# mortgage_application # mortgage_application A formal request for a loan: the loan itself, the plan chosen, and the pricing schema it was quoted under. Mortgage_application describes properties of a mortgage application. ## Why it matters Three references — the loan, the mortgage plan, and the pricing schema. The pricing schema reference is the one that repays explanation. A quote is only meaningful against the rules it was produced under, and those rules change. Holding the schema on the application means a quote can be reproduced later rather than recomputed under whatever rules are current, which is the difference between an audit trail and an estimate. ## In practice Price produces the quote and Approval reads the application when it issues a conditional approval without an underwriter. ## Relationships | Property | Points at | Definition | | --- | --- | --- | | `has_loan` | `loan` | A mortgage application has a loan. A loan in a mortgage application refers to the amount of money that a borrower is requesting from a lender to purchase a property. When a borrower submits a mortgage application, they specify the amount of money they need to borrow to purchase the property. | | `has_mortgage_plan` | `mortgage_plan` | A mortgage application has a plan. A mortgage plan in a mortgage application typically refers to the proposed repayment plan for the loan. It outlines how the borrower plans to repay the loan over time, including the amount of each payment, the frequency of payments, and the length of the repayment period. | | `has_pricing_schema` | `pricing_schema` | A mortgage application has a pricing schema. A pricing schema, also known as a pricing model, is a method used by lenders to determine the interest rate and fees that will be charged to a borrower for a mortgage loan. Pricing schemas take into account a variety of factors that can impact the risk of lending to a particular borrower, including their credit score, income, employment history, debt-to-income ratio, and the size of the down payment. |