Thread Options
#987564 - 07/03/08 03:03 PM quest RESPA Question
komply Offline
Gold Star
Joined: Apr 2008
Posts: 475
NJ
If a consumer submits a request for a Pre-qual, not pre-approval, and they identify a property. Will that trigger RESPA disclosures and anything else? The main issue here is that they list property in the request.

Thanks

Return to Top
Lending Compliance
#987592 - 07/03/08 03:12 PM Re: quest RESPA Question komply
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,423
Bloomington, IN
For the purposes of RESPA disclosures, if you have an identified property and financial information submitted in anticipation of a credit decision you have an application.

See the definition of an application at 3500.2(b).
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#987605 - 07/03/08 03:16 PM Re: quest RESPA Question Dan Persfull
komply Offline
Gold Star
Joined: Apr 2008
Posts: 475
NJ
Thats what threw me, once the property id ID'd then you have it.
Thanks millions Dan

Return to Top

Moderator:  Andy_Z