Lenders have made certain categories based on the status of borrowers. First one is “Full doc loans” which is for borrowers who have documents for employment, income and assets and good credit scores. Second are “Stated income loans” for people who have documents for their income but not for other assets, they too need to have good credit scores. Thirdly “Stated income/Stated assets” is for people who may not be able to produce full documents for their income and assets. Lastly are the loans for people who provide no documents for income and assets i.e. “No documents loans”.
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A Mortgage Broker is a person who helps consumers or businesses to sell their mortgage products acting as a middle –man. In beginning, Lenders sold their properties in open market with great difficulties but after some time, The role of Mortgage Broker was introduced.
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