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. Loan officers at a bank or a credit union are employees working to sell and process mortgages and loans for mortgage customers or home buyers like you. Their loan types and mortgage products have several varieties but they all come from one specific originator, their employers.
