Checklist for Rapid Processing Checklist

Mortgage and Lending with America One Mortgage & Preferred Processing

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

Comments (2)

delete me delete me
delete me - Dixon, CA
This is a good comprehensive list...I'll book mark it for future reference...thank you...
Aug 28, 2007 02:33 PM
Hayden Gerson
HPM Financial LLC - San Diego, CA
Wonderful Blog, I love the checklist :)
Aug 28, 2007 02:40 PM