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#1670080 - 02/27/12 04:20 PM Pre-qual vs. Pre-approval
BankerChic24 Offline
Junior Member
Joined: Jul 2011
Posts: 45
Midwest
As a general rule, we do not do true "pre-approvals" because we do not conduct a full review of the creditworthiness of the applicant(s). The only item we automatically pull after receiving an application is a credit report. Does pulling the credit report get us into trouble if we call this a pre-qual and not report on LAR?
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#1670087 - 02/27/12 04:23 PM Re: Pre-qual vs. Pre-approval BankerChic24
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
No.
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The opinions expressed are mine and they are not to be taken as legal advice.

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