Replies to This Discussion

Permalink Reply by Ben Racela on August 15, 2011 at 1:39pm

The "Financing Prequal Number" is not a required field and can be left blank.

Permalink Reply by Gael Adair Grove, CDPE/SFR/ePro on August 15, 2011 at 1:41pm

I don't fill that in cuz it's not applicable in my area. we don't have #'s on our prequal's/preapprovals.

Permalink Reply by Sue Irwin on August 15, 2011 at 1:50pm

Thank you Ben and Gael

We don't have them here in Santa Barbara either, so that explains why I didn't know what it was. It has always bothered me!

Sue

Permalink Reply by Enrique Vasquez-Plaza on August 15, 2011 at 3:58pm

I ussually put 001 or 00001 or 000000111111 or 123 or 1234 or 4321 or 100000.  After the first time, I realized that it didn't matter... Its just an unnecessary field and is useless. After that first one, I just continued playing with the numbers... and it has been very fun!  :)

 

Unless, BOFA starts underwriting such pre-approvals and verify they are real or they have been granted, I would find it useful, but since there are so many different lenders, brokers, direct lenders, this becomes useless....  This is why we provide the imaged prequal letter in the first place...  

 

Hey, BOFA is such a mess (while I still close most of my short sales with them) that is worth the laughing... 

Permalink Reply by joe beauchamp on August 15, 2011 at 5:05pm

I suspect that the forms put together by BOA for Equator were designed as a project of their employee daycare center.  This field is not as bad as most, but you rarely can answer it.

Asking for the rate of the loan is just to gather marketing info.  Asking you for the phone number, age, SSN of the buyer is rarely any of YOUR business and just asking for you to get into trouble when some buyer finds his identity stolen and you were the last one to ask for his SSN, etc.  For mine, the B-day is 02/14/some-year, the SSN is 000-00, the phone is 800-555-1212.

Yeah, BOA forms are brilliant.  If you look at 1st lien and you wonder something like, "is this the 1st lien AFTER BOA or do they mean that BOA is the 1st lien?" Well, look at the text of the field for help -- it will tell you to answer in dollars and cents.  Thanks for that brilliant hint - I was thinking of Euros...  You go to give them the final HUD info for closing and they want the commission percentage -- in dollars and cents.  Huh?  Do you want percentage or amount?

Yeah, they do a bang up job of asking relevant question and giving you ALL the detail to understand and do it right.....uh, NOT..... ;-)