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Pre-Approvals: Are They Mortgage Zombies?
 
Pre-Approvals:  Are They Mortgage Zombies?
       A recent Wall Street Journal article discussed the decline of Pre-Approval applications among top Lenders and Banks.  The statistics they offer show that Pre-Approvals have pretty much died as a tool or service offered by many Banks and Lender.  Just like Zombies, they are dead, but still walking.
     For purposes of defining a Pre-Approval used within that WSJ article, a Pre-Approval is deemed to be:        A full Loan Application.  Signed, documented with Credit Reports, Paystubs, W-2's or 1099's, Federal Tax Returns, Bank Statements, processed by a Lender, and submitted to an Underwriter for review.         What is NOT included within the Pre-Approval is:        A Sales Contract, Appraisal, Title Report, Flood Certification, and any property-related issues.        In other words, the WSJ Pre-Approval pertains to a proposed payment and loan amount in a proposed loan program, at a proposed rate, and a proposed loan to value ratio.          Using this strict definition, I agree with the article and the trend they report being seen within our business.  Pre-Approvals within this format and definition are disappearing from many Lender's menu of processes and services.    ... more

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