Transcription of CHAPTER 6: UNDERWRITING THE LOAN SECTION 1: …
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CHAPTER 6: UNDERWRITING THE LOAN SECTION 1: …
HB-1-3550 SECTION 1: OVERVIEW OF THE UNDERWRITING PROCESS INTRODUCTION The UNDERWRITING process brings together the applicant eligibility requirements discussed in CHAPTER 4 and the property requirements discussed in CHAPTER 5 with the loan and subsidy requirements that are discussed in detail in this CHAPTER . By putting all of this information together, the Loan Originator can determine the applicant s repayment ability, whether a loan can be approved, and the amount of the loan. This CHAPTER is structured as follows: SECTION 1 reviews the concept of UNDERWRITING ; SECTION 2 describes loan terms and requirements; SECTION 3 provides policies and procedures for determining whether the applicant is eligible for payment subsidy and the amount of the subsidy; and SECTION 4 provides policies and procedures for UNDERWRITING a loan for a specific property and preparing the loan approval recommendation.
Underwriting has both objective and subjective elements. For example, ... Official. Commissions, finders’ fees, homeowner association fees, placement fees, and ... the package must comply with the requirements outlined in the aforementioned attachment.
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