Can anyone out there get me pre-approved using stated data?

Question

Hello. I would like to get some ball-park pre-approval numbers without getting a hard inquiry at this time. I can provide credit carma data and income data. Is there any one out there who can help and possibly work with me in the future? Thank you.

Stephanie P. · Answer

@Dmitriy Dorogan

PM me.  I can point you in the right direction

@Jeff B.

FYI

• 125's didn't cause the meltdown.  Far from it.
• It was a combination of borrowers using their homes for ATM's, Wall St. hedge fund managers who created mortgage  backed security products and the greed of the lenders who needed to "feed the beast."
• Dodd-Frank doesn't apply to "business purpose loans" meaning commercial and investor loans.
• We close no income verification or "stated" income loans every month and the borrowers aren't untrustworthy (and neither are we).
• Our default ratios are in line with A paper retail.

Stephanie

Jeff B. · Answer

Hmm;  Stated Income was a primary cause of the 2008 meltdown via the 125 Loan Programs (aka Country Wide and some others).  Dodd-Frank was put into place to stop these abuses.  It should be nearly impossible today to get a loan on Stated Income and thus a pre-approval on  that bases would be unlikely and certainly untrustworthy.

Dmitriy Dorogan · Answer

Thank you all for replying. I will be in touch via PM.

Chris Mason · Answer

Hi @Dmitriy Dorogan,

You can call for rough numbers. Don't ask for a preapproval, ask for rough numbers and a verbal prequal.

Verbal prequals can of course be off by a staggering amount compared to a full doc preapproval.

Andrew Postell · Answer

@Dmitriy Dorogan you should be able to get ball-park figures from just about any bank.  If the bank isn't willing to do this then go to the next bank.  At least, I think I'm understanding you correctly you just want to run some theoretical scenario numbers to know what to expect as far as fees and rates and payments.  If I'm hearing you correctly a lender should absolutely be able to help with this.

Can anyone out there get me pre-approved using stated data?

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