By law, a mortgage loan application is valid when these things are provided to the lender:
- Loan Amount applied for
- Estimated Property Value
- Property Address
- Borrower Name
- Borrower ID — preferably Social Security Number
- Borrow Income
Supplying these establishes a legitimate loan application under the Federal TRID guidelines.
While submitting these in written form is preferable, providing them in conversation — live, phone call, or video conference — is also valid. You should request a written record of the conversation, of course.
Once supplied, these 6 facts start the clock for a lender. Under the TRID guidelines, financial institutions must return a Loan Estimate within 3 business days. (See other videos on Loan Estimate details here.)