Credit Evaluation School - May 2023

CONSUMER LOANS RESIDENTIAL (HOME)

What is it: A consumer loan to an individual for personal reasons, typically to purchase real property such as a residential home, undeveloped land, lots, free-standing dwellings, duplexes, fourplexes, apartments, or condominiums.

2. PRIMARY DOCUMENTS REQUIRED:

☐ Signed Residential Mortgage Credit Application (Form 1003-Fannie Mae) ☐ Credit Report ☐ Promissory Note ☐ Mortgage or Deed of Trust (properly filed) ☐ Appraisal or Evaluation ☐ Independent Review of Appraisal or Evaluation ☐ Title Insurance Commitment or Preliminary Lien Search

☐ Title Insurance Policy or Title Opinion ☐ Evidence of Home Owner’s Insurance ☐ Income Information (Tax Returns, Payroll Stubs, etc.)

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