Welcome to Feedback Friday Episode 1
Good show- as always. Great finish. Worth watching to the end. Thanks for a great start to my Friday.
Can you guys please point out that as a Mortgage Broker we can not issue a “Pre Approval” because we are not lending our money but a Lender can state ” Pre Approval” on their letters. The only way brokers can issue a “Pre Approval” is if we submit a file on a TBD property to underwriting. This is mostly a compliance issue but I get what you’re saying. It’s very important to verify the documentation up front for the buyer’s but that still doesn’t permit brokers to use the term Approval on any letters.
I don’t issue a pre-approval without getting all the documentation needed. I don’t let the buyer or the Realtor hold my license in their hands. If only they were held to a higher authority!
Wells Fargo and the other large banks including but not limited to B of A, Chase, Citi etc are regulated and examined by FDIC Federal Reserve, and the Comptroller of the Currency, PLUS consumers can complain to any of these agencies and to the FTC. We have enough regulators so we do not need the CFBB.
Has anyone heard of a Freddie Mac Grant only quicken can offer? A borrower brought an LE with 2.5% in points, then the “grant” is covering just about all of it.
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