real estate finance - full book (500 pgs)

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Unformatted text preview: A. B. C. 7. 8. Business credit report Signed federal income tax returns for the past 2 years If available, an audited profit–and–loss statement and balance sheets for the past 2 years Verification of previous mortgage and payment record or rental verification with payment record Property appraisal on the lender's approved form • • Floor plan and plot sketch Photographs of the property. (Many lenders require several pictures of the property showing the front, back, and a view looking both ways from the front.) 11. 12. A copy of the earnest money contract If PMI is required by the lender, a copy of the PMI commitment • • • • Statement of information Affidavit, stating any plans to sell or rent owned property Statement of occupancy Verification of stock and cash value of life insurance, if appropriate. Dynasty School (www.dynastySchool.com) 14-21 REAL ESTATE FINANCE Additional Forms – Transactions involving income properties will also require: • Property income and expense report FHA LOAN PACKAGING The Department of Housing and Urban Development has established the use of the Uniform Case Binder. The purpose of the Binder is to make HUD–FHA closing operations more efficient and assure that there will be only one, uniform, nationwide policy on the order of documents. If the lender is a direct endorsement lender, the order of documents is as follows: Right Side of Case Binder (Top to bottom): 1. Cover letter or transmittal letter (if used), including a mailing label for the DE Underwriting Report (Form HUD 54118) if you want this report to go to an address other than the branch office that originated the loan. Letter of Assignment, where applicable. Request for Insurance Endorsement Under the DE Program (The local Field Office can provide a copy of this form). Current Payment Letter (if necessary). One–Time MIP Statement of Account (if applicable). Form HUD–541 13, Underwriter Certification (with signature, identification number and date). Special certificati...
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