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Established Member
pilarstacy
Posts: 16
Registered: ‎04-16-2012

Lender Says Pre-approved, but sounds fishy.

I went through the pre-approval process with a referred lender yesterday, and he came back an hour later and said I had been pre-approved.  However, he only took my information over the phone.  He asked me all the pertinent questions and took down all the info that I gave, but he didn't ask me to provide anything.   I went back to him and asked if I had been pre-qualified, or if it was a true pre-approval and he stated that he put it through the Fannie-Mae system and that it was a true pre-approval and he would provide the pre-approval letter for my agent.  Does this sound accurate?  I had all my documents ready to submit, but he said that he didn't need them until I'm ready to make an offer on a house.  I'm confused. He is highly recommended, but I just thought there would be more to it.

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Starting Score October 2011: My Fico TU 603; EQ 586; EX FAKO 660
April 2012: My Fico TU 686; EQ 724; EX FAKO 736
May 2012: Lender pull: TU 757; EQ 725; EX 737
Goal Score: 780
Valued Member
wally101
Posts: 42
Registered: ‎01-19-2012

Re: Lender Says Pre-approved, but sounds fishy.

Sounds right to me. I did a pre approval through (WF) and filled out just basic info and got the pre aproval the next day. I didn't have to show pay stubs or W2s. Not until we go after the loan. It sound like it was an automated system and with your credit scores, that are similar to mine, you don't need to go though a manual underwriting for pre appoval. Start shopping for a home... Congrats

EQ FICO score from here... EQ 716
USAA monitoring Experian Plus scores : EX 773 EQ 773 TU 785
Super Contributor
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: Lender Says Pre-approved, but sounds fishy.

Congrats! That means your credit file was analyzed by fannie mae and the recommendation came back as approve _ eligible... That's a good place to be in and will make your file go more smo othly! Mine never did get automated approval. It was manually underwritten by the mortgage insurer.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
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Established Member
pilarstacy
Posts: 16
Registered: ‎04-16-2012

Re: Lender Says Pre-approved, but sounds fishy.

Great to know.  Thanks to everyone.

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Starting Score October 2011: My Fico TU 603; EQ 586; EX FAKO 660
April 2012: My Fico TU 686; EQ 724; EX FAKO 736
May 2012: Lender pull: TU 757; EQ 725; EX 737
Goal Score: 780
Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011

Re: Lender Says Pre-approved, but sounds fishy.

your loan is not approved until you have closed and have the keys in your hands haha

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Frequent Contributor
Familywantsahouse
Posts: 291
Registered: ‎02-25-2012

Re: Lender Says Pre-approved, but sounds fishy.

We were "pre-approved" yesterday, We were told we had to submit all the documents when we had a house picked out and then everything would go to him. We plan on submitting the documents early to have all he ducks in a row and hopefully making an offer on a house in about a month.

2/24 (Lender Pull) EQ 613, TU 553, EX 589
April EQ 633, My Fico TU 638, EX ??
Current EQ 643, TU 652, EX 633 (lender pull 5/11)
Goal (we made it!!)- Over 640 middle by 5/15
Established Member
rangergirl
Posts: 17
Registered: ‎09-30-2011

Re: Lender Says Pre-approved, but sounds fishy.

I read on these boards that every file goes to manual underwriting so sounds like you are over the first small hurdle with the larger hurdles to come. 

 


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