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Loan Application
The most common version of the Uniform Residential Loan Application is the Fannie Mae
1003, which is the loan application that is used in Point. In addition to the Fannie Mae
application, other lender-specific loan applications are available from the Lenders menu.
When data is entered in a field that is common among the various loan applications in
Point, the corresponding field in all applications is automatically populated.
The basic
Loan Application in Point is comprised of five screens that correspond to the
printed pages of a loan application.
The
Loan Application is divided into the following sections:
Page 1
I. Type of Mortgage and Terms of Loan
II. Property Information and Purpose of Loan
III. Borrower Information
Page 2
IV. Employment Information
V. Monthly Income and Combined Housing Expense Information
Page 3
VI. Assets and Liabilities
Page 4
VII. Details of Transaction
VIII. Declarations
X. Information for Government Monitoring Purposes
Page 5
Lists additional assets, liabilities, and properties.
In this topic
• Specifying joint assets
• Entering mortgage type and loan terms
• Entering property information and loan purpose
• Entering borrower information
• Entering employment information
• Entering income and housing expenses
• Entering assets and liabilities
• Summarizing the transaction details
• Entering declarations
• Printing the Acknowledgement and Agreement clause
• Completing the Government Monitoring information
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