terms that represent, or try to evoke images or experiences of specific, tangible objects or entities. Concrete terms are usually thought of as opposed to abstractions or generalizations. External conflicts have outside action such as man against man, man against nature, man against fate.
- Borrower must receive servicing transfer statement at least 15 days before effective date of loan transfer-Borrower cannot be penalized for making a timely payment to prior servicer within 60 days of loan transfer-Records must be retained for 3 years for revised GFE; for 5 years for HUD-1s, escrow accounts, and AfBAs.
A loan approval process should take anywhere from 1 day to 1 month, depending on the size and type of loan applied for, as well as the credit risk and underwriting needed for the borrower.he loan approval process is determined by the lender and is based on their need to assure themselves that the amount of loan that is being lent is going to a party that demonstrates the necessary responsibility to pay the loan back. Lenderâs Loan Approval Process.