(5) Loan Inquiry and Application Process Requirements (1003) - Z-Mortgage (www.ZMortgageOnline.com)

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Mortgage & Financing FAQ's -

(1) Overview of Mortgage Lending in United States
(2) Regulatory Authorities Overseeing the Mortgage Industry
(3) Federal Mortgage-Related Laws
(4) Loan Origination Activities
(5) Loan Inquiry and Application Process Requirements (1003)
(6) Loan Qualification Requirements, Processing, and Underwriting
(7) Closing
(8) Financial Calculations/Mortgage Math/APR
(9) Traditional and Non-Traditional Mortgage Products
(10) Mortgage loan products
(11) Ethical issues and behavior related to loan origination activities
(12) SAFE Act and CSBS/ARRMR Model State Law

Forms

Uniform Residential Loan Application
Continuation Sheet
Additional Borrower
Unmarried Addendum

Official use only

Official Use Only

(Restricted Employee Portal)

Z-Soft

(Restricted Technician Portal)

(5) Loan Inquiry and Application Process Requirements (1003)

5.1- What Information is required on Form 1003?

5.2- What Percentage of bank account assets are attributable toward a loan application?

5.3- How is credit Handled?

5.4- How are discrepancies reported?

5.5- Who are Acceptable gift donors?

5.6- What is Loan Inquiry Process?

5.7- What are Required disclosures that must be provided to a borrower in response to a loan inquiry?

5.8- What accurate information is required on an application (e.g., name, SSN, address of property to be financed, estimated property value, income, loan amount)?

5.9- What are the Permissible questions on an application and what is the Application Process?

5.10- What are the Questions on a Borrower Application?

5.11- How do MLOs accept loan applications?

5.12- What is the process of Offering and negotiating the terms of a loan?

5.13- How information on an application is managed by MLO?

5.14- What Service charges are subject to 10% tolerance?

5.15- How is the information on documentation verified?

5.16- What Forms are used to authorize the release of information?

5.17- What are the Methods of verifying income and assets?

5.18- What Percentage of bank account assets are attributable toward a loan application?

5.19- What are Methods of verifying employment?

5.20- How is Suitability of products and programs matched to applicant?

5.21- How is the suitable type of loan on a mortgage application reflected and disclosed? What disclosure is required and how is it communicated?

5.22- What Information is included in the Truth-in-Lending disclosure

5.23- How are Disclosures on Loan Estimates provided?

5.24- What are Adjustable-rate mortgage loan disclosures and how are they disclosed?

5.25- What is the Consumer Handbook on ARMs (Charm booklet)? and how is it disclosed?

5.26- How are Reverse mortgages communicated and disclosed with Accuracy (e.g., tolerances)?

5.27- What are different Scenarios attributed to allowable tolerance?

5.28- What Service charges are subject to a 10% tolerance and their Timing?

5.29- Explain "Timing of notification of action taken"

5.30- Explain "Timing of early disclosures and Loan Estimate"?

5.31- What is the Timeline of when a Loan Estimate must be provided?

5.32- Explain Expiration of charges and terms in a Loan Estimate and timings?

5.33- Explain the concept of process "Time from Loan Estimate to loan consummation"

5.34- What are Exceptions to providing the Loan Estimate?

5.35- How is a Loan Estimate reissued?

5.36- What is Time period for the delivery of the Affiliated Business Disclosure?

5.37- What is Time period for the delivery of the Special Information Booklet (Know Before You Owe)?

5.38- What is the Time frame for the consideration for settlement charge before the expiration?

5.39- What is the Timing for reissuing Loan Estimates?

5.40- What is the Timeline of the initial Loan Estimate disclosure?

5.41- What is the Timing of providing the appraisal report?

5.42- What is the Timing and time line for tolerance corrections , i.e Sending a list of counseling services

5.43- How is Shopping conducted? How are Valid reasons for a Change in Circumstance communicated? Explain acceptable Delivery Method and process. Explain the communication methods, Electronic, Face-to-Face and Standard Mail

5.44- Explain significance of Overnight Delivery of Closing Disclosure

5.45- When are loan applicants entitled to advance inspection of a closing "documents"?

5.46- What is Initial Closing Disclosure?

5.47- Explain the Timing of Disclosures

5.48- What is Final Closing Disclosure?

5.49- What is the Time frame of providing an updated closing disclosure?

5.50- What is the Definition of a business day for delivery purposes and explain Homeownership Counseling Disclosure

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