Processing Checklist:

Transcription

1 Processing Checklist: Loan#: Borrower: Processor: AUS Run thru DT Note - Verify Terms Rate/term refi verify P&I pymnt on Note and mtg. statement match to evidence loan not modified. Refer to guidelines if needed for modified loans. (If previous Note is ARM, obtain credit supp. to verify loan not modified.) DOT w/ Riders If no appraisal required, use to verify property type. LDP/GSA Company list and transaction specific individuals Initial MIN search ea. Borrower (print landscape) Note (2nd Mtg) Subordination Agreement Rental Agreement Driver s License / Govt. ID all borrowers SS# Verification all borrowers MI Approval % LP Rate/Term Refinance Existing loan must be seasoned at least 120 days prior to Note date Credit: ***NOTE: Credit Report ID must match ID in AUS*** Credit Report Report ID: LOX Inquiries/Addresses Credit Supplement Current Mtg. Ratings Current Mtg. Statement Compare rate/mo. pymnt. to Note to verify if loan was modified Current Payoff Statement Update mortgage liability w/ payoff amount Bankruptcy Discharge Divorce/Family Support If yes, include complete recorded divorce decree or legal separation

2 Loan Safe Fraud Report VOR, if applicable VOM, if applicable Student loans may never be omitted due to deferment Credit alert on credit report; Retail Processor to contact borrower and certify applied for loan Employment / Income Paystubs Cover 30 days, most recent, w/in 30 days of Note date Updated Paystubs Borrower CoBorrower Verification of Employment VOE can be either Written or Verbal Tax Returns for year(s) Child Support / Alimony verified 12 mos. received Retirement Income Awards Letter Social Security Income Awards Letter W-2's for years 1099's for years LOX Assets: Required $ Verified $ Bank Statements Months Large Deposits 401(K) / Retirement Terms of Withdrawal (if applicable) Verify withdrawal / deposit Verification of Deposit, if applicable Gift Donor: $ Gift Documentation Letter Copy Check Donor Statements Evidence Gift Deposited Earnest Money: $ Verified Copy of Check Cleared Account

3 Property: Use of Business Funds CPA Letter Borrower 100% owner LP Assets Must verify all assets/reserves entered into LP regardless of requirement in LP findings Mortgagee Clause: Mortgage Solutions of Colorado, LLC ISAOA 5455 N Union Blvd Colorado Springs, CO HARP w/piw Option: FHLMC 1149 Appraisal Once Appraisal is received, review the Appraisal Checklist Proof of Delivery Flood Cert Flood Insurance Required Flood Insurance (if req.) Sufficient Coverage Site Address / Zip Code Correct Mtgee Clause Verif. 12 mos. purchase / 45 days refi. Hazard Insurance Sufficient Coverage Site Address / Zip Code Correct Mtgee Clause Verif. 12 mos. purchase / 45 days refi. Condo / Attached PUD Blanket Policy HOA Liability Policy HO-6 Policy HOA Cert Dues $ Conv. - all condos HARP - condos and PUD Purchase Agreement Closing : Amend / Extend Expires: Title Commitment Mortgagee Clause Loan Amount Expires: Chain of title (Property Deeds if not in title prelim) Tax Cert Closing Protection Letter / Wire Instructions Mtgee Clause Borrower Names Loan # Manufactured Purge Title Modular UBC# or IRC# Alta 7 Real Estate Owned Property Documentation / Other Current Mtg Statement Evidence Tax/Insurance (not escrowed) Rental Lease (if req.) O&E or Property Profile (if free/clear)

4 Certificate of Occupancy required all New Construction Initial Disclosures: Initial t Initial Appraisal Report / Delivery Disclosure Notice ARM Disclosure Borrower Auth / Certification CHARM Booklet Consumer Information Sheet (R) Lock in Disclosure w/in 3 days of app. (CO & NM) (NM - refi only) Lock in Disclosure Lock & All Extensions w/ in 3 days of change event (CO & NM) Credit Score Disclosure ECOA Notice CO / NM Net Tangible Benefit CO Third Party Fee Disclosure Fair Credit Disclosure Fair Lending Disclosure (CA only) GFE: Intent to Proceed Fee Worksheet Service Provider List Origination Fee: $ Discount: $ IDS QM Worksheet Loan Officer NMLS MLDS (CA Only) Patriot Act w/ Customer ID Verified PMI Disclosure Privacy Policy Servicing Disclosure TIL MSF (2012 Format) Miscellaneous: Evidence of Perm. Resident Alien Status Any of the internal conditions may apply; however below are a list of conditions that should be applied to most loans that Processor need to be aware of:

5 Internal Prior to Doc Internal Processor to Provide Updated MERS Report Prior to CTC Internal LDP/GSA for Borrower, Seller, Process, Underwriter, etc. Internal Processor to Provide Soft Pull Credit With Compare Report Internal Processor to Run Early Check (Conv loans w/ DU findings only) Internal Processor to Provide Soft Pull Credit With Compare Report Internal Processor to Provide Flood Certification Internal Proof of Receipt of Appraisal Additional Internal Conv. Appraisal: Processor / CAM to provide Successful SSR Logging *If any of the below apply, complete the corresponding checklist in addition to this main processor checklist which can be found within our Retail Resources site: Government Checklist Manufactured Home Checklist Clear to Close Checklist Appraisal Checklist