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Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Are you really approved for that mortgage? -- FHA

Consumer -  "I have been approved for that mortgage."
Me (loan officer) - "How do you know this for sure?"
Consumer - "Because I was told by the loan officer that they ran it in their system and it came back with an approval." 
Me -  "That sounds great. So did you show them all of your information, your pay stubs and bank statements?"
Consumer - "No, they had my information from before." 
Me -  "Okay, I am confused. They said that you are approved, but they didn't physically see any of your W-2's, pay stubs, or even your bank statements?" 
Consumer - "No.....  what's the big deal then?"
Me -  "Sorry for the chuckle, but you aren't approved. Let me explain to you the whole process from start to finish." 
 

I wrote this blog a few weeks ago :The difference between a Pre-Approval and a Pre-Qualification letter. I wanted to bring this up again because this just happened to me last week. As many have mentioned, we not only need to educate the consumer, but others within the real estate business. As PROFESSIONALS, we need to RAISE the bar & educate consumers.........
Getting back to the issue. ... more

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