Due to feedback from regulators, and the general confusion on the difference between a pre-qualification, a pre-approval and qualification, we have enhanced the policy and procedures on pre-qualification.
We recommend that you ALWAYS issue a positive pre-qualification, even if it's for $50, or if it is contingent on the prospect achieving certain benchmarks, such as a minimum credit score, debt payoff, income from a job, or saving adequate cash. In this way you avoid the awkward proposition of issuing a denial when the prospect didn't actually apply.
Distinguish this from a qualification request, where your prospect requests a letter for a specific property, and you cannot achieve the qualification. THIS MUST BE REPORTED.
Here is the updated policy and procedure 11-27-2017 Updated Pre-Qualification Policy and Procedure