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  2. Income requirements to qualify for a mortgage - AOL

    www.aol.com/finance/income-requirements-qualify...

    From conventional to government loans, ... For example, if you earn a gross income of $6,000 per month, your mortgage payment should be no more than $1,680 (28 percent of $6,000), and your total ...

  3. Loan officer - Wikipedia

    en.wikipedia.org/wiki/Loan_officer

    Some loan officers are paid a flat salary; others are paid on commission. Those on commission usually are paid a base salary plus a commission for the loans they originate. Loan officers also may receive extra commission or bonuses based on the number of loans they originate or how well the loans perform. [5]

  4. Verification of employment - Wikipedia

    en.wikipedia.org/wiki/Verification_of_employment

    Verification of Income and Employment (VOIE) is a process [1] used by banks and mortgage lenders in the United States to review the employment history of a borrower, [2] to determine the borrower's job stability and cross-reference income history with that stated on the Uniform Residential Loan Application (Form 1003).

  5. Mortgage industry of the United States - Wikipedia

    en.wikipedia.org/wiki/Mortgage_industry_of_the...

    Mortgage loan financing relies more on secondary mortgage markets and less on formal government guarantees backed by covered bonds and deposits. [8] [9] Prepayment penalties are discouraged by underwriting requirements of large organizations such as Fannie Mae and Freddie Mac. [8] Mortgages loans are often nonrecourse debt, unlike most of the ...

  6. What is a mortgage? A definitive guide for aspiring homeowners

    www.aol.com/finance/mortgage-definitive-guide...

    Conventional loans – A conventional mortgage is not backed by the government or government agency; instead, it is made and guaranteed through a private-sector lender (bank, credit union ...

  7. Mortgage loan originators: What are they and what do ... - AOL

    www.aol.com/finance/mortgage-loan-originators...

    Mortgage loan originators do not make the decision about whether to approve your loan — they act more as an administrator, pushing paperwork through and explaining the loan's terms.

  8. No income, no asset - Wikipedia

    en.wikipedia.org/wiki/No_Income,_No_Asset

    They were especially prominent during the United States housing bubble circa 2003-2007 but have gained wider notoriety due to the subprime mortgage crisis in July/August 2007 as a prime example of poor lending practices. [6] The term grew in usage during the 2008 financial crisis as the sub prime mortgage crisis was blamed on such loans.

  9. Mortgage bankers: Who they are and what they do in home lending

    www.aol.com/finance/mortgage-bankers-home...

    A mortgage banker is tied to one financial institution, while a mortgage broker works independently of lenders. As a result, mortgage brokers can help you compare options from various lending ...