Connect To Capital | Ease of Access to Lenders, Financiers, Investors, and Note Buyers

Click Here to Apply Now for a Residential Loan! The Daily Mortgage Advisor Get this widget

Residential Loan Checklist

BORROWER AND PROPERTY INFORMATION:
Payor information (including social security number, mailing address, phone numbers, etc)
12-month pay history & escrow reconciliation (if applicable)
Note with any applicable endorsement(s)
Mortgagee/Deed of Trust & any applicable assignment(s)

and modification(s)

Mortgagee Title Policy or current title commitment

Current Tax Certificate
Current Hazard Insurance
Appraisal/BPO (if available)
HUD/Closing Statement
Truth-ln-Lending Disclosure (TIL)*

The documentation package must contain a Truth-In-Lending

disclosure (TIL) if the following apply:
• the property is owner-occupied
• it has been less than 5 years since origination
• the seller originates more than 5 loans per year

If the note has less than 3 months of seasoning, the following must also be included in the documentation package:
Full Interior Appraisal
Completed loan application on the borrowers

Residential Due Diligence Checklist

		Loan application, if loan seasoned less than 6 months, and any proof of income.
		Borrower and co-borrower information including mailing addresses, home & work phone numbers, and social security numbers. If the payor is a corporation with a personal guaranty, please provide this information for the guarantor.
		Current servicers or sellers information to include their name as well as home and/or business telephone number(s). If seller is a corporation, provide Tax ID Number.
		Credit Bureau indicating an Experian (FICO) score not more than 30 days old.
		Current Hazard Insurance Policy with payor as the insured and the seller listed as Mortgagee.
		Typed payment history from inception of the loan or covering the most recent 12 month period if not available from inception (no gaps in pay history).
		Copy of Sales Contract/Purchase & Sale Agreement.
		Copy of the Note or Contract for Deed,
		Copy of any modifications or assumptions (if applicable).
		Copy of the Mortgage or Deed of Trust including all required riders and legal description.
		Assignment of Rents and Leases if not included in the Mortgage or Deed of Trust (for investment properties).
		Evidence of title (countersigned title commitment not older than 180 days or a final title policy insuring the subject lien in a first lien position, subject only to standard exceptions).
		Note/Mtg transaction: Need mortgagee title policy or current commitment listing the insured as the assignor. Amount of insurance = current balance.
		Contract for Deed transaction: Need owner's title commitment listing the insured as "Bayview Financial Property Trust". Amount of Insurance = current balance.
		Tax certificate
		Copies of Articles of Incorporation or Articles of Organization for borrower and seller, if parties are not individuals, along with a corporate resolution or other documentation reflecting who can sign on behalf of the seller and borrower and Certificate of Good Standing.
		Copies of Trust Agreements and written verification by all present trustees that the trust has not been amended or revoked (if applicable).
		Copy of probate or letters of testamentary regarding authority of signer to execute documents if seller is deceased.
		Copies of all intervening assignments and endorsements to the note (if applicable originals are required at closing).
		Copy of Subordination Agreements (if applicable).
		Copy of HUD-1 or other closing statement.
		Copy of Personal Guaranty (if applicable).
		Full Appraisal with interior pictures if loan is seasoned less than 3 months.
		Copies of all applicable regulatory disclosures (if required —RESPA, TILA, Section 32, Texas Home Equity, Right of Rescission, etc). FOR OWNER OCCUPIED ONLY-INVESTMENT IS N/A.
		Payoff statements for any underlying liens.
		Leases Agreements (if available).
		Mobile Homes (please provide additional documents): Affidavit of Affixture or other evidence that mobile home is permanently affixed. Evidence mobile home is taxed as real property by the taxing authority.