Comments on: What is the Difference between Prequalification and Preapproval? http://www.chicohomesearch.net/2007/09/16/what-is-the-difference-between-prequalification-and-preapproval/ Chico California Real Estate Blog/Chico CA Homes for Sale Search/Chico MLS Listings/ Top Chico Realtor Tue, 6 Jan 2009 23:42:24 +0000 http://wordpress.org/?v=2.3 By: delicious mark hubery http://www.chicohomesearch.net/2007/09/16/what-is-the-difference-between-prequalification-and-preapproval/#comment-647 delicious mark hubery Thu, 17 Apr 2008 20:25:00 +0000 http://www.chicohomesearch.net/2007/09/16/what-is-the-difference-between-prequalification-and-preapproval/#comment-647 <strong>Blog Hopper...</strong> Hi There. I'm blog hopping.... Blog Hopper…

Hi There. I’m blog hopping….

]]> By: Ken Phillips http://www.chicohomesearch.net/2007/09/16/what-is-the-difference-between-prequalification-and-preapproval/#comment-25 Ken Phillips Wed, 24 Oct 2007 04:35:56 +0000 http://www.chicohomesearch.net/2007/09/16/what-is-the-difference-between-prequalification-and-preapproval/#comment-25 Sandi, With what has happened in the mortgage industry in California as of late, most lenders are changing the way they do business. One of the major players for "A" and "Alt A" loans in Sacramento came out with guideline changes today that ALL loans sumbitted to them would have to come through their automated system and have Fannie Mae DO/DU or Freddie Mac Loan Prospector (LP) approval. This is going to reduce risk to the lenders and brokers alike. The days of Realtors and Sellers accepting a "pre-qualification" letter I think are numbered as they are not worth the paper they are written on. I have always preferred running a client's loan scenario through one of the automated search engines and getting an immediate approval or non-approval. This was a very informative post you wrote. Ken Sandi,

With what has happened in the mortgage industry in California as of late, most lenders are changing the way they do business. One of the major players for “A” and “Alt A” loans in Sacramento came out with guideline changes today that ALL loans sumbitted to them would have to come through their automated system and have Fannie Mae DO/DU or Freddie Mac Loan Prospector (LP) approval. This is going to reduce risk to the lenders and brokers alike. The days of Realtors and Sellers accepting a “pre-qualification” letter I think are numbered as they are not worth the paper they are written on. I have always preferred running a client’s loan scenario through one of the automated search engines and getting an immediate approval or non-approval. This was a very informative post you wrote.
Ken

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