What information is gathered for Gifts and Grants?

The Uniform Residential Loan Application and Residential Credit Application have a separate section to capture the information about Gifts and Grants (4d). If Gift Of Cash, Grant, or Gift Of Property Equity is selected as an asset type, complete the Grants Source Type on the Assets box to indicate the source of funds given to the party.

Select Already included in the value of another asset if Gift of Cash or Grant is already included in the value of another asset. If Already included in the value of another asset is selected, the value entered for the Gift Of Cash and Grant will not be included in the Total Value for the section.