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LendingRisk.com Mortage Industry Dictionary

Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.

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Documentation Type

In underwriting a mortgage loan it is necessary to determine the borrower's credit worthiness and the subject property's value. Investors require their sellers and underwriters to document loans in accordance with industry specific standards to ensure loan quality and marketability. The description used for the level of required documentation is the loan's documentation type.

The MISMO Mortgage Application v2.3.1 specification for electronic commerce supports the following loan documentation type values, under the LOAN_FEATURES node, in the LoanDocumentationType attribute of the mortgage application transaction:
  • Alternative
  • FullDocumentation
  • NoDepositVerification
  • NoDepositVerificationEmploymentVerificationOrIncomeVerification
  • NoDocumentation
  • NoEmploymentVerificationOrIncomeVerification
  • Reduced
  • StreamlineRefinance
  • NoRatio
  • NoIncomeNoEmploymentNoAssetsOn1003
  • NoIncomeOn1003
  • NoVerificationOfStatedIncomeEmploymentOrAssets
  • NoVerificationOfStatedIncomeOrAssests
  • NoVerificationOfStatedAssets
  • NoVerificationOfStatedIncomeOrEmployment
  • NoVerificationOfStatedIncome
  • VerbalVerificationOfEmployment
  • OnePaystub
  • OnePaystubAndVerbalVerificationOfEmployment
  • OnePaystubAndOneW2AndVerbalVerificationOfEmploymentOrOneYear1040

These loan documentation types are recognized throughout the mortgage industry and represent various levels of credit risk.

See Mortgage Loan Documentation Type Overview
See Mortgage Industry Standards Maintenance Organization (MISMO)

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Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.