section 17 unit 1 exam

When a borrower is completing a loan application, items of value the borrower owns are listed in the ______ section.

assets

Which of the following net worth examples may a lender view most favorably?

assets exceeds liabilites

Who is responsible for completing the loan application and supplying supporting documentation?

buyer

Biff is completing a residential loan application. Which of the following would he include in the liabilities section?

car loan

Bobby is completing a residential loan application. On the application, he lists his liabilities. What are liabilities?

obligation the borrower owes

During the loan approval process, who evaluates the loan application, supporting documentation, and data, as well as the property's appraisal to make an approval recommendation?

underwriter