Pre Approval Contract
From Open Risk Manual
Definition
Pre Approval Contract. A written commitment to lend when specified conditions are met, e.g. finding suitable property, and unchanged creditworthiness
A commitment from a lender to a borrower to extend a home purchase loan up to a certain amount, and subject to certain non-credit related conditions. This commitment is entered into after a comprehensive analysis of the credit worthiness of the borrower is carried out.
See Also
- the 2015 Revised HMDA regulation.
Disclaimer
This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.
Facts about "Pre Approval Contract"
| IsDefinedBy URI of an entity that is defined via an imported vocabulary. | https://spec.edmcouncil.org/fibo/ontology/LOAN/LoanContracts/LoanCore/index-en.html + |
