ACTIVITY: Final Paper Part 5 (Loan Application Narrative)
For this activity, we
ACTIVITY: Final Paper Part 5 (Loan Application Narrative)
For this activity, we continue writing another section for our final paper. Study the 1003 Loan Application you completed in Module 8 and write out the details in sentence form. Write 5 paragraphs following the template below. Note the loan processing section will need a checklist! Scroll down to the example as shown below.
Instructions
Write five paragraphs as shown below in the template. First, write one paragraph summarizing the 1003 loan application for your subject borrowers, which you completed in Module 8. Then, write two paragraphs detailing the 1003 loan application form for your subject borrower, and another two paragraphs explaining the loan processing needed for this application. Cite the textbook once in each paragraph by including the page numbers in parenthesis. You will submit here in this assignment as a text entry. Click the “Submit” button, then insert your paragraphs into the text box, and click “Submit” again down at the bottom.
TEMPLATE
Loan Application
1003 Loan Application Form
Loan Processing
Supplemental Resources
Sample Loan Document ListSample Loan Docs.doc Download Sample Loan Docs.doc Mortgage loan differencesHow FHA and VA Loans Stack Up: https://www.military.com/money/home-ownership/how-fha-and-va-loans-stack-up.htmlLinks to an external site.
USDA Loans (select from Single Family Housing GUARANTEED or DIRECT): https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.doLinks to an external site.
Jumbo vs. Conventional Loans (Conforming & Non-Conforming): https://www.investopedia.com/articles/personal-finance/061815/jumbo-vs-conventional-mortgages-how-they-differ.aspLinks to an external site.
Loan Limits by Area: https://www.fanniemae.com/singlefamily/loan-limits#Links to an external site.
Example
Example for demonstration purposes only. DO NOT COPY. Please write your own assignment in your own words.
Ima Student
January 1, 2022
BRE-126
Real Estate Finance by Huber
Module 10, chapter 10
Loan ApplicationThe 1003 loan application was completed for borrower Mickey Mouse and co-borrower Minnie Mouse. The Fannie Mae 1003 loan application is typically completed online by the mortgage loan officer (MLS) while interviewing the borrowers (p. 198). It is a four- or five-page form with 10 sections that must be completed in full. It is also known as the Freddie Mac form 65 and is available in MLS software apps. Please refer to the completed loan application for Mickey and Minnie Mouse shown in Appendix A of this report. 1003 Loan Application FormMickey and Minnie Mouse’s application was completed for the house they are purchasing located at 1961 Rams Road in Victorville, California. They applied for an FHA loan with 3.5% downpayment and will hold title jointly as Community Property with Right of Survival. Their employment information was completed with Mickey’s current job at Tile Manufacturing Plant earning a monthly salary of $4,570, plus a prior job at Southern California Logistics Airport. His previous job must be listed to document two years of employment as required (p. 198). Minnie’s information was completed to reflect both her full-time job at Chick-Fil-A and her part-time self-employment as Minnie Mouse Loan Document Signings.
Loan ProcessingThe loan application package is submitted to the underwriters in a specific stacking order as outlined on pages 210-211. The 14 items will be included in the following sequence:
Submission sheet
Transmitting (form 1008)
Cover letter (from the lender)
Loan application (form 1003)
ETC.
In addition, there are more disclosures as listed on page 221. Some of those disclosure include