Sunrise Community Bank has recently approved a $450,000 mort…
Sunrise Community Bank has recently approved a $450,000 mortgage loan to a first-time homebuyer, Daniel. Daniel is employed at a small accounting firm and meets the bank’s requirements for mortgage approval. However, six months later, Daniel unexpectedly loses his job. Due to his lack of income, and not having much cash in his savings account due to the large down-payment on the home; he has missed the last two month’s mortgage payments. What type of risk does Daniel pose for Sunrise Community Bank?