Pre Approval review is limited even further.
One of the last major lenders that actually properly underwrote pre-approvals (to a reasonable degree) suspends the process as of today;
DISTRIBUTION: All Brokers
SUBJECT: FYI Pre-Approvals
DATE: June 7th, 2013
Effective immediately, due to the increased volumes at the Markham IMAC/Quebec IMAC, all Pre-Approvals will be collapsed which will result in a decline on Filogix; however, the Broker Commitment will show “Rate Hold Only”.
Until further notice, only “live deals” will be adjudicated.
Thanks for your time.