What information will be needed for Loan Submission?

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Anything you submit over my website is 100 percent, fully secure. And I never, ever share it with anyone except by permission -- that is, if you're giving me information you want me to use to get your client the best loan possible, I use that information to help you structure your loan.

Here is a list of the information I will use to consider your clients loan application.

For all loans: Complete That 1003! COMPLETELY!

Social Security Number, for borrower and co-borrower if any

Employment History:
For the last two years, employment dates, addresses, salary.
Current pay stubs or W-2 forms.

Check and Savings Accounts and Certificates of Deposit:

account numbers and balances;
Last 2 months' statements, Balances “seasoned” for 2 Months

Large Deposits explained in detail

Stocks, Bonds, and Investment Accounts:
Last 2 months' statements Balances “seasoned” for 2 Months

Large Deposits explained in detail

Retirement Plan:
Approximate vested interest value

Use 70% of account Balance to determine qualifying amount
Copy of last 2 statements to evidence funds are “seasoned”

Automobiles:
Year, Make and model of automobiles, their resale value

Liabilities and Other Non-Mortgage Debt
Creditors names, account numbers
Monthly payments and balances

For all loans: Documentation not listed above

Submission form completed with product code

Credit Report for all borrowers:

2 Scores minimum;

Use lower of two, middle of 3

Income documents as listed above or if applicable see below.

Appraisal on Completed form for Property type (i.e 1004 et. al.)

License of Appraiser completing work

If junior appraiser, supervisor to check home inspection box and sign

Comps to be no more than 90 days old

GFE, ALL Disclosure signed by all borrowers

MLOA/MBFD signed by both borrower and broker

Other income information your borrower may need to provide

If you're self-employed
Two years tax returns; Complete, ALL Schedules, profit and loss statements, both company and personal if separate.

If you have income from:
Commission
Overtime
Bonus
Partnership
Rental Property
Trust
Notes Receivable
Interest/Dividends
You'll need two years' personal federal tax returns

If employed in family business
Personal federal income tax returns and all schedules for the past two years

If divorced or separated
Complete executed divorce decree and settlement agreement
Payment history of alimony/child support over the past 12 months, if it is a financial obligation.
If you choose to have this be considered as part of your income (you don't have to), be prepared to provide 12 months canceled checks or bank statements reflecting income deposits.

If your borrower owns real estate

Name and address of all mortgage lenders for the past 24 months, account numbers, monthly payments and balances, Include taxes and insurance payments as well.

If you've sold your home but not closed:
A copy of the sales contract, Estimated Settlement Statement preferred

If you've sold your home, closed, and you will use the proceeds for your new down payment:
A copy of the HUD-1 Uniform Settlement Statement

Bank Statement reflecting proceeds deposited into an account

If your borrower rented in the last 2 years

Verification of Rent completed with

Name, address and phone number of landlords for the past 24 months

Cancelled Checks for the last 6 or 12 months (where required)

Institutional VOR (Rental Agency, Real Estate Management Firm) where required