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@Anonymous-own-fico wrote:
Good morning and a happy week to you all.
Would it be fair to say that the preapproval process is not seeking credit specifically, but rather credit eligibility, in other words that a preapproval is not a loan commitment?
You are on the right track ...
A pre-approval should be based on pulled credit report plus all additional financial information needed [usually delivered verbally] for a loan officer to issue a letter stating that your are qualified for a specific purchase scenario based on his opinion or a APPROVE ELIGIBLE from automated underwriting system. NOTE: underwriter have not reviewed your financials yet.
An approval is the outcome of an underwritier's review in which all information initially provided to the LO is supported by documentation [eg: pay stubs, bank statements, etc.]
Makes sense?