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That is not as easy a question to answer as one might think. I'm not a lawyer, but I'm not sure even most lawyers, or courts, for that matter, would agree on an answer to that question: Lenders have a fair amount of discretion as to what constitutes an application, as opposed to a prequalification. But a written, signed and dated application is not always required to consider that a formal application exists. In fact, if a borrower is denied credit, even though there is no written application, the FDIC still considers that an application existed. One part of Truth in Lending law, stating when initial disclosures are to be made, refers to written applications. However, it is clear from other parts of Regulation Z (Part B); the Home Mortgage Disclosure Act and ECOA (Equal Credit Opportunity Act) that the federal government considers an application to exist at the time that the lender has enough documentation to make a credit decision, whether or not a written application exists. Obviously, there is ambiguity in the law. But, it is clear that the majority of the law does not require a paper 1003URLA or other formal application form in order for an application to exist. So, broadly, the application date could be considered to be the date that the lender receives the last document that would allow them to give a "yes" or "no" decision on a loan request.
What else can I help you with?
How long a Preliminary title report good from the time of mortgage application?
The title report should be dated as to the date the examination covers. When the mortgage is recorded the title report will need to be updated up until the recording of the mortgage.
Where can one obtain a application to refinance their mortgage?
There are many places that someone can obtain an application to refinance their mortgage. There is a guide about how to do this on eHow. Sites that offer this service include the site Refinance Mortgage Application and Loans.
Can a mortgage broker process his own mortgage application?
Yes In the US, no.
Where is an application for an ING mortgage?
Contact your local ING branch or a Mortgage specialist to set up a meeting and complete and application.
When is the mortgage origination date for this property?
The mortgage origination date for this property is the date when the loan was first issued to the borrower.
How long a Preliminary title report good from the time of mortgage application?
The title report should be dated as to the date the examination covers. When the mortgage is recorded the title report will need to be updated up until the recording of the mortgage.
Where can one obtain a application to refinance their mortgage?
There are many places that someone can obtain an application to refinance their mortgage. There is a guide about how to do this on eHow. Sites that offer this service include the site Refinance Mortgage Application and Loans.
Can a mortgage broker process his own mortgage application?
Yes In the US, no.
Where is an application for an ING mortgage?
Contact your local ING branch or a Mortgage specialist to set up a meeting and complete and application.
When is the mortgage origination date for this property?
The mortgage origination date for this property is the date when the loan was first issued to the borrower.
How long is a credit report good from the time of mortgage application?
The loan will need to close within 90 days of the issue date of the credit report.
What is the mortgage origination date for your current home loan?
The mortgage origination date for my current home loan is insert date.
What are the terms of a chattel mortgage?
the buyer signs a promissory note, secured by the product, that constitutes a promise to repay the debt. The mortgage will typically contain an acceleration clause
How does the mortgage company know if you are married or not?
They can do a credit check on you or check the electrol role to see if you have any financial links to any body else or share a home with them. You also have to fill out a mortgage application know as a Form 1003. You must disclose this information truthfully on your mortgage application. It is against the law to submit a mortgage application with false information.
What is a mortgage in principle and how does it differ from a formal mortgage application?
A mortgage in principle is a preliminary agreement from a lender stating how much they may be willing to lend you for a mortgage. It is based on basic financial information and does not require a full application. A formal mortgage application is a detailed process where you provide all necessary documentation and undergo a credit check before the lender makes a final decision on the loan amount and terms.
Where can one find a mortgage loan application from Wells Fargo?
One can find a mortgage loan application from Wells Fargo in a few places. One of those places is at the bank itself, by asking a customer service representative or mortgage adviser. Another place that one can find a mortgage application from Wells Fargo is online at the bank's web site.
What is the loan origination date for the mortgage on your new home?
The loan origination date for the mortgage on my new home is the date when the loan was first approved and funded by the lender.
