truth in lending disclosure statement?

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we buying a house in linden NJ, our broker told us that the offer is underwriting and he is waiting for the responds from the lenders. but today we receive a letter ( bunch of paper to be sign and other explanations) from PLAZA HOME MORTGAGE, INC we confuse because one of the papers says… ” Its is a pleasure to notify you that your application for a first mortgage loan has been approved subject to the following matters set forth below ” does this means that we are really approved isn’t the broker who is suppose to receive the “mortgage approval” answer? im very nervous about it because the closing date is Feb. 5 2010

  1. Reply
    Jim L
    May 16, 2011 at 5:18 am

    That is very confusing but no, it does not mean your loan was approved. It means they have a bunch more questions they want to ask and need more documentation.

  2. Reply
    Professional Peon
    May 16, 2011 at 6:08 am

    You pay the broker to shop rates for you. All the documentation will and should go to you. Subject to means just that… send them what they want and if it is all on the up and up you will get approval.

    In the packet you will find the loan processors name. If you like the rate and decide to go with that company you forward all the docs to the processor and call them with any questions. Your brokers job is done.

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