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Full- and limited-income verification loans are offered, depending on available documentation and the borrower’s convenience needs. Appraisal requirements are generally the same as those for domestic borrowers. They depend upon the size of the loan.
Though many foreign-national borrowers travel to the United States for their closings, others have closing documents shipped to an appropriate agent in their native countries. In these instances, the settlement must be properly witnessed and verified, as required by the lender and Bank Secrecy Act guidelines.
On a larger level, foreign-national lending is similar to limited-documentation domestic lending. The differences can lie in minor requirements of prudent business practice of the lender and the allowance of more-flexible credit-sourcing guidelines. Reaching this segment does not require tremendous experience.
Providing this product can create a profitable niche for those willing to extend excellent service to foreign borrowers. Originators who recognize and act upon the opportunity to add these programs can increase their pipelines with sizeable loan amounts.
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