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RC_LP_P_200.2 The Loan Application for Processors
Member Price: $49.00
Nonmember Price: $79.00
Product Code: DL2-011019-WC-W
Quantity:
Delivery Options: N/A







Description of Product
Description:

This is a single-family/residential course.

One of the processor's key functions is to ensure that the loan application is complete and accurate. The loan application is the foundation both for documenting the loan file and for assessing the ability of the borrower to qualify for the proposed mortgage. It includes details about the potential borrower, the property, and the terms of the requested loan. It also includes information that helps lenders determine whether the borrower has sufficient funds to close, whether the borrower can afford to maintain the mortgage payments, and whether the property is adequate security for the loan amount in the event of default.

The standard industry loan application is called the Uniform Residential Loan Application (URLA). The form is commonly called the "1003" (pronounced ten-oh-three), which is the number assigned to the form by Fannie Mae.

Loan Application for Processors will look in detail at this critical document. It begins with a description of the basic loan application process and the importance of the initial and final applications and then takes a look at the primary components of the loan application. The course covers the sections of the loan application as well as the most important fields in those sections for the processor to be cognizant of.

Throughout the rest of the course, each section of the standard loan application and its implications for processing are analyzed.

Note: All sections of the loan application in this course can be enlarged by clicking on the image.

Topics

  • The Loan Application Process
  • The Loan Application
  • Section I: Type of Mortgage and Terms of Loan
  • Section II: Property Information and Purpose of Loan
  • Section III: Borrower Information
  • Sections IV & V: Employment, Income, and Housing Expense Information
  • Section VI: Assets and Liabilities
  • Sections VII, VIII, IX, & X: Other Parts of the Loan Application

Seat time approximately one (1) hour.

Copyright 2017.

 
 
Product Category:
Self-Study Web-Based Courses 
 
Notes:
This is a self-paced, self-study course. Enroll anytime and take up to 12 months to complete the course. 
 
Contact Info:

For registration information, call (800) 793-6222 or email education@mba.org.

 
 
Contact E-mail:
education@mba.org 
 
Product:
DL2-011019-WC-W 
 
Title:
RC_LP_P_200.2 The Loan Application for Processors 
 
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