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Make a list of some typical documentation you would request from a loan applicant and/or the verifications you would perform?

A. Make a list of at least three items that are important to double check before submitting a loan application to underwriting.

B. List at least two things you would be sure to tell a borrower in preparation for closing.

C. List at least three calculations that are typically used during the course of a mortgage loan transaction.

Respuesta :

Answer:

a. Items that are important to double check before submitting a loan application to underwriting:

  • Personal ID Documents
  • Proof of Income
  • Personal Credit Bureau Report

b. Things you would be sure to tell a borrower in preparation for closing:

  • Proof of Property Ownership or Guarantee Pledge
  • Contact details of 2-3 relatives or guarantors

c. Calculations that are typically used during the course of a mortgage loan transaction:

  • Loan to Value ratio
  • Debt to Income ratio
  • House expense ratio

Explanation:

adioabiola

The following are typical documentation and/or verifications to request from a loan applicant:

(A) 3 Items that are important to double check before submitting a loan application to underwriting are as follows;

  • Personal ID Documents (for background check)

  • Proof of Income

  • Personal Credit Bureau Report

(B) 2 things one would be sure to tell a borrower in preparation for closing are as follows;

  • Proof of Property Ownership (certificate of ownership)

  • Contact details of guarantors

(C) 3 Calculations that are typically used during the course of a mortgage loan transaction:

  • Debt to Income ratio
  • House expense ratio
  • Loan to Value ratio

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