MORTGAGE ADVICE
What Exactly is a ‘Stated’ Mortgage?
A stated mortgage used to be more common and at one time most of them completely vanished from the lending landscape. A ‘stated’ mortgage simply means the degree of verification the lender applies when reviewing a loan application. A stated loan is one where certain aspects of the information listed on the loan application are not verified by third parties but instead still used as part of
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David Reed
Writer
David Reed is a multi-published author and mortgage expert. As a Senior Loan Officer and Mortgage Executive he closed more than 2,000 mortgage loans over the course of more than 20 years in commercial and residential mortgage lending.
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