April 17th, 2023 3:18 PM by Sam Kader MLO130505
Underwriting documents depended on when we submit to underwriting:
Example for DU, Non-Agency and Government (FHA, VA, USDA) - if we submit a file to underwriter on 10/15/22 and disburse or close on 11/15/22, then we will need complete Tax Returns for 2020 and 2021 or Copy of filed IRS Form 4868/7004 extension AND complete Tax Returns for 2019 and 2020 AND NROR for 2021 (Not Recorded Or Returned).
Example for LP(FreddieMac) - if we submit a file to underwriter on 10/15/22 and disburse or close on 11/15/22, then we will need complete Tax Returns for 2020 and 2021 or Copy of filed IRS Form 4868/7004 extension AND complete Tax Returns for 2019 and 2020 AND NROR for 2021 (Not Recorded Or Returned).
Bank ledger/history with current balance. This report is required to verify clearance of Earnest Money check or to verify sufficient funds to close. It must capture all bank activities from the last statement date to current and it must have beginning bank balance at the start of the report and ending bank balance at the end of the report. This report could be obtained in 2 ways:
1. Requesting it directly at the bank branch. A bank teller can print out the bank ledger/history report. However, it must be signed off by a bank teller or rubber stamped just like this below. Page number must be sequential. We must have all pages including blank ones. Please do not alter the bank ledger/history report by underlining it or highlighting it or circling it. The report must be as is.
2. Printing it directly from an online account. This report must be printed out with a web/URL address on the bottom of each page (this cannot be a screenshot from a phone). Below is an example of web/URL address. Page number must be sequential. We must have all pages including blank ones.
IRS Tax Transcript. Should you be required to pull your own IRS Tax Transcript yourself - please visit IRS here at https://www.irs.gov/individuals/get-transcript and follow its instructions online.
Verbal Verification of Employment (VVOE). Our lender will call the current employer after final loan approval and a few days before closing to confirm that our borrower is still gainfully employed. The lender will verify start date, rate of pay and job title as well as person's name and title of who they are calling. UWM VVOE call back number is 800-981-8898 ext 3550 and reference loan number or email at VVOE@UWM.COM if responding by email. Please request that the employer cc us at info@pacificcoastfin.com so we can follow through with our lender.
Paying off credit card/revolving debt at closing. Please provide most current monthly credit card statement (all pages including blank ones) with borrower's name, account number, total amount due and mailing address so escrow can mail in the payment at closing. A phone screenshot of the amount due is not acceptable. The payment has to be done by escrow at closing and cannot be done by borrower. We are not closing the account but merely paying it off to zero balance.
Property Insurance Information. Your new house will need property insurance coverage. Please provide contact information - Name, Phone Number and Email address so we can obtain Evidence of Insurance (EOI) on your behalf. Lender will require Replacement Cost Estimate (RCE) report if Section 1 - Dwelling coverage A is less than the loan amount. RCE must show Estimated Replacement Cost in dollar amount as shown in the previous example.
Appraisal report. Appraisal report is needed to support property valuation. The final appraisal report must be "as is" and on a purchase contract must be at value. In preparation for appraiser's inspection:
1. Please make sure that all utilities are on and functioning, that there is a carbon monoxide and smoke detector installed on each unit/floor.
2. Please ensure that the hot water tank is double strapped per code.
This is imperative, so please make sure that this is done prior to the appraiser going out there. Otherwise, there will be delays and additional reinspection appraisal fees. On a purchase contract - a listing agent would be listed as a contact person for an appraiser to call for an appointment.
Appraisal report subject to repairs . Items noted by appraiser must be fixed and corrected and re-inspected by the same appraiser upon completion. This final re-inspection will add a few more days to close. Thus, any health hazards but not limited to such as mold, broken floors, walls, railing, leaky roof or exposed electrical wiring must be fixed prior to appraiser's initial inspection.
Written Verification of Employment (VOE). Due to variable income - a written VOE capturing the last 2 years of employment is needed. Please provide a contact person - Name, Title, Phone Number and Email address from someone in either Human Resources or Payroll. This VOE form must be completed by employer's human resources or payroll manager and email it to info@pacificcoastfin.com or fax it to us at 1-866-663-6553, It cannot be sent by the borrower to us. Should an outside 3rd party salary verification provider is used such as the Work Number - please provide 6 digits Salary Key to access it. Another 3rd party salary verification provider is QuickConfirm. Please watch this short video presentation on how to obtain salary authorization code here. If you do not have a verifier account, you will be able to create one by following the instructions on the QuickConfirm Web site. If you need assistance, please call QuickConfirm at 1 888 505 6745 Monday – Friday between the hours of 8 A.M. to 5 P.M. ET
United Wholesale Mortgage (UWM) Enhanced VOE. Please watch this short video (about 5.40 mins long) on how to provide VOE either through an automatic access instructions which starts at about 2:16 – 4:15 mins in the video or manual access instructions which starts at 4:54 – 5:06 mins in the video.