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Processor Rating: ☐Acceptable ☐ Minor Deficiencies ☐Unacceptable
Underwriter Rating: ☐Acceptable ☐ Minor Deficiencies ☐Unacceptable
☐This loan was reviewed through an AUS system: ☐LP ☐DU Key #
AUS Date:
☐This loan was manually underwritten with an AUS of: ☐Caution ☐Refer
☐This loan is a manual underwrite-no AUS ☐FHA Streamline ☐VA IRRRL ☐Other
SECTION 1: SEARCHES
☐Searches performed manually ☐Fraud Software searches from: __________________
LDP/GSA on all parties connected with this transaction OFAC on all borrowers SSN validation, third-party Owner-occupancy supported (refinance) MERS check Case Query check Business license check (self-employed) Business phone #/Directory check Professional license check Other:
Loan application is complete, signed and dated. Occupancy status matches AUS findings. Borrower executed top of URLA, if non-purchasing spouse or another is on the loan request. Borrower’s current residence matches address on credit report. Borrower’s employment represents at least 2 years. RED FLAG: Address for employer on the loan application does not match: ☐paystub or ☐VOE
☐W-2 ☐Directory Search Borrower’s employment is logical based on borrower’s age. Borrower’s place of business is within a reasonable distance to his/her residence. If borrower is self-employed, box is checked and business information matches tax returns. All assets disclosed on URLA match assets documented in the loan file and match AUS Findings. List of property/properties owned matches/match fraud software, MERS, as well as other
documentation in loan file. US Citizen box is checked and, if not, documentation to support program eligibility is provided. FHA: Addendum A all four pages ☐properly executed by LO and Borrower with certification boxes
completed. If loan has been underwritten, ☐page 3 of Addendum A has been completed by Underwriter.
VA: Addendum to URLA ☐Page 1 and 2, executed with proper certification boxes completed. FHA/VA Case Number appears on loan application and applicable addendums.
Comments: Referred issues to:
Application Results Transferred to Pre-closing Audit Report
☐Insignificant
☐None
☐Significant Resolved (Gross Defect Ratio)
☐Significant Unresolved (Net and Gross Defect Ratio)
Length of Employment: Length in Same Field: Primary Type of Income:
☐Paystub(s) dated: Paystubs are computer-generated. Direct deposit (if applicable) matches paystub. YTD totals consistent with gross pay amount, appearing on tax returns, W-2s, VOE’s.
☐W-2’s for the year(s): IRS W-2 printout matches W-2’s
☐VOE covering (time frame)
☐Previous VOE covering (time frame)
☐IRS Tax Returns for the year(s)
☐IRS Transcripts for the year(s)
☐Business Tax Returns for the year(s)
☐Business IRS Transcripts for the year(s)
☐FHA: Current P&L for self-employed borrowers
Rental Income
All properties owned in a tax year appear on the borrower’s Schedule E. Income calculations underwriter used include ☐Leases - % - PITI or: ☐Schedule E
Other Income
Other income source: $_____________________ Other income source: $_____________________ Other income source: $_____________________ Other income source: $_____________________
Length of Employment: Length in Same Field: Primary Type of Income:
☐Paystub(s) dated: Paystubs are computer-generated. Direct deposit (if applicable) matches paystub. YTD totals consistent with gross pay amount, appearing on tax returns, W-2s, VOE’s.
☐W-2’s for the year(s): IRS W-2 printout matches W-2’s
☐VOE covering (time frame)
☐Previous VOE covering (time frame)
☐IRS Tax Returns for the year(s)
☐IRS Transcripts for the year(s)
☐Business Tax Returns for the year(s)
☐Business IRS Transcripts for the year(s)
☐FHA: Current P&L for self-employed borrowers Rental Income
All properties owned in a tax year appear on the borrower’s Schedule E Income calculations underwriter used include ☐Leases - % - PITI or: ☐Schedule E
Other Income
Other income source: $_____________________ Other income source: $_____________________ Other income source: $_____________________ Other income source: $_____________________
Length of Employment: Length in Same Field: Primary Type of Income:
☐Paystub(s) dated: Paystubs are computer-generated. Direct deposit (if applicable) matches paystub. YTD totals consistent with gross pay amount, appearing on tax returns, W-2s, VOE’s.
☐W-2’s for the year(s): IRS W-2 printout matches W-2’s
☐VOE covering (time frame)
☐Previous VOE covering (time frame)
☐IRS Tax Returns for the year(s)
☐IRS Transcripts for the year(s)
☐Business Tax Returns for the year(s)
☐Business IRS Transcripts for the year(s)
☐FHA: Current P&L for self-employed borrowers Rental Income
All properties owned in a tax year appear on the borrower’s Schedule E Income calculations underwriter used include ☐Leases - % - PITI or: ☐Schedule E
Other Income
Other income source: $_____________________ Other income source: $_____________________ Other income source: $_____________________ Other income source: $_____________________
Length of Employment: Length in Same Field: Primary Type of Income:
☐Paystub(s) dated: Paystubs are computer-generated. Direct deposit (if applicable) matches paystub. YTD totals consistent with gross pay amount, appearing on tax returns, W-2s, VOE’s.
☐W-2’s for the year(s): IRS W-2 printout matches W-2’s
☐VOE covering (time frame)
☐Previous VOE covering (time frame)
☐IRS Tax Returns for the year(s)
☐IRS Transcripts for the year(s)
☐Business Tax Returns for the year(s)
☐Business IRS Transcripts for the year(s)
☐FHA: Current P&L for self-employed borrowers Rental Income
All properties owned in a tax year appear on the borrower’s Schedule E Income calculations underwriter used include ☐Leases - % - PITI or: ☐Schedule E
Other Income
Other income source: $_____________________ Other income source: $_____________________ Other income source: $_____________________ Other income source: $_____________________
Owner of record matches appraisal and, if applicable, ☐purchase contract.
☐If Seller of Record doesn’t match, determine if this is a probate, and affidavit of death is required. All taxes are current (refinance). If there is a HOA Assessment lien and this is a condominium, verify the amount does not exceed
agency requirements for payoff on an REO/Purchase transaction. Subject property type matches AUS and Appraisal. Survey/Plat Map is provided. Open liens, outstanding judgements do not belong to our borrower(s). All mortgages on title (refinance) match payoff information. If a loan will be remaining, a subordination agreement has been ordered or is in the loan file. Sub-standard dwelling notification(s) by the city or county have been identified. ☐Request for documentation related to sub-standard dwelling has been ordered and loan is suspended until review has occurred. Land is Fee Simple: If property is not fee simple, the master/ land lease complies with investor
leasehold land standards. Reconveyances, in past 24 months, are checked and acceptable. Transfers within the past 24 months have been reviewed and match information on the appraisal. If the transfer was to an LLC, documentation has been forwarded to title for review. Negative issues, related to title, will be resolved at loan closing audit (purchases). Legal Description was provided. Property’s physical address provided match URLA, insurance policy, etc. Deed restrictions (Condominiums and PUDs) have been identified and are ☐acceptable to agency
Credit report matches AUS-identified report and date. All additional credit reports remain in the loan file (i.e., FHA/VA). Business credit report was run on manually underwritten FHA loans. Discrepancies between initial and final credit reports have been reviewed. Inquiries on the credit report are explained and/or investigated. RED FLAG: Undisclosed debt, if determined, is found based on new credit report or inquiry check. Social Security number on credit report matches SSN validation. Variance appears in residence data from other file documentation. RED FLAG: Credit pattern (i.e., a lot of inquiries, or recent activity) is identified. RED FLAG: Fraud alert is to be reviewed. Contact borrower if identity theft occurred. RED FLAG Address does not match our loan file’s information.
Inquiries / Follow up
Source Contact # Open Trade? Borrower's Response
Results, per investigation, on any negative situations related to the credit report:
Subject property is a REO. Subject property is a short sale. All sellers are identified in the sales contract and match the owner of record (per appraisal, title work,
etc.) All buyers are identified in the sales contract and match the applicants for the loan. Realtors are not the seller or buyer. All parties have executed the purchase contract. Deposit amount, stated in the purchase contract, matches the initial deposit. All seller-paid closing costs are permitted and match the appraisal and estimated HUD-1. Terms of purchase, loan type and loan amount match the terms of the loan transaction. Addendums to purchase contract are provided and part of the loan file. Sales Contract date pre-dates the Appraisal. Purchase Contract has not expired or an extension has been granted. Estimated HUD-1 reflects same realtor(s) and real estate commissions to be paid. Amendatory Clause on FHA / VA loans is in the purchase contract. The Purchase Contract states the loan type (i.e., FHA, VA). Subordinate financing is disclosed in the Purchase Contract. Terms of the new second comply with agency standards. Second mortgage is disclosed to the AUS. Terms of the second match information in the AUS, loan application and purchase contract. Occupancy stated in the Purchase Contract matches occupancy status in our loan file.
Short Sale
Short sale documents are in the file. Short sale has been approved. Terms of the short sale, in the purchase contract, match the short-sale documents. POA from seller (i.e., bank) to firm executing documents. Evidence individual signing, on behalf of the seller, is on the list of approved designees for the seller,
Appraisal in file ☐ Yes ☐No Appraiser: ____________________________ Date Issued: _____________
Appraisal was ordered through our AMC. Appraisal has certification of compliance with AIR. The appraisal was signed and dated by the appraiser of record (AMC). Appraiser is on our approved appraisal list. Appraiser’s license is current and valid for the state the property is located in: Appraiser is not on our investor’s exclusionary list. Appraiser is not on Fannie Mae’s Exclusionary List; Appraiser is within reasonable distance of the
subject property to support knowledge of area. Appraisal was prepared on proper appraisal form. Appraiser provided UAD certification for upload. Appraiser followed field-specific UAD ratings for property quality. All addendums, photos, comps and comp locations are attached to the appraisal. Owner of record matches title policy. If the property is currently vacant, utilities were on and mechanical systems were tested. Property compliance with state law and local law has been met. Comparables are within 1.5 miles, sales within 3-6 months and adjustments are reasonable. ☐ Comps not meeting this standard; additional explanation or additional comps have been provided. FHA: Appraiser has a valid CHUMS Number at the time of the appraisal. FHA: Appraiser of record matches the appraiser in FHAC/Appraisal Logging. FHA: Appraisal, transferred and assigned to us, reflects original lender/case number. FHA: Case number on appraisal matches FHAC Case ID. FHA: DE Conditional conditions were provided and completed properly. VA: Appraisal was ordered through WebLGY. VA: Appraisal was reviewed by: ☐VA ☐ SAR VA: NOV conditions were provided. All Loans with work to be completed: Proper Notice of Completion/Property Inspection is in file. All work identified by appraiser, reviewer or underwriter ☐has been completed ☐is scheduled to be
AVM was pulled and supports value. ☐AVM is part of the fraud check and supports value. Outside Desk Review was performed and supports quality is good and value is supported if
underwriter or program is required. Outside Field Review was performed, on proper form, and value is supported if underwriter or
program is required.
Comments: Referred issues to:
Appraisal Findings Transferred to Pre-Closing Audit Report
☐Insignificant
☐None
☐Significant Resolved (Gross Defect Ratio)
☐Significant Unresolved (Net and Gross Defect Ratio)