count how many words? of this :Loan Application and Approval Guide Step 1: Applying for a Loan Receive Application: Get the loan application from the borrower or their broker. Check for Completeness: Make sure all needed documents are included. Basic Review: Look at the application to see if it meets the basic requirements. Step 2: Checking and Documenting Verify Information: Check the borrower's details like identity, job, income, and money owed. Ask for More Papers if Needed: If something's missing or unclear, ask for more documents from the borrower. Check Credit: Look at the borrower's credit history to see if they're good at paying back loans. Check Property Value: Arrange for someone to check how much the land or house is worth. Step 3: Approving the Loan Review by Credit Committee: Show the loan application to the credit committee for a decision. Make a Decision: Based on what the committee says, decide whether to approve, conditionally approve, or say no to the loan. Tell the Borrower: Let the borrower know what decision was made and if there are any extra conditions. Step 4: Making the Loan Offer Prepare the Offer: Write down the loan offer with all the details like