TPO: Loan Application - Declarations

The Declarations section of the loan application is used to disclose important details about the borrower's financial history, such as personal bankruptcies, foreclosures, or outstanding judgments. 

Table of Contents

• Overview
• Declarations

Overview

The "Declarations" page asks the borrower to respond to a series of Yes/No questions about the subject property and their financial history, as required by the URLA 1003. If the borrower is completing their application on the consumer site (cPOS), their responses will appear on this page. Conversely, if the borrower is offline, this page can be used to record their responses.

A separate set of radio buttons appears for each borrower on the loan.

Accessing the Declarations Section

The loan application is accessible within the Application tab in the navigation bar

Each section of the loan application is represented by a corresponding tab that appears below the stepper navigation bar when the application is opened. 

____________________

Declarations

The "Declarations" page contains the following questions:

Will you occupy the property as your primary residence?

If Yes is selected, the borrower is asked to indicate whether they have had an ownership interest in another property in the last three years

If Yes is selected, the following questions will appear:

Do you have a family relationship or business affiliation with the seller of the property?

Are you borrowing any money for this real estate transaction (e.g. money for your closing costs or down payment) or obtaining any money from another party, such as the seller or realtor, that you have not disclosed on this loan application?

If Yes is selected, the borrower is asked to provide the amount of money that they are borrowing or receiving. Enter this amount

Have you or will you be applying for a mortgage loan on another property (not the property securing this loan) on or before closing this transaction that is not disclosed on this loan application?

Have you or will you be applying for any new credit (e.g., installment loan, credit card, etc.) on or before closing this loan that is not disclosed on this application?

Will this property be subject to a lien that could take priority over the first mortgage lien, such as a clean energy lien paid through your property taxes (e.g. the Property Assessed Clean Energy Program)?

Are you a co-signer or guarantor on any debt or loan that is not disclosed on this application?

Are there any outstanding judgments against you?

Are you currently delinquent or in default on a Federal debt?

Are you a party to a lawsuit in which you potentially have any personal financial liability?

Have you conveyed title to any property in lieu of foreclosure in the past 7 years?

Within the past 7 years, have you completed a pre-foreclosure sale or short sale, whereby the property was sold to a third party and the Lender agreed to accept less than the outstanding mortgage balance due?

Have you had property foreclosed upon in the last 7 years?

Have you declared bankruptcy within the past 7 years?

If Yes is selected, the following question appears: