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!
- Avoiding Fixtures & Personal Property Disputes
- Is a Broker Required to Have a “hard copy” of NRS 645 & NAC 645 in their Office?
- Can an agent send out holiday cards to past clients offering money to them if they refer a prospect to the agent?
- Is a Licensee Who is Solely a Referring Agent Required to Complete a Duties Owed Form
- Is a broker required to display their license & that of all other licensees associated with them so that members of the public may view them?
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- Current Issues Under Investigation by NRED
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- Residential Purchase Agreement
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