Unit 9, Unit 1: Qualifying the Borrower

Completing a residential loan application requires providing information about the loan being requested, the property being purchased, and the ________.

Borrower purchasing the property

Which party to the loan approval process is responsible for completing a loan application and supplying supporting documentation?

Buyer

_______ are part of the loan-approval process and are responsible for completing a loan application and supplying supporting documentation.

Buyers

Borrowers must list their assets when completing a residential loan application. What are assets?

Items of value a borrower owns

The loan applicant, the employer, and the ______ all complete parts of the request for verification of employment form.

Lender

The lender, the depository institution, and the _______ all complete parts of the request for verification of deposit form.

Loan applicant

Tara has made an offer on a home and is completing the loan application. Which of the following is an asset that she'll list?

Savings account deposit

Maria is trying to obtain a construction loan. What five pieces of additional information does she need to provide?

The original cost, the existing lien amount, the present value of a lot, the cost of improvements, and the year the lot was acquired

Which party to the loan approval process evaluates the loan application, the supporting documentation and data, and the property appraisal in order to make an approval recommendation?

Underwriter

Sally, a lender with A+ Banking, has received a loan application from a prospective buyer hoping to purchase a four-bedroom house. What does Sally do with the information she's received?

Verify it