Final answer:
The loan application, credit report, and appraisal must all be completed before a loan is ready to be underwritten.
Step-by-step explanation:
The loan application, credit report, and appraisal must all be completed before a loan is ready to be underwritten. The loan application is the initial step in the loan process, where the borrower provides information about their income sources and other financial details. The credit report is obtained to assess the borrower's creditworthiness and history of repayment. The appraisal is conducted to determine the value of the property that will serve as collateral for the loan.