agents: My Loan Officers Pre-approval letter isn't good enough for you?
- 10/08/07 09:57 AM
I sat down with an old friend today for lunch, speaking with him about the state of the market. We ended up discussing a dilemma he had last week. He submitted an offer on 2 bank owned homes from 2 separate clients with a pre qual letter. He included 1st page of Ficos, Income Proof (both loans were full documentation), and copy of deposit check. Both offers were kicked back, with the Banks Agent saying they only accepted pre approvals from direct lenders. Well both loans had low ficos, and he had to use non traditional banks to complete the loan, … (5 comments)
I sat down with an old friend today for lunch, speaking with him about the state of the market. We ended up discussing a dilemma he had last week. He submitted an offer on 2 bank owned homes from 2 separate clients with a pre qual letter. He included 1st page of Ficos, Income Proof (both loans were full documentation), and copy of deposit check. Both offers were kicked back, with the Banks Agent saying they only accepted pre approvals from direct lenders. Well both loans had low ficos, and he had to use non traditional banks to complete the loan, … (5 comments)
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