Are all pre-approvals are written in stone?

Not necessarily. Read the story below and find out why you should run your online pre-approval through QC (Quality Control).

I just had a listing agent ask me to verify or cross qualify a client who had approval from Imortgage.

The approval said the buyers were approved for a purchase price of $415,000 with 20% down.

Upon review of his paperwork and credit, running the approval through Fannie Mae, he was only approved for $300,000 with 20% down and he had to pay off a credit card to get there.

The buyers said he was never asked all the questions that I asked nor for the documents that I asked for (standard documentation).

The listing agent wasted 3 weeks and of course the buyer was disappointed.

Many banks and mortgage companies take verbal information for pre-approval. Some listing agents are getting wise and just not accepting letters from companies that are online, in another state or a really big bank.

If a listing agent sees any of those types of approval letters, they  will use me as part of the QC (quality control) to verify the buyer’s qualification. I’m glad to do it to make sure the seller and realtors’ paychecks are protected.

And yes, often the buyers are delighted at my straightforward, thorough explanations. Our interest rates rock too! 🙂