Failure to properly carrying forward approved work-in-place on the Mortgagors Draw Requisition occurs in which of the following type of mortgage loan?

Question

Quizplus · Accepted Answer

Failure to properly carrying forward approved work-in-place on the Mortgagors Draw Requisition typically occurs in construction loans. This type of loan involves multiple disbursements of funds to cover the cost of constructing a property. The mortgage lender typically requires an inspection before releasing the next payment to ensure that the work has been completed satisfactorily. If the Mortgagors Draw Requisition is not properly completed and the work-in-place is not reported accurately, it can lead to funding issues and delays.

Failure to Properly Carrying Forward Approved Work-In-Place on the Mortgagors