RC_LP_P_200.2 The Loan Application for Processors
MBA Member Price: $49.00
Nonmember Price: $79.00Purchase
This is a single-family/residential course.
One of the processor's key functions is to ensure that the loan application is 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 determine 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). 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 URLA before describing the contents of each of the 10 sections of the URLA in detail.
- The Loan Application Process
- The Loan Application
- Section I: Type of Mortgage and Terms of Loan
- Section II: Property Information and Purpose of Loan
- Section III: Borrower Information
- Sections IV & V: Employment, Income, and Housing Expense Information
- Section VI: Assets and Liabilities
- Sections VII, VIII, IX, & X: Other Parts of the Loan Application
Seat time approximately one (1) hour.