융자지식 270-5.4 Completing the Loan Application-Section I

by usezloan | Mar 23, 2022 | Financial study

융자지식 270-5.4 Completing the Loan Application-Section I

Section I – “Mortgage and Terms of Loan” section. This section allows borrowers to choose the type
of loan for which they are applying. There are specific boxes on the loan application for each loan type
that must be checked. Borrowers will also fill out the loan amount that they are requesting.
The agency case number box is designated for the Federal Housing Administration (FHA), the Veterans
Administration (VA) or Farmer’s Home Administration (FmHA) case numbers. There is also a section
for the lender’s case numbers.

섹션 I – “모기지 및 대출 조건” 섹션. 이 섹션에서는 차용인이 유형을 선택할 수 있습니다.
그들이 신청하는 대출의. 각 대출 유형에 대한 대출 신청서에 특정 상자가 있습니다.
확인해야 하는 것입니다. 차용자들은 또한 그들이 요청하는 대출 금액을 기입할 것입니다.
에이전시 케이스 번호 상자는 연방 주택 관리국(FHA), 재향 군인을 위해 지정됩니다.
행정부(VA) 또는 Farmer’s Home Administration(FmHA) 사례 번호. 행정부(VA) 또는 Farmer’s Home Administration(FmHA) 사례 번호. 대출 기관의 케이스 번호 섹션도 있습니다.

융자지식 269-5.4 Completing the Loan Application

by usezloan | Mar 18, 2022 | Financial study

융자지식 269-5.4 Completing the Loan Application

5.4 Completing the Loan Application
The Uniform Residential Loan Application (URLA) or 1003 – intended to be completed by the borrower
with the assistance of the loan originator. Applications may be in writing or electronic. Typical forms
are:
• Fannie Mae Form 1003
• Freddie Mac Form 65
The purpose of the application interview with the potential borrower is to capture information to
complete the loan application. This may take place in a face-to-face meeting, over the phone or even
over the internet.
The URLA has ten sections that a MLO is to complete for each loan applicant during the origination
process.
I
.
• Type of Mortgage and Term of Loan
II
.
•Property Information and Purpose of Loan
III
.
•Borrower Information
IV
.
•Employment Information
V
.
•Monthly Income and Combined Housing Expense Information
VI
.
• Assets andLiabilities
VI
I.
• Details ofTransactions
VII
I.
•Declarations
I
X
•Acknowledgement and Agreement
X
.
•Information for Government Monitoring

융자지식 268- Application Information and Requirements

by usezloan | Mar 17, 2022 | Financial study

융자지식 268-5.3 Application Information and Requirements

5.3 Application Information and Requirements
Once a purchase agreement is executed (or once a decision is made to refinance), the loan originator
and the borrower meet to complete a loan application (or complete one over the phone or Internet).
The application is referred to as the Uniform Residential Loan Application (URLA) – also called “the
1003,” as it is Fannie Mae’s form number 1003. Form 65 is a similar form created by FreddieMac.
The Uniform Underwriting and Transmittal Summary, or the 1008, is submitted with the file for
underwriting. It contains a summary of the loan including borrower information, ratios, LTV, credit
score, appraised value, loan type, etc.
In conjunction with the loan application, the borrower should be made aware of the FBI Mortgage
Fraud Warning Notice, which includes the following language:
Mortgage Fraud is investigated by the Federal Bureau of Investigation and is punishable by
up to 30 years in federal prison or $1,000,000, or both. It is illegal for a person to make any
false statement regarding income, assets, debt, or matters of identification, or to willfully
overvalue any land or property, in a loan and credit application for the purpose of influencing
in any way the action of a financial institution.
Borrower/Customer – Each borrower associated with a mortgage loan application must answer
questions accurately and truthfully. Concealing, adjusting or withholding any material facts that may
affect the application constitutes mortgage fraud. A fact is considered “material” if knowledge of that
fact would lead a lender to consider a different course of action on the application.
A lender will provide financing based on information provided in a borrower’s loan application. If a
lender determines any information is inaccurate and untruthful, it may result in the lender approving
a loan that it would otherwise not provide. Borrowers who provide inaccurate information may be
guilty of “fraud for property” and could be subject to both civil and or criminal penalties.

The borrower(s) signs and dates the application.
Co-Borrowers – Someone who signs the note along with primary borrower and accepts joint
obligation to repay. A co-borrower must have acceptable credit/assets and if no joint
assets/liabilities, two applications should be used.
Loan Originator – The core of the mortgage loan originator’s job is to obtain a complete and accurate
1003 supported by documentation from the borrower. The Loan Originator assists the borrower in
completing the loan application and collects the necessary documentation to validate information
provided on theapplication.
The application is designed to be completed by the borrower, with the loan originator assisting in data
input. A Mortgage Loan Originator is required to accurately document all information a borrower
provides during the interview process without leading or coaching borrowers on their answers. The
Mortgage Loan Originator signs and dates the application.
Application Accuracy and Truthfulness – Each borrower must declare that the information in the
application is truthful and whether the borrower:
• Is obligated to pay alimony or child support
• Has any outstanding judgments, bankruptcies, foreclosures , etc.
• Has borrowed any part of the down payment
• Is a co-signer on any other debt
• Is a U.S. citizen or permanent resident
• Intends to occupy the property as a primary residence
The borrower and co-borrower must date and sign the application to acknowledge that they
have answered everything truthfully and that they understand and agree to be bound by the
terms of the loan, if granted. Additionally, borrowers are obligated to update any material
changes to income or assets after signing the initial application and prior to dosing.
Mortgage loan originators also have an obligation for accuracy and truthfulness because they are
required to assist borrowers with completion of the application.
Verification and Documentation – A borrower’s net worth is determined by subtracting liabilities
from total assets. In other words, it’s the value of all property (real and personal) a person has
accumulated after subtracting all debts or obligations owed. Underwriters want to confirm the
borrower has:
• Sufficient assets and personal money to make the down payment on the
property and to pay closing costs without having to borrow.
• Adequate reserves to cover two months of PITI mortgage payments after
making a down payment and paying dosing costs.
• Other assets, showing an ability to manage money and a resource, if needed,
to handle emergencies and make mortgage payments.
For the down payment, lenders:
• Want to know the source of the buyer’s down payment (which usually cannot be borrowed
funds or gifts) for the first 5% for conventional loans.

• May require two months of bank statements and/or a Verification of Deposit (VOD) form.
• May require a gift letter signed by the donor to confirm the money does not
need to be repaid and donor bank statement showing that the gift funds are
available.