Pre Qualification

Posted By: Working From Home

Pre Qualification - 05/04/11 12:41 AM

We run home loan applicants through DU, and if they are approved we will issue a very conditional approval notice to the borrower (subject to all sort of things like verification, assets, income, employment, etc.). THis is only done so the borrower can shop with a realtor and say that he can afford a $XXX,000 house.

For HMDA purposes, is this a pre-qualification program?
Posted By: Dan Persfull

Re: Pre Qualification - 05/04/11 02:04 PM

Yes, but it would not be a pre-approval program.