On the first page of the 1003 (next to appraised value, above borrower's name/info) is a description of the purpose for the loan. I point this out to borrower's - they always copy it, after seeing it.
The reason I point this out is because the loan purpose is often part of the matrix used to qualify/approve the loan. If, for example, they had applied for the loan as a "debt consolidation" and then turned around and said "boob job" ... well, I just like to point out the purpose that's stated on the 1003, to help them decide what to say. =) |
