RC_LP_P_200.2 The Loan Application for Processors
One of the processor's primary responsibilities is to ensure that the loan application forms are complete and accurate. The loan application is the foundation both for documenting the loan file and for assessing the ability of the borrower to qualify for the proposed mortgage. It includes details about the potential borrower, the property, and the terms of the requested loan. It also includes information that helps lenders make preliminary determinations whether the borrower has sufficient funds to close, whether the borrower can afford to maintain the mortgage payments, and whether the property is adequate security for the loan amount in the event of default.
The Loan Application for Processors walks the processor through the various sections of the industry's standard Uniform Residential Loan Application (URLA) and the Lender Loan Information Sheet. The course begins with a description of the basic loan application process and the importance of the initial and final applications. It then provides a brief overview of the Borrower URLA before describing the contents of each of the nine sections in detail. It then reviews the Lender Loan Information Sheet, which is a part of every standard residential loan application, as well as the URLA- Additional Borrower Addendum, Unmarried Borrower Addendum, and the URLA Continuation Sheet, which are used only as applicable. The course reviews and defines in detail the fields on the forms that are not self-evident.
This is a single-family/residential course.
Seat time approximately 2 hours.