Approval vs. Pre-Qual Letters

I would like to take a moment to discuss sending pre-qualification and approval letter on borrowers. Please note that according to Florida Statue 494 approval letter can only be generated after the borrowers file has been approved thru a lenders underwriter and they have issued an approval. The approval letter must state the terms of the approval and any/all outstanding underwriting items. Pre-Qualification letters can be generated on borrowers prior to underwriting approval, but all outstanding conditions (such a underwriting verification, appraisal, ect) need to be reflected on the letter. The 2 examples approved by Innovative Mortgage can be found @ www.TheMortgageIsRight.com/Disclosures. It is imperative that you utilize the appropriate forms when an approval letter is requested. Please contact me should you have any questions regarding these forms. Failure to follow the above policy is a violation of Florida Statue 494.