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Unformatted text preview: ate list. To get a current, approved stack order list, the mortgage loan broker and processor may wish to obtain a copy from the direct lender. Each lender the mortgage broker works with will have its own particular order. The FNMA and FHLMC office locations to obtain current forms and underwriting books may be obtained from the following: Western Regional Office for Federal National Mortgage Association (Fannie Mae) 135 North Los Robles Avenue, Suite 300 Pasadena, CA 91101–1701 (800) 732–6643, or www.fanniemae.com Western Regional Office for Federal Home Loan Mortgage Corporation (Freddie Mac) 21700 Oxnard, Suite 1900 Woodland Hills, CA 91367 (818) 710–3000 or www.hud.gov LOAN PACKAGING – CONVENTIONAL
Because many conventional lenders have their own requirements any of the following items may be included in the conventional loan package: 1. Submission letter (This is a cover letter outlining the items enclosed in the loan package. Usually, the letter will outline the terms and loan–to–value ratio of the mortgage. lithe mortgage is one to be purchased by Fannie Mae, they require a form entitled Transmittal Summary, in place of the submission letter.) Loan application Standard factual credit report (This credit report should be current. Many lenders require the report to be less than 90 days old and provided by an
Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 2. 3.
14-20 14: THE LOAN PROCESSING
approved credit–reporting agency. Many lenders, including Fannie Mae/Freddie Mac, FHA, and VA, have a list of approved credit–reporting agencies. It should be noted that if the credit report is from an agency not approved by the lender, the loan package may be rejected or the lender will order a credit report from the approved agency. In either case, processing or approval time will be increased.) 4. 5. 6. Verification of deposits Verification of employment If the applicant is self–employed, the following information will be supplied in lieu of the verification of employment:...
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This note was uploaded on 12/30/2010 for the course SOC 101 taught by Professor Zhung during the Spring '10 term at Punjab Engineering College.
- Spring '10