Date on Preliminary Documents for 1-4 Family

Question:

Can the preliminary docs on a 1-4 family be dated prior to the Notice to Home Applicant? The credit report was not drawn until after they signed preliminary docs. We do not use credit scores as a basis for approval or interest rate.

Answer:

If that's the way it really works, sure. You'll probably have to explain this to your auditors/examiners as it will appear to be untypical of what they normally see.

First published on BankersOnline.com 10/31/11