Perfect Loan Application Submission Checklist Borrower Name: ___________________________________________ Loan Number: ___________________ The following items, as they pertain to the file you are delivering, are required to process the file. Any file missing any of these items must include a letter explaining why the file should be started in the process without said item. All loans must be entered in ProNet. Please complete Page 1 & 2 of this form and include with submitted file documentation.
LO Item
Processor
Fully Completed and signed 1003
Signed and dated Borrowers Authorization
Initial paystubs, W-2s and income docs, including any required explanation
Income calculated correctly on income worksheet
Is there any other income and is it properly documented?
Are there any items to be deducted from income on the tax return
4506-T (including how they filed and address used on returns) and SSN Verification forms printed with accurate data and signed
Initial Asset documentation, including bank statements (all pages), unexplained large deposits or Insufficient cash to close as required
All issues on the credit report addressed including inquiries
Fully executed Sales/Purchase Contract, including all pages and addendums
Complete contact information for Escrow, Title, Closing Agent, Insurance Agent, Condo/HOA Management and Listing & Selling Agents
AUS findings Approve/Accept (where you submit otherwise, you must explain why submitted and describe any compensating factors)
All required documentation per AUS findings
Gift Letter and explanation including who, how, when expected and all documentation
Customer identification form completed and signed
Photo ID for all borrowers in file
File is within all parameters of risk grid. If not, was an exception requested or documented in the file?
Affordability Worksheet required based on applicable credit criteria
All necessary information in ProNet for verification of Rent, if applicable
All required income, assets, credit and occupancy letters of explanation provided
If refinance transaction, Title Report ordered
All applicable net benefit forms (national or state) completed
If requesting subordination on refinance transaction, note and deed of trust included
Appraisal ordered through C2C and disclosure fully completed and signed
Borrower’s Credit Card Authorization
If Condo, name of association and contact information provided
FHA / VA Files
FHA forms (92900A HUD Addendum (Pg2 & 4 signed), Amendatory Clause, Inform Disclosure, Important Notice to Homebuyer, Assumption Notice and Real Estate Certification), completed and signed
VA Indebtedness and DD 214 and Request for Certificate of Eligibility (1880)
Properly executed HUD Addendum to URLA on all Government files
Note and deed for Streamline (FHA) or IRRRL (VA)
File Submission and Release
Release/Submit loan to Ops from ProNet
Hardcopy/Scan file delivered to processing within 24 hours of Submit to Operations
Log Loan into Loan Manager in Team Site (All dates must match ProNet and Sales Contract)
Continued on Page 2
Perfect Loan Application Submission Checklist - Pg 2 Borrower Name: ___________________________________________ Loan Number: ___________________ Please check the applicable choices below: Lien Position First Stand Alone 2nd PiggyBack Doc Type: Full Streamline First Time Homebuyer Yes No Homebuyer Education Payment Shock Current Housing: $ / Proposed Housing: $ ________________ Assets (Liquid) $________________________ Income Documentation: W-2 (2 Years) S/E Schedule C S/E Corporation 1099 Occupancy O/O 2nd Home N/O/O Negative Cash Flow Yes No Loan Purpose: Purchase R/T Refi Cash Out Ref $ ____________ Loan Type FHA Conventional Jumbo USDA Broker Bond If FHA: Flip Other Current FHA Financed Properties Non-Purchasing Spouse in Community Property State Borrower or Co-Borrower on any other FHA Property Loan Modification on any property in last 3 years Please explain any boxes checked in the FHA Section: ______________________ ______________________________ ______________________________ Amortization Type Fixed ARM Type:_____ Interest Only Property Type SFR Condo (Stories __) Type of Condo/PUD PUD 2, 3, 4 Units Approved Yes No, Explanation: _____________________________ Value / Sales Price $ Loan Amount $ Subordinate Financing $ Source: __________________ LTV: CLTV: Fico Scores / / Primary Lower of 2 Middle of 3 Credit History Issues ___________________________ ___________________________ Requested Investor ___________________________ Program Preference ___________________________ Notes to Processing (please include any information regarding the borrower(s), any paperwork or information already requested, any and all information, which would be helpful in processing this file and any exceptions. If any part of the file is unclear, please use this area to explain):
I certify I have performed or included all the above and acknowledge that if anything is missing this file will not be processed until checklist is complete. Loan Officer: __________________________________________________
Date: ______________________