Conventional Purchase
Identification
Notes
LSA or Processor to print, complete, sign and upload in Encompass. Does not have to be signed by LO. DL, US Passport, EAC, PERM RESIDENT Card, and Credit Report, W2, etc . Review guidelines Borrower Eligibility for EAC ineligible classifications. *If you hit auto this will be uploaded under the USA Patriot Act Form.
Perm. Res. Alien Card -Front and Back. EAC (Employment Authorization Card) check category to ensure the class is considered Eligible. Category A12 is not eligible to purchase. JPEG image and photos not allowed must be a photo copy. Have borrower download CamScanner Free| PDF Document Scanner and OCR By INTSIG Information Co.,Ltd to iPhone or Android if necessary.)
US Passport, DL, EAC check category to ensure the class is considered Eligible. Category A12 is not eligible to purchase. JPEG image and photos not allowed must be a photo copy.
Notes
Credit
Ordered
If borrower(s) live rent free with relatives prepare rent free letter. Relationship letter if borrowers are not related by marriage. Explanation of derogatory accounts. RENT FREE LETTERS: As a general rule rent history is not required on AE findings. The URLA however should indicate the rental amount , if its zero however I don’t ask for that to be substantiated unless we have the above.
Order online at Credit Technologies and upload borrower authorization. Add confirmation in Conversation Log and email to borrower letting them know to reach out CTI. Provide CTI phone number (800) 473-8221 and reference number to borrower.
Req
Will any account be paid at closing? If so provide payoff statement. Per 1003:
Required for credit scores under 640. SEND LINK TO BORROWER: https://homebuyers.mgic.com/getting-ready/getting-ready.html For HomeReady borrowers must complete: https://homeready.frameworkhomeownership.org/ . The fee for HomeReady Certificate is covered by National MI if you use them as the MI company. Reach out to local rep for coupon.
Insure it is clear on credit report. If not clear prepare letter addressing names that may appear and borrower to state relation. .Processor to prepare at initial UW submission. This should not be a condition. https://sanctionssearch.ofac.treas.gov/
Clear alerts if any according to Consumer Fraud Alert procedure located in LENDING LIBRARY>Procedures>Processing>Fraud Alert Procedure. SSN can be cleared with SSN Validation Report. Processor to clear all Fraud Alerts on credit report at initial UW submission. This should not be a condition on the approval.
FraudGuard Report run report with all applicable parties to the transaction clear any alerts for initial submission. Processor to clear all FraudGuard Alerts at initial UW submission. This should not be a condition on the approval. Located in Encompass>Services> Order Fraud/Audit Services>FraudGuard
Student Loans
Place any supporting backup to clear FraudGuard Report and Credit Report alerts in this bucket.
Notes
Income
Must be most recent 30 days use UW Income Calculation Worksheet-MASTER to calculate income.
Year to Date Total
Worksheet Income
1120, 1120S, K1, 1065 if borrower is self employed
Calculator Results
Only required if borrower is self-employed, works for family owned business, or earning commission income greater than 25%. 1040 Complete with all schedules.
Calculator Results
Only required if borrower is self-employed, works for family owned business, or earning commission income greater than 25%. 1040 Record of Account Transcripts.
Required for all self-employed borrowers. Use Branch Form available in PDF if borrower has not provided.
Required for all self-employed borrowers. Use Branch Form available in PDF if borrower has not provided.
If using rental income. UW Income Calculation Worksheet-RENTAL to be added in this bucket
Calculator Results
Copy of the last 2 years Awards Letters and proof of receipt for the last 90 days
Divorce decree and/or Child Support Order, along with proof of receipt for last six months and proof of the children's age to guarantee continuance for 3 years.
Notes
Assets
LP- Only one(1) month bank statement and evidence of EMD clearance
DU-Two (2) months and evidence of EMD clearance
Always check AUS findings
Bank Balance
One (1) month most recent statement and supporting documentation such as Terms and Conditions of Withdrawal. If used for down payment include proof of receipt of funds, plan loan note and balance of account AFTER loan or withdraw is made
Plan Balance
Copy of check and proof of bank payment with transaction history
EMD Check
Date Cleared
Required if anyone but Borrower(s) are on Bank Account
GIFT LETTER: Provide gift letter and proof of donor's ability. Complete Gift Letter in forms and provide to borrower for execution via eFolder. Funds to be transferred day of closing to title agent.
Gift Amount
Gift Donor
SOURCE OF FUNDS-LARGE DEPOSITS: FNMA/FHLMC-Large deposits are defined at a single deposit that exceeds 50% of the total monthly qualifying income for the loan.
Prorations are only clients at close. They DO NOT count as assets nor reserves at this time.
Notes
Property
Ordered
ETA
Value
Not required to be signed and returned if appraisal/valuations are eDisclosed through Encompass and the "document is viewed" by borrower(s). Instructions on how to eDisclose appraisal available in LendingGuide> Procedures.
Must be uploaded before initial underwrite and required for FHA loans as well.
Flood Insurance to be placed in this bucket. Must be complete flood application.
Only order when improvements have been completed and file will be closing. If closing out an Escrow Repair the borrower's CC will not be charged since it is collected from Escrow Holdback funds.
Ordered
Place quote here for initial underwrite. If borrower approves quote before initial submission request final insurance to be submitted with loan on initial approval.
Once in, submit to Condo Desk for approval.
Collect bids from general contractor add to itemization and let UW know amount was added in itemization 1300 section.
Fully Executed Purchase Agreement, signed by all parties, good through the purchase date listed in the file. Verify Price, Concessions, EMD, Closing Date and
Title Company being used
Purchase Price
Earnest Money
Seller Concessions
Title Company
Closing Date
Review BEFORE Submission to Underwriting
Expires
To be uploaded by Secondary make sure pricing, interest rate, credit score, LTV, DTI are correct on lock because this could affect your pricing. If credit score changes pricing must be updated.
Closing Date
For all conventional loans provide quote obtained through Radian, MGIC, or Genworth used to calculate MI. Quotes can be obtained through Order Mortgage Insurance> Pick MI Company > Obtain Quote. It should upload quote to eFolder.
DU/LP for Initial Underwrite
Total Income
Cash to Table
Total Assets
Reserves
List any items you know will be pending so UW is aware. Example: FILE IS BEING SUBMITTED PENDING THE FOLLOWING: 1. DISCLOSURES- FL LOCK IN AGREEMENT AND LE FOR RATE LOCK 2. TITLE- PRELIM CD FINANCING TYPE CORRECTION. Once completed check Submit and click Finished so milestone moves over to UW line. Send email to add file to underwriting line.