The "application" is actually the beginning of the loan process and usually occurs between days one and five of the loan. The buyer, sometimes also refferred to as a "borrower" or "applicant", completes a mortgage application with the load officer and supplies all the requiresd documentation for processing. Various fees and down payments are discussed at thsis time and the borrower will receive a Good Faith Estimate (GFE) and a Truth-In-Lending statement (TIL) within three days which itemizes the rates and associated costs for obtaining the loan.