Disclosures: Residential Mortgage Loan Application with Federal and State mandated disclosures (including a Good Faith Estimate)
Credit report
Settlement Booklet: Shopping for Your Home Loan
Documents to Sign: A five-page document that requires your signatures
To access these documents, Log in to your personal loan center.
There is only one document (five pages) that must be printed and signed; Documents to Sign. Within two (2) business days of locking your interest rate we require that Documents to Sign along with the below supporting documentation be returned using either of the following methods.
HOW TO RETURN DOCUMENTATION
There are two methods for submitting your signed application and supporting documentation:
Choose Upload and upload electronic documents to your file
CHECKLIST OF SUPPORTING DOCUMENTATION
We cannot over-emphasize the importance of reviewing this list carefully and submitting precisely the documentation that applies to your application. In light of recent changes to Fannie Mae's underwriting criteria, mortgage applications are scrutinized rather closely so failure to provide the appropriate documentation may delay the processing of your application and jeopardize your lock.
Patriot Act Requirement
Picture ID (Preferably drivers license)
Copy of front and back of green card (if applicable)
If working is the U.S. under a visa, provide copy of passport and visa.
Property Information (Purchase)
Purchase Agreement. You can ask your realtor to submit this.
If you have recently sold your current home, copy of settlement statement (HUD-1).
If you are purchasing a primary residence and converting your current primary residence to an investment property AND if you need to use the income from the investment property to qualify, read these instructions.
Property Information (Refinance)
Copy of your current mortgage, 2nd mortgage and home equity line (HELOC) statement and the mortgage statement(s) for any other properties you own such as vacation homes or investment properties.
If you currently have a 2nd mortgage or home equity line that will be subordinated (you are keeping it):
Copy of Promissory Note or Home Equity Line Agreement (all pages)
If you currently have a 2nd mortgage or home equity line that will be paif off in this refinance AND the 2nd mortgage or home equity line was used solely for the purchase of your home and has never been accessed for any other purpose:
Copy of the HUD-1 Settlement Statement from the closing on the 1st mortgage and the 2nd mortgage or home equity line
Income and Employment
Employed for two years with no commission income
Most recent 30 days of pay stubs with year-to-date totals
Previous year's W-2 (from each employer if you changed jobs in the previous year)
Employed for two years with commission income
Most recent 30 days of pay stubs with year-to-date totals
Previous two year's W-2 (from each employer if you changed jobs in the previous year and from each tax-payer even if the additional tax-payer is not a borrower on the loan)
Most recent two years of tax returns, signed, with all schedules. Commission income is derived by averaging the last two years of commissions and then subtracting un-reimbursed business expenses.
Self-Employed
If any portion of your income is derived from a business that you are a 25% or greater owner, then slef-employed documentation is required:
Most recent two years of personal tax returns, signed, with all schedules.
Most recent two years of K-1's IF your business is an LLC or Corporation.
Most recent two years of business tax returns IF you have a 25% or greater ownership interest in the business.
If you are both employed and self-employed, provide the tax returns in addition to the documentation required under the employed heading.
If you own rental property:
Tax returns for the last two years and current rental agreements.
Important Note: If you have not been a landlord for at least two years, as verified by your tax returns, then the rental income cannot be used as income to off-set the mortgage payment.
If you are retired:
Pension Award Letter.
If you receive Social Security:
Social Security Award Letter.
If you are counting child support as income:
Copy of divorce settlement, separation agreement.
Copy of twelve months of cancelled child support checks.
Assets
Documentation is required to support any funds that will be needed at closing. For a purchase, this would include down-payment and closing costs. For a refinance, this would include any closing costs or prepaids that you are paying out-of-pocket:
All pages of most recent bank or other liquid account statement.
Earnest Money Deposit: For purchase transactions, a copy of the cancelled earnest money check (front and back) and all pages of the bank statement where the check cleared is required.
Large Deposits: If you have ANY large deposits of $500 or more on your account statement other than your salary, read these instructions.
Gifts. Gift funds may be received from a close family member, but the final 5% of the down-payment must be from your own funds. To document a gift:
Gift letter from the grantor stating the amount, purpose, relationship to borrower, how the funds were delivered and that the gift does not need to be re-paid. Click here for Sample Gift Letter
Important Note: Gift funds cannot be used for a refinance.
Paper trail. Proof of funds being transferred from the donor, such as a copy of the cancelled check, certified check or donor's account statement showing the transfer AND the account statement from the borrower showing the gift being deposited.
Reserves - Assets above those required for closing
Generally, reserves are not required but may be a positive contributing factor on some loans. Reserves may be documented with either liquid or retirement funds.
Investment properties require six (6) months reserves (monthly payment X 6)
Cash. Cash-on-hand or unverifiable deposits cannot be used to satisfy asset requirements
Miscellaneous
If you are currently separated, copy of separation agreement or free trader agreement.
IMPORTANT NOTICE About Submitting Documents Within Two (2) Business Days of Locking:
Once you lock your interest rate you will receive an email reminder that the "Documents to Sign" and supporting documentation are required within two (2) business days. That's because your complete application is due to underwriting within four (4) business days. If underwriting has not received your complete application within four (4) business days, your rate lock is reset to "Floating" and once your complete application is received and reviewed the rate will be re-locked at the higher of current rates or your original rate, plus .125% to points.
Therefore it is absolutely imperative that you submit the "Documents to Sign" and supporting documentation within two (2) business days of locking your interest rate.
