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Loan Application

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SPECIAL POWER OF ATTORNEY
FOR CLOSING REAL ESTATE TRANSACTION
(Agent for Seller)

Prepared by, recording requested by and return to:

Name:

Company:

Address:

City:

State: Zip:

Phone:

Fax:

Above this Line for Official Use Only

STATE OF VERMONT

COUNTY OF

KNOW ALL MEN BY THESE PRESENT, THAT I , whose address is , (City), (State), (Zip), desiring to execute a SPECIAL POWER OF ATTORNEY, hereby appoint, , of County, Vermont, as my Attorney-in-Fact to act as follows, GRANTING unto my Attorney-in-Fact full power to:

To do all things necessary to close on the sale of the property described below, commonly known as (address), with full power and authority for me and in my name to execute any and all documents necessary to effect the sale, conveyance and settlement on said property to any person or persons of his choosing, including but not limited to, deeds, checks, receipts, releases, warranties, affidavits, contracts, addenda, settlement statements, loan commitments and disclosure statements, truth-in-lending statements, all forms of commercial papers, endorsements to checks, or the like, and any such other instrument or instruments in writing of whatever kind, character and nature as may be necessary to complete the sale, financing arrangements, and the settlement process. FURTHER GRANTING full power and authority to collect and receive any funds or proceeds of said sale in any manner which, in his sole discretion, he sees fit.

The legal description of the property is as follows, to-wit:

I hereby ratify and confirm all that said attorney-in-fact shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted.

All acts done by means of this power shall be done in my name, and all instruments and documents executed by my Attorney hereunder shall contain my name, followed by that of my attorney and the description "Attorney-in-Fact", excepting however any situation where local practice differs from the procedure set forth herein, in that event local practice may be followed. This SPECIAL POWER OF ATTORNEY shall be valid and may be relied upon by any third parties until such time as any revocation is recorded in the recorder's office of the county where the land is located.

DATED this the day of , 20.

Signature

Print Name:

Witness

Print Name:

Witness:

Print Name:

STATE OF VERMONT

COUNTY OF

On this day of , , before me personally appeared to me known to be the person who executed the foregoing instrument, and thereupon duly acknowledged to me that executed the same to be free act and deed.

Notary Public

Print Name:

My commission expires:

I, , witnessed the signature of the principal above and I affirm that the principal appeared to be of sound mind and free from duress at the time this power of attorney was signed and the principal affirmed to me that he or she was aware of the nature of the document and signed it freely and voluntarily.

Witness:

Address:

Witness:

Address:

STATE OF VERMONT

COUNTY OF

At (town or city) on personally appeared and acknowledged the foregoing power of attorney to be his/her free act and deed. Before me-

(Signature of Person Taking Acknowledgment)

(Seal)

My commission expires:

I, , agent named above attest that: (1) I accept appointment as agent; (2) I understand the duties I am assuming under this power of attorney under the law; (3) I understand that I have a duty to act if expressly required to do so in this power of attorney consistent with said 14 VSA Section 3506(c); and (4) I understand that I am expected to use my special skills or expertise on behalf of the principal as follows (insert any such special skills):

Date

Agent

NOTE: 27-305 VSA STATES: "A deed or other conveyance of lands or of an estate or interest therein, made by virtue of a power of attorney, shall not be of any effect or admissible in evidence, unless such power of attorney is signed, witnessed by one or more witnesses, acknowledged and recorded in the office where such deed is required to be recorded."

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What a Loan Application Is and who it involves

A Loan Application is a standardized document borrowers submit to a lender to request credit and provide the information lenders need to evaluate creditworthiness. Typical entries include applicant identity, employment and income details, assets and liabilities, the requested amount, purpose of the loan, and any collateral descriptions. Lenders, brokers, and underwriters use the application to begin underwriting, order credit reports, and decide loan terms. Electronic completion and eSigning are commonly accepted under U.S. law when executed with intent, consent, attribution, and retrievable records per federal and state e-signature frameworks.

Why a well-prepared Loan Application matters

A complete, accurate Loan Application speeds underwriting, reduces follow-up requests, and lowers the risk of pricing changes or denial. Properly structured applications support auditability, consistent decisioning, and compliance with identity, tax, and consumer-disclosure rules.

Why a well-prepared Loan Application matters

Who completes and reviews Loan Applications

Each party's responsibilities differ: borrowers supply accurate data, originators validate it, and underwriters make the final credit decision.

  • Lenders and underwriters: review credit, verify income, and set loan terms.
  • Loan officers and brokers: collect documents, complete application fields, and communicate with applicants.
  • Borrowers and co-borrowers: provide personal, employment, and financial information and sign attestations.

Core sections to include in a professional Loan Application

A professional Loan Application groups information into clear sections so reviewers can verify identity, evaluate repayment capacity, and document legal authorizations.

Applicant Details

Full legal name, birth date, contact, and government ID to confirm identity and compare with credit reports and government records.

Employment & Income

Employer name, position, income amounts, pay frequency, and employer contact to verify income stability and ability to repay.

Assets & Liabilities

Bank balances, investments, mortgages, and debt obligations used to calculate debt-to-income ratio and available reserves.

Loan Terms Requested

Requested amount, loan purpose, term, rate type, and proposed collateral details that define the transaction being requested.

Declarations

Yes/no disclosures about bankruptcies, defaults, judgments, or legal actions that affect underwriting or eligibility.

Authorizations & Signatures

Consumer disclosures, consent for credit checks, and dated signature blocks establishing intent and attribution to sign.

Essential fields commonly required

Legal name: Applicant's full name
Tax identifier: SSN or TIN
Income: Gross monthly/yearly amount
Employment: Employer and job title
Property address: Collateral or residential address
Requested amount: Dollar amount requested

Step-by-step: complete and submit a Loan Application

Follow these sequential steps to collect documents, complete fields, and deliver a compliant application package to the lender.

  • 01
    Gather documents: Collect ID, paystubs, bank statements, tax returns.
  • 02
    Complete form: Enter required fields, check declarations, attach files.
  • 03
    Review and sign: Confirm accuracy, obtain signatures and dates.
  • 04
    Submit to lender: Upload or send via lender portal or secure email.

Configuring an online completion and approval workflow

Common workflow settings ensure data flows correctly from applicant to underwriter while preserving auditability.

Field Configuration
Authentication method Email link, SMS code, or KBA per lender policy
Conditional visibility Show employer fields only when applicant is employed
Required attachments ID, two paystubs, recent bank statement
Routing order Borrower → co-borrower → loan officer → underwriter

Where completed Loan Applications go and how they move

Loan Applications move through intake, verification, underwriting, and closing. Clear routing reduces manual handoffs and errors.

  • Lender intake: Uploaded to lender portal or received by loan officer
  • Document verification: Supporting docs matched and validated against entries
  • Underwriting review: Credit, DTI, and collateral analysis conducted
  • Decision & closing: Terms issued, loan documents prepared for signing

Technical requirements for digital completion and eSigning

Use systems that create tamper-evident records and capture timestamps, IP addresses, and signer actions for audit and compliance.

  • Integrations: Salesforce, Microsoft 365, NetSuite, Google Workspace
  • Supported formats: PDF, DOCX, HTML accepted for upload
  • Authentication options: Email, SMS, KBA, or SSO for signer verification

Typical timelines and processing expectations

Timelines vary by lender and loan type; the following are common target windows used by originations teams.

Application intake window:

Submit as early as possible; some special programs have fixed cutoffs

Underwriting review:

Often 3–10 business days depending on documentation completeness

Decision notice:

Pre-approval or denial commonly communicated within 7–30 days

Closing timeline:

Typical closings occur within 30–60 days after approval

Document retention start:

Preserve signed record immediately upon completion

Common mistakes that delay loan processing

  • Partial or inconsistent names between ID, credit report, and application cause verification delays and additional documentation requests.
  • Missing attachments such as recent paystubs or bank statements force manual follow-up and defer underwriting decisions.
  • Incorrect or incomplete tax identification numbers trigger backup withholding checks or prevent credit-report retrieval.
  • Unsigned or undated signature blocks may render the application incomplete and require re-execution by the signer.

Penalties and risks of inaccurate or incomplete Loan Applications

Backup withholding: 24% if TIN is missing or incorrect
Regulatory delay: Inaccurate disclosures can suspend underwriting
Fraud risk: False statements may lead to civil or criminal exposure
Contract unenforceable: Unsigned or improperly attributed records lack enforceability
Data breach liability: Improper security of personal data increases compliance risk
Application rejection: Material errors may result in denial or rescission

eSignature vendor snapshot for Loan Application workflows

Comparing baseline commercial offerings can inform platform choice for secure eSigning and bulk origination needs. signNow is listed first per table convention.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Available Available No No
Envelope Cap No cap 100 envelopes/user/year No cap No cap No cap

Frequently asked questions about Loan Applications and eSigning

Answers to common questions about validity, notarization, corrections, and identity requirements for electronically completed Loan Applications.


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