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APPENDIX: Regulation B201402 BROKER/PROSPECTIVE BORROWER AGREEMENT This agreement is between name of prospective borrower(s) (individually and jointly the Borrower or “you “) and name of mortgage

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What is mortgage broker prospective borrower?

A mortgage broker prospective borrower is a potential customer or client seeking a loan for a property, who uses the services of a mortgage broker to assist in obtaining financing.

Who is required to file mortgage broker prospective borrower?

Mortgage brokers are required to file information on prospective borrowers as part of their licensing and regulatory requirements.

How to fill out mortgage broker prospective borrower?

When a mortgage broker works with a prospective borrower, they must collect and report relevant information such as income, assets, debts, and credit history to determine eligibility for a loan.

What is the purpose of mortgage broker prospective borrower?

The purpose of collecting information on a prospective borrower is to assess their creditworthiness and financial situation to determine the terms of a suitable loan.

What information must be reported on mortgage broker prospective borrower?

Information that must be reported on a mortgage broker prospective borrower includes personal and financial details such as income, assets, debts, credit score, employment history, and identification.

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