Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A Borrower is applying for a morggage to purchase a nien home in which she wil be resirganis has authorized you to obtain a credit

image text in transcribed
A Borrower is applying for a morggage to purchase a nien home in which she wil be resirganis has authorized you to obtain a credit bureau report she has prowided you sith prool toa she 6 cured. renting an apartment and has listed a car loan ,redit card debt and a bark laan a her ony Labitas all do which are listed on her credit bureau report. During your analyss of tis reqotyou rote tuat there ire too previous inquiries by mortgage lenders in the past twehe morths. Afur sutmmitrg the apolorafieta the appropriate lender you receive a Commitment letter that. in additon to cother requirneests requiras copy of the Borrower's bank statements far the past rinety days to prove thatshe has the town pupnate her account. The Borrower supplies you with this documentation, and upon revianng ityounctecaitere are large, regular monthly payments to two different banks during tis period. Eelore eitniting tos documentation to the Lender you decide to ask the Borrower abouttiase paytens stce tu co icero reflected on her cred t bureau report and she did not indude them ax labiliza onter bpiator iay therefore believe that she may be attempting to misepresent he appliction atich waid tee wrocties fraud. In addition to her total amount of liabilities, what do you guspet thet she stovesto muce ensure that her application is approved

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Finance questions