Finance
A Florida buyer applies for a conventional mortgage. The lender requests a 'tri-merge' credit report. This means:
AThree different types of income are verified
BCredit reports from all three major bureaus (Equifax, Experian, TransUnion) are merged into one✓ Correct
CThree co-borrowers are listed on the loan
DThe loan is divided among three lenders
Explanation
A tri-merge credit report combines credit data from all three major credit reporting agencies (Equifax, Experian, TransUnion) into a single report. Lenders typically use the middle score of the three for qualification purposes.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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