Question

On an assumption, what information should be obtained from the lender?

1) payment history
2) FHA premium information
3) fire insurance information
4) reserve (impound) balance
5) certificate of approval on buyer
6) delinquent payment and late fees paid
7) martial status

Answer 1

When obtaining a loan, a borrower should obtain information such as payment history, FHA premium information, fire insurance information, reserve (impound) balance, and certificate of approval on buyer. Martial status is not typically relevant in this process.

Step-by-step explanation:

When obtaining a loan, there are several important pieces of information that a borrower should obtain from the lender:

1. Payment history: This shows the borrower's track record of making payments on time. It helps determine their reliability in repaying the loan.
2. FHA premium information: If the loan is backed by the Federal Housing Administration (FHA), the borrower should know the details of any insurance premiums associated with it.
3. Fire insurance information: Depending on the loan, the lender may require the borrower to have fire insurance on the property. The borrower should obtain information on the insurance requirements.
4. Reserve (impound) balance: Some loans require the borrower to contribute to an impound account, which holds funds for property taxes and insurance. The borrower should inquire about the balance in this account.
5. Certificate of approval on buyer: This is particularly important for loans involving real estate. The borrower may need a certificate of approval from the lender to proceed with the purchase.
6. Delinquent payment and late fees paid: If the borrower has any delinquent payments or has incurred late fees in the past, they should obtain this information from the lender.

It is important to note that martial status is not typically a relevant piece of information when obtaining a loan.