> FLORIDA MORTGAGE BROKER RESPONDING
YOU WANNA KNOW THE BRUTAL TRUTH?
Pre-qualification, Pre-Approval, they're both worthless as the paper they're written on...and we all know it!
We in the mortgage industry know they're both a complete joke, and those letters are only as good as the information collected and reviewed in advance, which is rarely done as consumers can't be burdened with producing such basic info...says the Government..
Thanks to the DODD FRANK ACT, the ability to get loan files legitimately approved in advance without an actual sales contract, has become almost impossible as its caused too many possible lender compliance violations to do common sense due diligence in advance.
And as absurd as it may sound, the crushing and crippling over regulations inflicted on the Mortgage Industry by this administration via the DODD FRANK ACT, basically PROHIBITS lender from asking borrowers for income and asset documentation in advance as it..."could burden the consumer and affects their ability to shop for a loan"
HOW BACKWARDS ARE THINGS IN AMERICA THESE DAYS?