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these investors, accepting some 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 banks prime interest rate imposed, called stipulations. The meeting of such conditions can be a daunting experience for the consumer, but it is crucial for the lending banks prime interest rate 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 banks prime interest rate 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 -- Uniform Residential Appraisal Report 1005 -- Verification Of Employment (VOE) 1006 banks prime interest rate Verification Of Deposit (VOD) Pre-qualification is a term of art in retail finance, and means that a loan officer has taken some information from the borrower, and made a banks prime interest rate decision, but not verified any of it. With a pre-qualification, the borrower typically has not stated their social security number or other identifiers, so it is not possible to check credit. A borrower will give their employment, income and asset information and banks prime interest rate amount of current monthly debt. In addition a borrower is asked about their general credit worthiness. Based on this quick work up the borrower will be told that they pre-qualify for a certain loan amount. For example, if the borrower makes $15/h or $2600/month this is then calculated to an industry-standard ratio banks prime interest rate debt to income, for example 36%. So if a borrower makes $2600/month they would be pre-qualified at a total debt of $936 (this includes any monthly payments 1007 -- Single Family
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