What is typically required from a borrower before a lender will process a loan?

A loan application or 1003 form is typically required from a borrower before a lender will process a loan because it serves as the primary document that collects essential details about the borrower's financial history, income, assets, and liabilities. This form is standardized across the industry, ensuring that lenders receive uniform information to assess the borrower's creditworthiness.

Having this application is crucial for the lender as it initiates the loan approval process. It allows the lender to conduct necessary evaluations, such as verification of employment, credit checks, and analysis of the borrower’s overall financial situation. Without this foundational step, a lender wouldn't have the information needed to make an informed decision regarding the loan request.

In contrast, requirements like proof of tax payments, an empty title deed, or a list of previous landlords might be relevant in specific contexts or scenarios, but they are not standard prerequisites for starting the loan processing.