Relevant:
- Freddie Releasing HARP 3.0 Automated Underwriter - Expects Increased Approvals; Major Stumbling Blocks Remain
- FHA Withdraws Approval of Two Mortgage Lenders
- FHA To Implement New Condo Approval Process
- Iowa loophole voids mortgage, gives couple 'a free house'
- Impact the New Appraisal System is Having on the FHA Mortgage Market
2012-11-08 — forbes.com
The fact is that mortgage pre-approvals are not what everybody wants them to be. They are not ironclad, they are not processed and reviewed by underwriting people and they are not subject only to an appraisal, even though most of them say that. They are however part of almost every real estate deal and they have become essential in the bidding on a house process. Since mortgage pre-approval has grown to be so integral to the home buying process, it makes sense that lenders would rigorously address this void. Not so.
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