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CREDIT |
TASKS |
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All 3 Scores Displaying (no credit freeze)
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Credit Report Less Than 120-days old at Funding?
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Disputed Accounts needing attention
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LOE- Credit Inquiries -all Borrowers
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New Debt from Inquiries?
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LOE- Addresses on credit report
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LOE-SSN variances on credit report
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LOE- Derogatory Credit
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Supporting Documents for Derogatory Credit
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Seasoning since BK, FC, Short Sale - copy of Trustee Deed (FC) or Grant deed(SS)
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Bankruptcy Schedules, Discharge Letter
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Non Borr Spouse Credit Report/Debts computed?
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Non Borr Spouse Credit Authorization
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Debts Awarded to Ex-Spouse in Divorce?
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Credit Simulator to Raise Scores?
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Student Loans with No Payment Listed
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Student Loan deferments ending in less than 12 mos- address projected payment
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Rapid Rescore Needed?
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Duplicate Accounts: Order Credit Supplements
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Judgments/Govt debts: Repayment Plan in Place?
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IRS/State taxes owed: Repayment Plan in Place?
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IRS/State taxes owed: Count Pmt in Debt Ratio
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Joint account paid by 3rd party?- copy of joint note(FHA/VA) +12mos proof
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Accounts scheduled to be paid off soon
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Prior VA Foreclosure affecting Entitlement?
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Childcare Expense Letter (VA)
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VOR: Verification of Rent (2yrs)
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Rent paid via direct debit from Bank ac? 12 mos.
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| SCRUB |
INCOME |
TASKS |
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Income Breakdown Completed for UW?
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Income/Employment Summary completed?
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Self Employed Borrower Income: Watch pw: examprep
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Add back Depreciation, Depletion etc.
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Add back Business Mileage Depreciation
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Add back Home Office expense
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Look for One-time expenses to be omitted
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Business License/ CPA Letter
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P&L Through Last month, signed by Borrower
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Balance Sheet through last month, signed by Borrower
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If LP 1Yr Tax Return for S/E then Confirm 5 yrs S/E history
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W2 Income:
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Garnishments/Deductions on Payroll?
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Allotments from Payroll to be explained/documented?
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Overtime: 2 Yr History (Last Paystub each December prior 2 yrs)
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VOE Contact Info
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Do All W2’s add up-to Total Wages on Federal 1040’s?
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Paystubs are within 30-days
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Last Paystub from previous job if started After Jan1
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Employment (New) Offer Letter
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PCS Orders (Military)
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New Duty Station (Military)- confirm BAH & BAS
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Child Support Court Order + Proof of receipt 6-12months
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Child Support Income: Continue for 3+ years from Closing?
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Social Security Award Letter www.socialsecurity.gov/myaccount
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VA Disability Letter
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Social Security Disability Letter
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Pension/Retirement Award Letter + 3 mos Proof receipt
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Employment thru Temp/Staffing Agency? (need 2 yrs)
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1099s for MISC Income, Pension income etc
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Tax Returns signed on Page 2 (?) – Both Years
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Copy of Extension Filed for Last yr’s Tax Returns?
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Grossed Up SS, Disability, BAH & BAS on VA 125%?
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Foster/Adoption Income: 2 yr History of receipt OR 1 yr history & Not more than 30% of Total
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IRS 4506T Signed
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LOE for increase or decrease in Income
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Amended Tax Returns? Review what changed/ LOE needed
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LOE-Job Gaps within past 2 yrs
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| SCRUB |
ASSETS |
TASKS |
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EMD check or wire -Copy & Proof of Clearance
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2 mos’ Consecutive Bank Stmts
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401k/IRA or other retirement ac Stmt -quarterly
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Terms & Conditions of Withdrawal (Retirement ac)
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Large or unusual deposits to be sourced/explained
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Look for NSFs and Overdrafts/ Prepare LOE
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Gift Funds: Donor Stmt, copy of check, Gift Letter, Proof of receipt
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Proceeds from Sale of property / Copy of RPA/CD
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Review Bank stmts for “other” debts not listed on credit report
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Activity/Transaction Histories must have website url OR be Teller stamped
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No Mobile Phone screenshots of Bank Stmts/Balances
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2 mos PITI Reserves required?
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Transfers into Bank account from unknown/other accounts (?)
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CPA Letter /Use of business funds won'tdetrimentally affect cashflow of business
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Joint Access letters - 3rd party not on Loan but Joint on Bank account
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| SCRUB |
MANUAL UNDERWRITING |
TASKS |
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2 mos PITI reserves
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Cap on Ratios: 31/43% FHA (VA depending on Lender: 50% thru 65% max)
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VA: Residual to be over 120% If exceeding 31/43% Ratios
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VOR: Prop Mgmt or 12 mos Bank Stmt/canceled checks (VA 24 mos)
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VOR: If Presently private party then identify PRIOR rent to Prop Mgmt
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Derog LOE – Any late payments within past 12 months?
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Supporting Docs for Derog LOE.
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Collections May need to be paid
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Repayment Plan in Place for Judgments?
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Budget Letter
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VA Acceptable Compensating Factors-Manual Underwrite-
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