A Credit Report Fee is a charge that lenders require to cover the cost of obtaining a credit report to assess the creditworthiness of a borrower. Typically around $50, it is a standard part of many loan applications.
A Letter of Comfort is a document issued by a parent company to a lender to support a subsidiary’s loan application without providing a direct financial guarantee.
Loan application fraud involves providing false information or documentation to deceive lenders and secure loan approval.
Dual Contract refers to the illegal or unethical practice of providing two different contracts for the same transaction. The one with a larger amount is generally used to apply for a loan, while the actual contract reflects a lower amount.
Loan Fraud involves intentionally providing false information on a loan application to better qualify for a loan. This act may lead to civil liability or criminal penalties.
An exploration of the locked-in interest rate, a commitment by lenders to offer a fixed rate at the time of the loan application, including its qualifications, contingencies, and common practices.
A comprehensive guide to understanding the role and responsibilities of a loan officer, including the benefits and compensation associated with the profession.
