This document provides information on the contents of a loan application package, specifically focusing on documenting the loan application and the requirements for the package. It states that the loan application must be documented on the Uniform Residential Loan Application (Form 1003) and emphasizes the importance of accuracy in the final form. It also discusses the use of a power of attorney in executing the initial and final Form 1003 under certain circumstances. Additionally, the document mentions the inclusion of other necessary documents such as the sales agreement, Supplemental Consumer Information Form, and various verification and underwriting documents.
Here are some sample questions
- What are the common documents that must be included in the lender's post-closing document review?
- What is the required minimum percentage of loans that the lender must select for post-closing QC review?
- What is the purpose of discretionary QC samples in the post-closing QC plan?
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