Pre-Approval Letters That Count

For a Pre-Approval Letter to have some weight the loan officer should include the following;

1. A statement that the loan application has actually been made.
2. The income documentation has been provided and reviewed.
3. Asset documentation has been provided and reviewed.
4. Credit report has been pulled and reviewed.
5. Based upon the provided documentation the borrower meets the underwriting guidelines for the loan program selected. (FHA, VA, or Conventional)
6. There are no outstanding issues that would prevent the borrower from obtaining a loan.

Basically everything presented by the client to the lender must be documented and reviewed. No verbal representation can be considered valid.