There are six pieces of information that consitute a loan application and thus trigger your loan officer to submit a Loan Estimate and initial disclosures to you. Those pieces can be thought of as the acronym PENCIL. PENCIL stands for (1) P – Property Address (2) E – Estimated Value (3) N – Name (4) C – Credit which you need your borrower’s social security number (5) I – Income and (6) L – Loan Amount. Once these 6 pieces of information are received from the borrower, they must receive the LE or Loan Estimate within 3 business days. You may apply for a mortgage in written form, online or over the phone with a licensed mortgage loan originator. I’m Stewart Brown, a licensed Mortgage Loan Originator in Palm Springs, California here to simply topics in Real Estate and mortgage Lending. Please, like, share, follow and subscribe!
