What Are Reserves? Reserves are liquid or near liquid assets that are available to a borrower after the mortgage closes. On every loan transaction, reserves are required to be verified as part of the approval process. Acceptable sources or reserves […]
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Loan Documentation
What is TRID? TILA-RESPA-INTEGRATED-DISCLOSURE
For more than 30 years, Federal law has required lenders to provide two different disclosure forms to consumers applying for a mortgage. The law also has generally required two different forms at or shortly before closing on the loan. Two different Federal agencies […]
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Documents Needed for Loan Applicant
ALL BORROWERS: Copies of W-2’s for the last two years. Copies of paycheck stubs for the last 30 days (most current). Copies of checking and saving account statements for last three months (all pages). Copies of quarterly or semi-annual statements […]
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