Good afternoon,
For pre-approved offers, a firm offer of credit is required. What is the definition of "firm offer of credit"? Is a specific loan amount required or is the minimum amout for that product sufficient since factors would impact the exact dollar amount approved? Would it be permissible to state the customer is pre-approved for a minimum of $X,XXX for a home equity installment or cheloc product based on current income, available equity and other factors? (All other required verbiage for pre-approved offers is included in the disclosures.)
Thanks!!