This preview shows page 1. Sign up to view the full content.
Unformatted text preview: d to provide the name, address, and zip code of the mortgage company. In addition, they should provide the loan number as well as supply the type (conventional FHA, or VA). If they are renting, they will need to supply the name and address of their landlord. Copies of their last years W–2s as well as their most current paycheck stub. Social Security numbers are required on any FHA–insured, VA– guaranteed, or a loan to be sold to Fannie Mae. Freddie Mac does not currently require this information. 2. 3. 4. 5. 6. 14-12 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 14: THE LOAN PROCESSING
7. Name and address of all financial institutions as well as all account numbers for all checking, savings, credit union, certificate of deposit, money market accounts, and so forth. If a borrower and/or co–borrower are divorced, they will need to provide a copy of the decree. If the borrower and/or co–borrower will use assets to close, they will need to furnish copies of the stock certificates, bonds, certificates of deposits, and so forth. A list of current obligations, including current balances, account numbers, monthly payment; name, address and zip code of lender or store. Also the account number of all credit bank type cards even though there is no balance. If the applicant is self–employed, provide signed and dated, last 2 years of individual tax returns with all schedules. Also a year–to–date profit and loss statement; if possible, prepared and signed by a CPA as well as the borrower. If the borrower owns 25 percent or more of a business, 2 years of tax returns on the business with all schedules. If the borrower and/or co–borrower will be using income from rental properties, they will need to provide a copy of their federal income tax return, Schedule E, Supplemental Income Schedule, as evidence of rental income. Many lenders will not count the rent from any property not listed on Schedule E as income unless the bo...
View Full Document
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