New Mortgage Lending Guidelines

Mortgage and Lending with Cherry Creek Mortgage

·        All Borrowers' Birth Certificates will be required with Pictures taken in the hospital with medical staff. Birth certificate with a live home delivery will not be eligible for first time home buyers.

·        Marriage certificate with wedding attire will be required if both borrowers are required to qualify for the loan

·        GFE will not require signature but will require blood sampling from a recognized institution within three days of application

·         DNA test will be performed at closing to avoid any non-arms length transactions. Loan funding will be contingent upon satisfactory receipt of DNA results.

·         Verification of deposit will be acceptable only if Bank representative is present at the closing.

·         Copy of Pay stubs and W2 will only be acceptable through IRS and only with a wax sealed envelope mailed directly to the lender.

·        7 Witnesses from neighborhood will be required as proof of primary residence in case Borrower owns more then 1 property.

·        All appraisers will be required to use Masks and ear plugs at the time of inspection to avoid any personal influence by the Borrower for the appraised value.

·        In order to correctly calculate DTI and true housing ratio a list of Grocery items, monthly usage and brand names will be required with receipts and projected 12 month consumption chart.

·        Closing will not occur without loan officer presence at settlement and Loan officer picture will be taken at the closing in a Mug shot format with loan number. Picture should meet standard guideline of 2 X 2 inch in color format with one facing and one side view.

·        Loan officer picture will be attached to the Deed and note and will be made available for general public and security agencies in case Borrower defaults on the loan.


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C G Barbeau

You forgot that since I see you have a dog we need the following items:

Certified dog license

Proof that you dog has not bitten anyone in the past 12 months

Specialty insurance rider to cover the dog in the event it barks.

Mar 10, 2010 09:24 AM #1
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Rick Kellow

FHA & Reverse Mortgage Expert
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