MORTGAGE ANALYSIS

Mortgage Documentation and Analysis

Mortgage Application Form

APPLICANT(S)

Name of Applicant in Full

Jack Adams

DOB (MM/DD/YYYY)

05/22/1970

SIN

450-120-843

Contact Information

Tel: (416) 555-1492 | Cel:(647) 555-1822| Email:jadams@hotmail.com

Name of Co-Applicant in Full

Susan Adams

DOB (MM/DD/YYYY)

04/081972

SIN

499-921-012

Contact Information

Tel: (416) 555-1492 | Cel:(647) 555-1492| Email:sus.adams@gmail.com

Present Address

123 Secord Street, Toronto, ON, M1S 1M1

No. of Years

2 year 6 months

Previous Address

5678 Oakwoods Boulevard, Toronto, ON, M1S 1N1

No. of Years

2

DETAILS OF MORTGAGE REQUEST

Purpose of Mortgage

House Refinancing and CIBC Loan Payment

Amount

$200,000

Rate

5%

Term

Closed

Frequency

Monthly

Amortization

420

Date Required

07/01/2009

Rank (1st , 2nd, 3rd)

1st

PARTICULARS OF SECURITY

Lot #

123

Plan #

M1S 1M1

Municipality

Toronto

Occupancy

Owner Occupied

Rental Income

N/A

Civic Address (if different from Present Address)

Lot Size

223 sq.m

PROPERTY TYPE AND CONSTRUCTION

Date Acquired

12/18/2006

Purchase Price

$205,000

Down Payment

$54,000

Present Value

$254,000

Annual Taxes

2,307.15

Detached Duplex Triplex Semi Condo (Mtc Fee: $) Townhouse Other

Age of Bldg:

11

Construction:

Brick

Storeys:

2

# of Bedrooms

2

Zoning:

R-1

Garage:

1 car

Heating:

Forced Air Gas

Property Extras (Describe)

Swimming pool and remodeled kitched

DETAILS OF EXISTING FINANCING

Rank

Current Balance

Rate

Payment

Lender

Renewal Date

To Remain?

First

$197,739.64

6.89%

$1550.47

Leahman's Savings and Loans

07/01/2009

NO

EMPLOYMENT INFORMATION

APPLICANT'S EMPLOYER'S NAME: SELF EMPLOYED?

T & J Manufacturing INC

TEL:(416) 555-1212

FAX:(416) 555-2121

POSITION:Assembly Line Operator

No. of Years:4

ADDRESS:1234 John Street, Toronto, ON M4M 4M4

INCOME:$75,500 /YEAR

APPLICANT'S EMPLOYER'S NAME: SELF EMPLOYED?

Uptown Accounting LLP

TEL:(416) 555-9998

FAX:(416) 555-9997

POSITION:Accountant

No. of Years:5

ADDRESS:1105A King Street, Toronto, ON M4M 4M4

INCOME: $82,000/YEAR

OTHER INCOME (SPECIFY SOURCE AND AMOUNT)

ASSETS AND LIABILITIES

ASSET TYPE

AMOUNT

LIABILITY TYPE

AMOUNT

PAYMENT

TO REMAIN

Car

$8,500

Mortgage Liability

$197,739

RRSP

$26,000

Household Goods

$21,000

House

$254,000

TOTALS

$309,500

$197,739

Net Worth = $111,761

NOTES

CONSENT

IN CONNECTION WITH MY APPLICATION FOR CREDIT, I/WE HEREBY AGREE TO YOU PROCURING ANY CREDIT OR OTHER REPORTS TO DETERMINE MY ABILITY TO OBTAIN MORTGAGE FINANCING AND SHARE THIS INFORMATION WITH OTHER CREDIT GRANTORS OR CONSUMERS REPORTING AGENCIES. I/WE FURTHER AGREE THAT YOU MAY ASSIGN THIS APPLICATION TO THE LENDER OF YOUR CHOICE AND MAY DESIGNATE THE CLOSING LAWYER. I/WE ACKNOWLEDGE THAT YOU MAY RECEIVE A FINDERS FEE FROM LENDER. I/WE FURTHER STATE THAT THE INFORMATION CONTAINED IN THIS APPLICATION IS ACCURATE TO THE BEST OF MY/OUR KNOWLEDGE. I/WE AUTHORIZE YOU TO USE THE INFORMATION CONTAINED WITHIN THIS APPLICATION AND AS OBTAINED THROUGH THIS TRANSACTION TO PROVIDE ME/US WITH INFORMATION THAT YOU BELIEVE MAY BE OF INTEREST TO US IN THE FUTURE.

DATE: 07/09/2009 APPLICANT'S SIGNATURE: John Adams

DATE: 07/09/2009 CO-APPLICANT'S SIGNATURE: Susan Adams

ESSAY QUESTIONS

What question(s) should you ask this couple regarding their previous credit?

There are various questions that I would like to ask about the family's previous credit. My first question would be to ask for the purpose of the CIBC loan. I would also ask questions related to how they had initially planned to pay for their original mortgage. I would ask information on their monthly savings and their total reserved savings. I would also ask for the reasons of the 2 30+ days late payments found in their credit report.

What documents are you required to leave with your clients after they have signed the Borrower Disclosure?

I first would require giving a Truth-in-Lending disclosure statement. This document comprises details of the annual percentage rate of the loan being provided and the total amount of the loan that is being financed. It will include data of all the payments and the amount of monthly payments. The document will also include information concerning the total finance charge and prepayment penalties if applicable. It will also comprise information concerning late payment charges and insurance requirements of the entire ...