Loan Officer File Readiness Checklist

#Dependents & Ages Completed?
Home#, Cell# and Work# Completed?
Email addresses for all Borrowers
2 yr Job History for all Borrowers
Present Housing Expense Completed
Race/Ethnicity Section Completed
Fully executed RPA + Addendums + Counter Offers
Property Profile
HOA Monthly Dues $?
Tax Roll
CO2/Smoke Detectors
Condo: FHA / VA Approval
Condo: 51% Owner occupancy ? (CONV)
Condo Questionnaire (Full/Limited) for CONV
Renovation: Contractor’s Bid/Estimate
< Less Than 90-Day Flip? (FHA disallowed)
Manufactured: Newer than June 1976 with Both HUD Tags Present?
Manufactured: IBTS Certs
Manufactured: Engineer’s Foundation Cert
Well, Water, Septic Inspections and Cert
Solar: Copy of Lease if Buyer to Assume
Solar: Subordination If Refinance / UCC Termination required?
Solar: Determine if HERO/PACE
Departing Residence: Determine Market Rents
VA IRRRL w/Discount Points: Drive By CONV Appraisal
New Construction/Builder Deals:
Certificate of Occupancy/”Job Card”/Building Permit
VA Only: Builder ID
Builder’s Warranty of Completion HUD92544
Termite Soil Treatment Guaranty HUD-NPCA99
Builder’s Cert of Plans, Specs & Site HUD-92541
All 3 Scores Displaying (no credit freeze)
Credit Report Less Than 120-days old at Funding?
Disputed Accounts needing attention
LOE- Credit Inquiries -all Borrowers
New Debt from Inquiries?
LOE- Addresses on credit report
LOE-SSN variances on credit report
LOE- Derogatory Credit
Supporting Documents for Derogatory Credit
Seasoning since BK, FC, Short Sale - copy of Trustee Deed (FC) or Grant deed(SS)
Bankruptcy Schedules, Discharge Letter
Non Borr Spouse Credit Report/Debts computed?
Non Borr Spouse Credit Authorization
Debts Awarded to Ex-Spouse in Divorce?
Credit Simulator to Raise Scores?
Student Loans with No Payment Listed
Student Loan deferments ending in less than 12 mos- address projected payment
Rapid Rescore Needed?
Duplicate Accounts: Order Credit Supplements
Judgments/Govt debts: Repayment Plan in Place?
IRS/State taxes owed: Repayment Plan in Place?
IRS/State taxes owed: Count Pmt in Debt Ratio
Joint account paid by 3rd party?- copy of joint note(FHA/VA) +12mos proof
Accounts scheduled to be paid off soon
Prior VA Foreclosure affecting Entitlement?
Childcare Expense Letter (VA)
VOR: Verification of Rent (2yrs)
Rent paid via direct debit from Bank ac? 12 mos.
Income Breakdown Completed for UW?
Income/Employment Summary completed?
Self Employed Borrower Income: Watch pw: examprep
Add back Depreciation, Depletion etc.
Add back Business Mileage Depreciation
Add back Home Office expense
Look for One-time expenses to be omitted
Business License/ CPA Letter
P&L Through Last month, signed by Borrower
Balance Sheet through last month, signed by Borrower
If LP 1Yr Tax Return for S/E then Confirm 5 yrs S/E history
W2 Income:
Garnishments/Deductions on Payroll?
Allotments from Payroll to be explained/documented?
Overtime: 2 Yr History (Last Paystub each December prior 2 yrs)
VOE Contact Info
Do All W2’s add up-to Total Wages on Federal 1040’s?
Paystubs are within 30-days
Last Paystub from previous job if started After Jan1
Employment (New) Offer Letter
PCS Orders (Military)
New Duty Station (Military)- confirm BAH & BAS
Child Support Court Order + Proof of receipt 6-12months
Child Support Income: Continue for 3+ years from Closing?
Social Security Award Letter
VA Disability Letter
Social Security Disability Letter
Pension/Retirement Award Letter + 3 mos Proof receipt
Employment thru Temp/Staffing Agency? (need 2 yrs)
1099s for MISC Income, Pension income etc
Tax Returns signed on Page 2 (?) – Both Years
Copy of Extension Filed for Last yr’s Tax Returns?
Grossed Up SS, Disability, BAH & BAS on VA 125%?
Foster/Adoption Income: 2 yr History of receipt OR 1 yr history & Not more than 30% of Total
IRS 4506T Signed
LOE for increase or decrease in Income
Amended Tax Returns? Review what changed/ LOE needed
LOE-Job Gaps within past 2 yrs
EMD check or wire -Copy & Proof of Clearance
2 mos’ Consecutive Bank Stmts
401k/IRA or other retirement ac Stmt -quarterly
Terms & Conditions of Withdrawal (Retirement ac)
Large or unusual deposits to be sourced/explained
Look for NSFs and Overdrafts/ Prepare LOE
Gift Funds: Donor Stmt, copy of check, Gift Letter, Proof of receipt
Proceeds from Sale of property / Copy of RPA/CD
Review Bank stmts for “other” debts not listed on credit report
Activity/Transaction Histories must have website url OR be Teller stamped
No Mobile Phone screenshots of Bank Stmts/Balances
2 mos PITI Reserves required?
Transfers into Bank account from unknown/other accounts (?)
CPA Letter /Use of business funds won'tdetrimentally affect cashflow of business
Joint Access letters - 3rd party not on Loan but Joint on Bank account
Refinance: Mtg Billing Stmt on all properties owned
Refinance: Insurance Decl Page $ for all properties owned
Refinance: Property Profile
Refinance: confirm seasoning for FHA Cash out Refinance (12 mos)
Refinance: Utility Bills to prove occupancy
Refinance: Cash Out Letter or LOE Motivation to refinance
Refinance: VA IRRRL/ Net Tangible Benefit calculations
Refinance: VA IRRRL Loan Amount Calc. worksheet
Refinance: FHA Streamline Calculation
Refinance: Private Road Maintenance Agreement
Non Occupant Cosignor?
Driver License Copies
LOE- Commute to work (increased due to purchase of subject property)
2 mos PITI reserves
Cap on Ratios: 31/43% FHA (VA depending on Lender: 50% thru 65% max)
VA: Residual to be over 120% If exceeding 31/43% Ratios
VOR: Prop Mgmt or 12 mos Bank Stmt/canceled checks (VA 24 mos)
VOR: If Presently private party then identify PRIOR rent to Prop Mgmt
Derog LOE – Any late payments within past 12 months?
Supporting Docs for Derog LOE.
Collections May need to be paid
Repayment Plan in Place for Judgments?
Budget Letter
VA Acceptable Compensating Factors-Manual Underwrite-
Statement of Service
Separating from Service in less than 12 mos? Additional requirements
Complete Residual Worksheet – use for Deductions
Family Member Has Income -remove from Household Count# for Residual
Confirm Household Count /Residual Income requirement
Certificate of Eligibility
DD214 or NGB 22 order here
Guard/Reserves- Check Retirement Pts for Eligibility
PCS Orders if Coming to new Duty Station
Confirm BAH and BAS at new Duty Station
Childcare Expense Stmt
VA Nearest Living Relative form
Gross Up BAH/BAS 125%
2nd Job ? VA allows offset debt with 1 yr History
Non Borrowing Spouse Income to offset his/her Debts
VA Acceptable Compensating Factors-Manual Underwrite-
VA Condo Approval status
Calculate Remaining Entitlement
VA Funding Fee
Use Excess Seller Contributions to pay Veteran’s Debts (4%)
Power of Attorney – Special Military POA not General
Alive & Well Letter (?) – deployed Service Members
Joint VA Loan requiring “Prior Approval” from RLC ?
Is Service Member coming up on every-2-yrs-Pay increase?