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Continuation Sheet/Residential Loan Application Use this continuation sheet if you need Borrower: more space to complete the Residential Loan Application. Mark B for Borrower or Co-Borrower: C for

How to fill out continuation sheetresidential loan application

1. The continuation sheet for a residential loan application is typically used when additional space is needed to provide more detailed information about the borrower's financial situation.
2. To fill out the continuation sheet, start by clearly labeling it as a continuation of the residential loan application. Include the loan application number and the applicant's name.
3. Provide a brief explanation of why the continuation sheet is being used. This could be because there is a large number of assets or liabilities to report, or if additional explanation is necessary for certain sections of the application.
4. Use headings and subheadings to organize the information on the continuation sheet. This will make it easier for the lender or underwriter to review the information.
5. Provide a thorough breakdown of the borrower's assets and liabilities. Include detailed information such as the type of asset or liability, the current value or balance, any associated account numbers or contact information, and any income or expenses related to these assets or liabilities.
6. If additional explanations or clarifications are needed for any sections of the residential loan application, provide them on the continuation sheet. This could include explanations for gaps in employment history, instances of bankruptcy or foreclosure, or any other factors that may impact the borrower's ability to qualify for the loan.
7. Make sure to sign and date the continuation sheet, confirming that all the information provided is true and accurate to the best of your knowledge.

Who needs continuation sheet for residential loan application?

1. Borrowers who have a significant number of assets or liabilities to report may need a continuation sheet to provide additional detail beyond what can fit on the standard loan application form.
2. Borrowers who have complex financial situations, such as self-employed individuals or those with multiple sources of income, may also benefit from using a continuation sheet to provide a more thorough picture of their financial standing.
3. Lenders or underwriters reviewing the loan application may request a continuation sheet if they find that additional information is needed to make an informed decision. This is often done to ensure that all risks and liabilities associated with the loan application are properly assessed.

In summary, filling out a continuation sheet for a residential loan application involves clearly labeling it, organizing the information with headings and subheadings, providing detailed breakdowns of assets and liabilities, and offering explanations or clarifications as needed. This sheet may be necessary for borrowers with complex financial situations or for lenders or underwriters to properly assess the loan application.

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