As part of the loan application process, a loan originator collects a book of papers detailing the borrower's financial history. Typical information includes copies of previous mortgage account statements, income tax records, credit card documents, etc.
The documentation makes it possible for the loan originator to resell the mortgage to others.
Related Fool Articles
Recent Mentions on Fool.com
- Everything You Need to Know About Google's EU Antitrust Suit
- Will Astronomy Thwart iRobot Corporation's Robotic Lawn Mower Plans?
- 5 Tax Tips for Claiming Unemployment Benefits
- 4 Reasons Skype For Business Will Be Good for Microsoft and Business
- How Amazon Web Services Could Help Kill the PC
- IRS Audit: Are You in Danger?