Streamline Requirements Checklist OLD RULES CREDIT QUALIFY NEW RULES NON‐CREDIT QUAL GENERAL FHA Submission Cover Letter Qualifier or Marksman Rate Lock LEGAL NTB test OTHER LEGAL Identification (If address is not correct, need a LOE) Patriot Act form Copy of SS card or Discover Source results APPLICATION Case number assignment from FHA connection with MIP refund and CAIVRS success CREDIT Tri‐merge Credit report pulled with all scores Non‐Credit Qualify – Mortgage Only with Scores Credit supplement for current mortgage, if necessary 12 month residence history of payments, Prior: Owner, credit supp Renter, VOR Written LOX for any major derogatory credit or recent (2 yrs) derogatory credit Copy of First Mortgage Note Payoff Escrow Shortage Payoff Worksheet Current Mortgage Statement (optional) INCOME Income worksheet (spreadsheet or manual form) Paystubs dated within 30 days. (Covering 30 days) Asset Documentation ‐ Two months bank statements, VOD etc. (Covering any cash shortages to close or reserve requirements) 4506T results Credit Qual—Written VOE covering 2 year history of OT or Commissions if using INSURANCE Homeowners insurance with mortgagee clause change MISC‐App 1003 (Fully completed covering 2yr residency/employment/income) MISC‐Credit Original Credit report pulled RESPA’S LEGAL 4506T‐Must be signed and dated within three days of application. Borrowers Certification and Authorization ABA‐K2 Disclosure TIL (does not have to be signed) OTHER LEGAL Important Notice to Homebuyers (92900B)‐Signed and dated within three days of application. (2 pages) Reviewed by: <Insert Br Mgr or SM Mgr name>__________ <Insert Br Mgr or SM Mgr name>__________ Name: Loan #:
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Transcript
Streamline Requirements Checklist
OLD RULES CREDIT QUALIFY
NEW RULES NON‐CREDIT QUAL
GENERAL FHA Submission Cover Letter
Qualifier or Marksman
Rate Lock
LEGAL NTB test
OTHER LEGAL Identification (If address is not correct, need a LOE)
Patriot Act form
Copy of SS card or Discover Source results
APPLICATION Case number assignment from FHA connection with MIP refund and CAIVRS success
CREDIT Tri‐merge Credit report pulled with all scores
Non‐Credit Qualify – Mortgage Only with Scores
Credit supplement for current mortgage, if necessary
12 month residence history of payments, Prior:
Owner, credit supp Renter, VOR
Written LOX for any major derogatory credit or recent (2 yrs) derogatory credit
Copy of First Mortgage Note
Payoff
Escrow Shortage Payoff Worksheet
Current Mortgage Statement (optional)
INCOME Income worksheet (spreadsheet or manual form)
Paystubs dated within 30 days. (Covering 30 days)
Asset Documentation ‐ Two months bank statements, VOD etc. (Covering any cash shortages
to close or reserve requirements)
4506T results
Credit Qual—Written VOE covering 2 year history of OT or Commissions if using
INSURANCE Homeowners insurance with mortgagee clause change