A dual contract is an illegal or unethical practice in which two different contracts are provided for the same transaction. One contract reflects a larger amount and is used to apply for a loan, while the real contract is for a lower amount.
A loan application is a document required by a lender prior to issuing a loan commitment. It typically includes details such as the name of the borrower, the amount and terms of the loan, a description of the collateral, and the borrower's financial and employment data.
A loan officer is the person responsible for guiding borrowers through the loan application process, ensuring all necessary documentation is provided, and overseeing the processing of loan applications until approval.
A Loan Origination Fee is a charge levied by a lender for processing a new loan application, used as compensation for putting the loan in place.
A loan package is a comprehensive set of documents and information submitted to a lender to apply for a loan. These documents usually include a loan application, financial statements, and other pertinent information.
