Traditionally, a person in need of a loan, such as a mortgage, goes to a lending institution, such as a local bank. There he/she is met with a lending officer of the bank who gives an introduction of the loans that are offered by the bank. The prospective borrower will be asked about the amount of the loan he desires and certain preliminary financial information about the borrower (e.g. gross household income). If the lending officer is satisfied with borrower's answer, he will ask the borrower to formally fill out an loan application and submit it to the bank.