull credit at that time, do we send a consumer credit score exception and notice to home applicant (model H-3) or do we wait until an application has been given. If a pre-qualification is denied we do send an adverse action.
Thoughts?

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#2182007 - 06/15/18 08:32 PM Re: Pre-qualifications-FCRA lisawin
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 80,325
Galveston, TX
There is no requirement that a property be identified for the H-3 notice, just that you have an application. And yes, you owe them a AAN on any pre-quals that you deny.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2254933 - 06/07/21 03:48 PM Re: Pre-qualifications-FCRA rlcarey
Rich Neff Offline
New Poster
Joined: Jun 2021
Posts: 3
Do we have to send out a ANN notice if the applicant withdrawals before we have a complete application?

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#2254934 - 06/07/21 03:51 PM Re: Pre-qualifications-FCRA lisawin
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 80,325
Galveston, TX
An AAN is only required if you deny them credit or offer them less than what they seek - complete application or not.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2258971 - 08/31/21 12:06 AM Re: Pre-qualifications-FCRA lisawin
kmenard Offline
Member
Joined: Oct 2014
Posts: 67
On an AAN for a home purchase pre-qualification, is section 615(a) information required on the AAN? The pre-qualification was denied due to information on the credit report.

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#2258983 - 08/31/21 02:00 PM Re: Pre-qualifications-FCRA lisawin
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 80,325
Galveston, TX
Yes
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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