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| Application interview p230 |
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| Reasonable and good faith determenation |
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| What two rules help guide and keep in compliance for lenders, mrtg brokers, and their loan originators? |
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| Rectangular survey system is aka? |
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| Subdivision lot and block system |
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| Construction or construction-permanent loan |
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| Manner in Which Title Will be Held |
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| Source of Down Payment, Settlement CHarges &/or Subordinate Financing |
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| Desktop Underwriter instructions expalin what? |
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| What personal information must be included on application? |
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| Info on the brwr's age may also be used as allowed under what Act? |
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| Income that may come from sources other than reg/ FT employment is identified in what section? |
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| What are some other sources of income? |
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| Mortgage related obligations |
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| What is optional for the brwr to disclose as another source of income? |
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alimony/child support
We as lenders do not ask if the brwr receives this. |
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| When would LO check "not jointly" and "jointly" on an application? |
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| What are subtotal liquid assets? |
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| Why is a asset referred to as "liquid"? |
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| The application provides a space for the non-liquid assets represented by: |
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| What are liabilities on a loan application? (8) |
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These along with an monthly statements for mortgages can help the loan applicant and originator to accurately represent the applicant's liabilities. |
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| Alterations, Improvements, Repairs |
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| Such matters include: p240 |
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| These declarations include: |
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| The declarations also require the loan application to disclose his/her status as a: (2) |
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| It is important to remind the borrower's what in the declarations section? |
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| How does the lender ultimately verify the responses on the declaration section of the application? |
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| What is Section X? What is it aka? |
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| What is the only box do you check when taking a loan application over the phone? |
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| What is an aggregate and disaggregated discription? |
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