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loan application process |
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loan application process The creation and transmittal of all information a lender might find necessary to assist it in reaching a decision to loan money to a borrower or not.At a minimum,the process usually consists of • Alist of assets and liabilities • Current cash flows showing a present ability to repay the loan, or pro forma projections showing future income sufficient to repay the loan, such as if the loan proceeds will be used to buy income-producing property • A Social Security number and present address so that the lender can obtain a credit score Depending on the complexity of the purpose for the loan,or the handicaps a borrower must overcome because of a poor credit score, the process can become much more complex. All lenders have their own specialized requirements and procedures; even individual loan officers within an organization may have differing requirements for the process. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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