Servicer’s duties include the following:

• Taking information from the borrower and receiving borrower input on prequalification applications;

 

• Analyzing the prospective borrower's income and debt and pre-qualifying the prospective borrower to determine the maximum mortgage that the prospective borrower can afford

 

• Collecting financial information (tax returns, bank statements) and other related documents that are part of the application process (to be maintained in an electronic cloud database

 

• Providing disclosures (truth in lending, good faith estimate, others) to the borrower

 

• Maintaining regular contact with the borrower, realtors, closing agent, and lender, between application and closing to apprise them of the status of the application and to gather any additional information as needed;

 

• Participating in the closing process;