Let’s examine the Greater Las Vegas Association of REALTORS (“GLVAR”) Residential Purchase Agreement (“RPA”) (Rev. 06/17). On page 1 of 11 paragraph 2: Additional Financial Terms & Contingencies: A. New Loan Application and continuing onto page 2 of 11 it asks the Buyer to “submit a completed loan application to a lender of Buyer’s choice…” But, what is a completed the loan application? The GLVAR RPA offers no definition (see: GLVAR RPA “Other Matters” paragraph 23 Definitions). Moreover, mortgage lenders themselves often do not agree on what is considered a completed loan application. I suggest we embrace the Consumer Finance Protection Bureau (“CFPB”) definition that states “an application is defined as the submission of six pieces of information: (1) the consumer’s name, (2) the consumer’s monthly income, (3) the consumer’s Social Security number to obtain a credit report (or other unique identifier if the consumer has no Social Security number), (4) the property address, (5) an estimate of the value of the property, and (6) the mortgage loan amount sought. It’s my opinion we should this accept this definition. Why? Because we need a singular definition of what constitutes a completed loan application. We need clarity. We need to avoid misunderstandings. It’s a concise definition and it is embraced nationally. Let’s include it in the GLVAR RPA!
- Do I need 36 CE hours or 24 to renew my license in January 2020?
- What happens if I misplace my CE Certificate?
- Is my education history as reflected on “My Account” on the Division’s website proof of completion of my education requirements?
- I’m a Nevada real estate broker. I’m confused about Form 546A – Affidavit in Lieu of Form 546. Can you help?
- Is a broker required to submit an annual Nevada Real Estate Division Form 546A even if the broker does not provide property management services AND does not maintain a property management permit?
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