You are representing a buyer client who has asked you to respond to the following questions:

Describe the steps in the loan process and explain the difference between prequalifying and preapproval.

Describe the purpose of TRID and the various sections of the form.

Describe the three appraisal approaches to value and how the bank uses this information in the loan qualification process.

Describe the difference between a mortgage broker and a mortgage banker and which one would you recommend the buyer to use?

Identify the three primary loan financing documents and the purpose of each one.