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Underwriting requirements are benchmarks a lender units regarding who can qualify for his or her loans and at what terms. Should you meet these standards, you’ll be provided a mortgage contract. If you don’t, you’ll study why you had been rejected when the lender sends an “adverse action” discover in the mail. (Due to the Truthful Credit Reporting Act’s risk-primarily based pricing rules, lenders must provide a replica of the credit report and credit score used in its decision-making process when it denies someone a mortgage or presents much less favorable phrases on the financing.)

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