Below is my Checklist for Rapid Loan Processing
(80% Less Paperwork)
Borrower's Name:
Loan Number #:
➢ Determining Rapid Eligibility - must meet ALL of the following:
0 LTV/CLTV is 90% or less – Up to 95% LTV available only on conforming fixed rate purchase and rate/term (limited cash-out) refinance loans
0 The primary applicant with highest income has middle bureau score of at least 700
• For TLTV/CLTVs at or below 70%, the minimum credit bureau score is 660
• 2nd homes over $750,000 or conforming cash-out transactions over 70% LTV require 720 or greater score.
0 Borrowers’ tri-merged credit report containing 3 open trades with at least a 12 month history
• MIDDLE SCORES: Borrower 1: _________ Borrower 2: _________
0 Loan amounts up to $1,500,000 (Loan amounts over $1,000,000 require 720 middle credit score)
• Loans must conform to published guidelines - no product or LTV exceptions
0 Property is Owner-Occupied or Second Home; must be 1-unit SFR, condo, or PUD (Coops ineligible)
0 Purchase, Rate & Term Refinance, or Cash-Out Refinance
• See standard published guidelines for maximum cash out amounts
0 All products excluding Stated/No Ratio, Neighborhood Advantage/Teacher, FHA or any LTV over 95% (ie 100%. 103%, Agency 97, DU/LP 97)
0 Ratios - no exceptions: 50/50 for LTVs 90% or less
40/40 for LTVs over 90% and NET 5 Product
0 The credit report must not contain any of the following:
• Bankruptcy, foreclosure, repossession
• Any unpaid Bank of America or subsidiary charge-off, including settled accounts, for any amount
• Any unpaid charge-off, including settled accounts exceeding $1,000 (individual or aggregate) with any financial institution, including credit cards, retail credit and student loans
• 60-day lates in past 24 months if TLTV/CLTV exceeds 80% or 30-day lates on RE secured loans/lines in past 12 months
➢ Please send your hard file with the following applicable conditions for initial decision:
0 Standard Documentation: Rapid Checklist, Bank of America Registration & Confirmation, tri-merged credit report, signed 1003, typed 1003 & 1008, Good Faith Estimate and signed Mortgage Broker Fee Disclosure (ECOA and Fair Lending required in CA)
0 Salary Income: YTD paystub verifying current and total earnings and withholdings
• If paystub lacks YTD information, provide a W-2 or VOE
0 Self-employed Income: Must be self-employed for a minimum of 2 years, as stated on 1003
• LTVs up to 90%: First two pages of most recent 1040s for one year; in certain circumstances, additional documentation may be required
• LTVs over 90%: Complete 1040s with all schedules for most recent two years
0 Capital Gains Income: Complete 1040s with all schedules for most recent two years
• Income must not be declining more than 5% in those two years and income source must have potential three year continuation
0 Interest, Dividend or Retirement Income: Most recent 1099s or first two pages of most recent 1040s for one year
• If retirement or Social Security is new, provide copy of award letter
0 Rental Income: First two pages of most recent 1040s and Schedule E
• If income is not on Schedule E, provide copy of lease(s)
0 Child Support Income: Copy of one cancelled check, or copy of check and deposit receipt
0 Alimony Income: First two pages of most recent 1040s for one year
• If alimony is new, provide copy of one cancelled check, or copy of check and deposit receipt
0 Commission Income: If 25% or more of the individual borrower’s total income, a YTD paystub and first two pages of most recent 1040s for one year
0 Asset Verification: Most recent bank statement, HUD-1, or VOD showing sufficient cash to close, gift letter and cancelled gift check, if applicable.
• LTVs over 90%: Standard asset verification
0 Appraisal (May be submitted after approval):
2055 or 2065 Exterior Only - on Conforming Purchase or Rate Term Refinance (excludes condos, manufactured housing, log homes and jumbo loans)
2055 Interior/Exterior
• Jumbo Loans and combined loan amounts that exceed conforming loan limits: Standard full appraisal
0 Other Documentation: Preliminary title report, purchase contract/escrow instructions (CA only) If property is a Condo, HOA cert required refer to guidelines
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