Uniform Residential Loan Application Overview

<p>Engaged (B)</p> Signup and view all the answers

<p>Own (B)</p> Signup and view all the answers

<p>The person pays a monthly rent amount (A)</p> Signup and view all the answers

<p>Both individual and joint credit (C)</p> Signup and view all the answers

<p>Social Security Number and Date of Birth (D)</p> Signup and view all the answers

<p>All borrowers must provide information as directed (B)</p> Signup and view all the answers

<p>Names under which credit was previously received (C)</p> Signup and view all the answers

<p>Emergency contact number (D)</p> Signup and view all the answers

<p>Jointly with an organization (A)</p> Signup and view all the answers

<p>Outstanding judgments (B)</p> Signup and view all the answers

<p>They must disclose this information (B)</p> Signup and view all the answers

<p>Car loans (D)</p> Signup and view all the answers

<p>Alimony payments (D)</p> Signup and view all the answers

<p>Open 30-Day (B)</p> Signup and view all the answers

<p>To calculate total assets (D)</p> Signup and view all the answers

<p>Association Dues, Taxes, and Insurance (D)</p> Signup and view all the answers

<p>To understand the borrower’s housing plans (D)</p> Signup and view all the answers

The part of a loan application where a person who is seeking a loan provides information about their military service, including their current status and previous periods of service, if any.

This section of a loan application asks for a borrower's ethnicity, sex, and race. This information is used to monitor compliance with fair housing laws and ensure equal credit opportunity.

The purpose of collecting demographic information in a loan application is to monitor compliance with fair housing laws and ensure equal credit opportunity for all applicants.

Federal law requires lenders to collect demographic information from loan applicants to track compliance with fair housing laws.

Applicants are not required to provide demographic information on a loan application, but are encouraged to do so. If they choose not to provide it, the lender is required to make an observation based on visual clues or surname.

The application asks for information about the applicant's ethnicity, race, and sex. This is done to comply with regulations that ensure equal credit opportunity for all applicants.

If an applicant chooses not to provide demographic information, the lender is allowed to make an observation based on visual cues or surname.

The law prohibits discrimination based on age or marital status when making loan decisions.

The application includes specific instructions regarding the collection of ethnicity, race, and sex to comply with fair housing laws.

A unique ID assigned to each loan by the lender, helping track and manage the loan.

An identifying number given to the loan by the government agency involved.

A standard loan application form used by lenders to collect information from borrowers, ensuring consistency and efficiency.

A section in the loan application where borrowers provide details about their personal information: name, Social Security number, date of birth, citizenship, and other relevant information.

Information about the borrower's background, including: name, Social Security Number, date of birth, citizenship, and alternative names if any.

Details about the borrower's relationship status and dependents to understand their family situation.

The information about the borrower's phone numbers and communication preferences for efficient communication.

A specific type of credit application where a borrower applies for credit as a joint credit agreement.

This section of a loan application gathers information about a borrower's marital status, including options like single, divorced, widowed, or registered as a civil union or domestic partnership.

This part of the application asks for the current address where the borrower resides, including street address, unit number, city, state, ZIP code, and country.

This section asks how long the borrower has lived at their current address, in years and months, as well as their housing situation (owning or renting) and monthly rent amount if applicable.

If a borrower has lived at their current address for less than two years, the application requires them to provide information about their previous address, including street address, unit number, city, state, ZIP code, and country.

This section of the loan application collects the address where the borrower receives mail, if it is different from their current address.

The application asks for the applicant's email address.

The application gathers information about the applicant’s financial situation, including monthly rent or mortgage payments.

A list of liabilities (except real estate) that a borrower owes, including credit cards, other debts, and leases. This section also includes deferred payments.

Money paid upfront to secure a deal, typically used as a good faith gesture when buying a property.

Financial assistance provided by an employer to help an employee relocate.

Money received from selling a non-real estate asset, such as stocks or other investments.

Money borrowed that is secured by something of value, like a house or car.

A loan where the borrower makes regular payments over a set period to pay off the principal and interest, such as car loans or student loans.

A loan where the borrower pays only the minimum amount each month, and can carry a balance forward.

A loan where the borrower has a specific time period to pay off the balance in full, typically 30 days or less.

A type of agreement where a borrower can use an asset for a set period and then return it, with the option to purchase at the end.

Any type of loan that doesn't fit into the other categories.

The value of the property being considered for a loan, often determined by an appraisal.

The amount of money a borrower owes on a mortgage loan.

The type of mortgage loan, like FHA, VA, Conventional, or USDA-RD.

The amount of money a borrower pays each month for their mortgage.

The total income a borrower receives each month, including wages, salaries, investments, and other sources.

The amount of money a borrower has left over after paying all their monthly expenses, including mortgage payments, bills, and other costs.

An additional property a borrower owns, like a rental property or a second home.

The purpose of the additional property, like investment or primary residence.

This section of a loan application asks about any liens on the property that could take priority over the first mortgage lien, such as those related to property taxes.

This section of the loan application asks if the borrower is currently involved in any legal disputes that could have financial implications for them.

It refers to a situation where a borrower has transferred ownership of a property to a lender instead of facing foreclosure, often due to inability to make mortgage payments.

This section of a loan application asks for the borrower's details, including their name, Social Security Number, date of birth, residence, and marital status. It also requires information about any dependents the borrower has.