A mortgage loan originator (MLO) processing an SFR mortgage application pulls a credit report, advises the applicant of the credit agency’s score and any derogatory financial information which suggests adverse action on the application. Critical to approval, the applicant provides the MLO with explanations for the derogatory items so the MLO can process the application.
Form-of-the-Week: Credit report disclosure forms for originating an SFR mortgage — Forms 302, 217, 217-1, 217-2 and 219
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