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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 the open market 1st american mortgage inc 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 some risks for issuing them. They often offer niche loans at higher prices that the investor does not 1st american mortgage inc to originate. If the underwriter is not satisfied with the documentation provided by the borrower, additional documentation and conditions may be imposed, called stipulations. 1st american mortgage inc 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 reasonable guarantee that the borrower can and will repay the loan. If a third party is involved 1st american mortgage inc 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 1st american mortgage inc Application 1004 -- Uniform Residential Appraisal Report 1005 -- Verification Of Employment (VOE) 1006 -- Verification Of Deposit (VOD) Pre-qualification is a term of art in retail finance, and means 1st american mortgage inc a loan officer has taken some information from the borrower, and made a tentative decision, but not verified any of it. With a pre-qualification, the borrower typically has not stated their social security number or other identifiers, 1st american mortgage inc it is not possible to check credit. A borrower will give their employment, income and asset information and the amount of current monthly debt. In addition a borrower is asked about their general credit worthiness. Based on this quick work up the
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