Broker Loan Submission Coversheet Form
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When must a copy of the loan broker statement be given to the borrower?
When so executed, an exact copy thereof shall be delivered to the borrower at the time of its execution. The real estate broker negotiating the loan shall retain on file for a period of three years a true and correct copy of the statement as signed by the borrower.
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What is a loan submission package?
Loan Package means a set of Loan documents that (a) are dated or have been completed or provided no more than thirty days from the date of Lender's receipt; (b) include an Application, Credit Report, deposit and employment verifications, appraisal, Loan Estimate, Preliminary Title Report, and other Loan documents, if ...
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Why am I getting loan offers in the mail?
Many companies “prescreen” consumers to make special offers. This is based on information in your credit report. The company is usually a credit card lender, mortgage refinance company, or insurance company, and they're looking for new customers who are likely to qualify for their services.
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What is in a loan package?
Loan packing means we, the lender, are creating and assembling your file. We will be working with you to finalize your loan's details (like product type, down payment, interest rate, etc.). We will also be gathering paperwork from you to reconfirm you're pre-approval.
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What is a loan brokerage agreement?
(e) The loan brokerage agreement shall contain a detailed description of the services the licensee agrees to perform for the borrower, and a good faith estimate of any fees the licensee will receive for those services, whether paid by the borrower, the institutional lender, or both.
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What is a loan application package?
Loan Application Package means the documents required by Bank in order to make a decision of whether or not to extend credit to an Obligor for a Loan, which package shall be prepared by EVRI and submitted to the Bank.
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What is a loan submission?
Loan Submission means a submission by Broker to Lender of a complete Loan Package and Loan File in original form in ance with the Lender Procedures for approval or rejection of a Loan by Lender.
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