Additional Components of the URLA Application
Final sections of the Uniform Residential Loan Application (URLA); Declarations; Acknowledgments and agreements; Demographic information; Loan Originator Information
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Category: Video
URLA Section 4: Loan and Property Information
Borrower entry of information about the purpose of a mortgage and the property they intend to purchase or refinance with it.
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URLA Section 2 & 3: Financial Information
The borrower’s entry of assets, liabilities and other properties owned in the Uniform Residential Loan Application (URLA).
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URLA Section 1: Borrower Information
Documenting the borrower’s personal identifying information and income from employment and other sources.
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Fundamentals of the Uniform Residential Loan Application
Authorization for the lender to start the mortgage packaging process
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Preparing for Meeting with a Lender
Use of the Mortgage Shopping Worksheet to compare all the mortgage variables occurring on origination and during the life of the mortgage.
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The Buyer’s Agent Becomes the Transaction Agent
Submission of a mortgage application to a private or institutional lender as the catalyst which sets the mortgage industry in motion.
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Funds Held in Escrow on Cancellation
Who has the right to receive funds deposited in escrow when escrow fails to close?
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Escrow Prorations
Credits or charges in escrow for a buyer’s or seller’s proportionate share of income or expenses involved in the ownership of the property being conveyed
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Modifying Escrow Instructions
Amending escrow instructions when an issue arises that is not addressed in the underlying purchase agreement or escrow instructions
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The Documents Work Together
The purchase agreement and the escrow instructions work in tandem to close a transaction
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Escrow Instructions
Bilateral and unilateral escrow instructions co-exist in California.
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Escrow Basics
The escrow process – in action
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Escrow Companies and Escrow Officers
Critical services rendered by an escrow officer
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Introduction to Escrow
Escrow activities employed to timely close a real estate transaction
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Rules Controlling Appraisals
Maintaining appraiser independence and neutrality
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Correlation of Values and Creation of the Appraisal Report
Reconciliation of property values and creation of a completed Uniform Residential Appraisal Report
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Three Appraisal Approaches: Income Approach
Using the income appraisal approach to set a property’s value based on its rental income.
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Estimating Replacement Cost and Depreciation Under the Cost Approach
Specific methods for estimating replacement cost and depreciation, and the three types of depreciation
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Three Appraisal Approaches: Cost Approach
Determining a property’s market value by adding the value of the lot as though vacant plus the current construction costs, less depreciation
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