The worst of them earn the nickname "ninja loans," short for "no income, no job, and (no) assets."In the industry, they are called "liar loans" - mortgages approved without requiring proof of the borrower's income or assets. The very faceless nature of online mortgages makes them difficult to trust. There is, after all, much sensitive information that you would have to give out when you apply for a mortgage. Such information may include your social security number, your full name, your address, your monthly income, et cetera. Thus, it is therefore advisable that you only conduct these types of online transactions with an established institution.
