| USA, the process by which a mortgage is secured by a borrower is called origination. This involves the borrower submitting an application and documentation related to his/her financial history to the underwriter. 125 2nd mortgage banks now offer "no-doc" or "low-doc" loans in which the borrower is required to submit only minimal financial information. These loans carry a slightly higher interest rate (perhaps 0.25% to 0.50% higher) and are 125 2nd mortgage only to borrowers with excellent credit. Sometimes, a third party is involved, such as a mortgage broker. This entity takes the borrower's information and reviews a number of lenders, selecting the ones that will best meet the needs of the consumer. Loans are often sold on 125 2nd mortgage open market to larger investors by the originating mortgage company. Many of the guidelines that they follow are suited to satisfy investors. Some companies, called correspondent lenders, sell all or most of their closed loans to these investors, accepting 125 2nd mortgage risks for issuing them. They often offer niche loans at higher prices that the investor does not wish to originate. If the underwriter is not satisfied with the documentation provided by the borrower, additional documentation and conditions may be imposed, called stipulations. The meeting of such conditions can be a daunting experience for the consumer, but it is crucial for the lending institution to ensure the information being submitted is accurate and meets specific guidelines. This is done to give the lender a 125 2nd mortgage guarantee that the borrower can and will repay the loan. If 125 2nd mortgage third party is involved in the loan, it will help the borrower to clear such conditions. These documents typically required for underwriter review. Many of these are not required for no-doc and low-doc loans. credit report 1003 -- Uniform Residential Loan Application 1004 | equity florida home in loan arizona coolidge mortgage **
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