Documents Required To Process Mortgage

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This ARTICLE On Documents Required To Process Mortgage Loan And Get CTC Was PUBLISHED On November 9th, 2020

Mortgage Documents Required To Process Mortgage Loan By All Borrowers:

  • One of the biggest reason for delays in the mortgage process and closing date delays is due to incomplete and/or not legible documents being submitted
  • The mortgage process starts once the homebuyer gets the executed real estate purchase contract
  • Once the executed home purchase contract is submitted to the lender, a mortgage processor is assigned
  • The mortgage processor’s role is to prepare all the documents from the borrower and get the file ready for an underwriter to review and issue a conditional loan approval
  • A mortgage underwriter does not have time to look for missing pages and/or try to second guess paperwork that is not legible
  • The mortgage underwriter will just kick the whole file back to the processor

The file then goes to the end of the pipeline until the mortgage processor gets to it.

Incomplete And Illegible Documents Are The Main Reason For Delays In The Mortgage Process

Documents Required To Process Mortgage Loan

This is why the following holds true:

  • NO PHONE PICTURES OR PIECEMEAL EMAILS
  • ALL DOCS NEEDS TO BE COMPLETE
  • THE MORTGAGE PROCESS WILL NOT START UNTIL WE GET ALL DOCS) ARE IN ORDER, LABELED, AND PDF FORMAT

When sending emails containing the documentation requested, please list your last name and the document(s) being submitted in the subject line. This will increase our efficiency in the process of your loan request.

Documents Required To Process Mortgage Loan To Get Home Loan Approval

There are documents required to start processing the borrowers mortgage loan::

Below is the basic list of documents required to process mortgage loan by Gustan Cho Associates:

  • PLEASE GATHER THESE DOCUMENTS, SCAN THEM, AND PUT THEM ON PDF FORMAT AND LABELED THEM
  • PHONE PICTURES ARE NOT ACCEPTABLE AND WILL NOT GET OPENED
  • PLEASE DO NOT SEND THEM PIECEMEAL
  • SEND THEM ALL AT ONCE TO AVOID DELAYS
  • WHEN SENDING EMAILS, PLEASE WRITE YOUR LAST NAME, FIRST NAME, AND THE TYPE OF DOCUMENT YOU ARE SENDING ON THE SUBJECT LINEFOR
  • EXAMPLE: DOE, JANE; 2019 AND 2020 INCOME TAX RETURNS

The mortgage process is teamwork. The lender needs full cooperation from the borrowers in order to have a stress-free mortgage process and to close on time.

Step One Of Mortgage Process

The mortgage process WILL NOT START if there are incomplete and/or illegible pages:

  • Incomplete documents is the main reason for delays in the mortgage process
  • Make sure we get all pages, including blanks
  • When sending emails containing the documentation requested, please list borrowers last name , first name, and the document(s) being submitted in the subject line

This will increase our efficiency in the process of borrowers loan request.

Mortgage Disclosures

What are the forms that must be completed, dated and returned during the loan process

Other documents required to process mortgage loan will be required if the situation applies such as the following:

  • An additional an email will follow where it will contain an “E-consent”
  • This E-Consent is a mortgage loan applicant’s consent to receive emails
  • Please read it & electronically sign it
  • If you are confused and not sure on what to do, do not hesitate to contact your loan officer, mortgage processor, or the main office at Gustan Cho Associates
  • Our loan officers and support staff are available 7 days a week, evenings, weekends, and holidays

The assigned loan officer at Gustan Cho Associates will email at few documents that need to be signed and dated.

Forms That Need To Completed,  Dated, And Returned During The Mortgage Process

BORROWERS AUTHORIZATION FORM:

  • A Borrower’s Authorization that grants permission to speak with borrower’s employer and insurance agent regarding this mortgage transaction will be emailed once we get the required documents below

INQUIRIES ON CREDIT REPORT :

  • A description is needed for any credit inquiries on borrower’s credit report
  • Please sign and date the page once you receive the email

Our loan officers at Gustan Cho Associates will go over this with the borrower. DEROGATORY CREDIT ITEMS:

  • For any derogatory items that appear on credit report each one needs a brief description of explanation
  • We will email you the letter and instructions

The loan officer will discuss on what to write. The LOX does not have to be lengthy. A one or two sentence LOX is fine.

SOCIAL SECURITY VERIFICATION:

  • Please verify borrowers and co-borrowers SS#| Then sign and date the form

IRS 4506T:

  • A 4506T used to order borrowers tax transcripts from the IRS for the last 2 years

DOUBLE CHECK ADDRESS:

This because it needs to reflect your filing address for the last 2 years and update if necessary please.

Contact Gustan Cho Associates With Any Questions

Please call Gustan Cho Associates at 262-716-8151 or text for a faster response with any questions or concerns. Or email us at gcho@gustancho.com.

  • Borrowers can also email us at gcho@gustancho.com
  • We are available 7 days a week, evenings, weekends, and holidays
  • All docs should be emailed to your assigned loan officer and/or to operations at gcho@gustancho.com
  • Contact us via phone and/or text  us at (262)-716-8151 for a faster response
  • When sending emails containing the documentation requested, please list borrowers last name and the document(s) being submitted in the subject line

This is will increase our efficiency in the process of borrowers loan request.

Requirement Documents To Start Mortgage Process

What other documents lenders may require during the loan process

Listed Below Is The List Of Documents Required To Process Mortgage Loan At Gustan Cho Associates:

  1. One month’s paycheck stubs for each position the borrower, spouse, and/or co-borrowers have
  2. Two years W-2’s and/or 1099’s from all employers of all borrowers on the loan
  3. 1099 and Awards Letters for all sources of income borrower and all co-borrowers are currently receiving
  4. Two years Federal tax returns – ALL pages, All schedules
  5. Two months bank statements and/or retirement accounts– All pages even blank ones
  6. Please explain large deposits not from payroll
  7. Internet snapshots and cell phone pictures are not considered legible
  8. This is because they don’t contact the bank name, borrowers name, full account number and 30 days activity- All 4 items need to be present)
  9. Social Security income
  10. Borrowers awards letter that is given yearly along with 3 months bank statements to show direct deposits
  11. Retirement income
  12. Borrowers awards letter to show how much they will be paid along with 3 months bank statements to show direct deposits
  13. Copy of driver’s license and Social Security Card (Front & Back)
  14. Home owner’s Insurance proof or agents name and phone number 
  15. Copy of borrowers current mortgage statement(s) for both properties that you own
  16. Please send proof of real-estate taxes paid and proof of insurance
  17. Borrowers who pay Alimony, Child support or Separate maintenance please provide the divorce decree, parenting plan or other official documentation
  18. Borrowers who receive Alimony, Child support or Separate maintenance and wish to include it or disclose it please provide proof of receipt for 3 months
  19. Divorced please provide divorce decree and/or parenting plan, etc. in its entirety
  20. Once borrowers have an executed real estate purchase contract, they will receive two emails.
  21. One will include a document called a “Letter of Intent” or LE; this is your consent to continue the mortgage process
  22. Please acknowledge it by reading it and electronically signing it
  23. When received we can order the appraisal and proceed further with processing your file

Other Documents Lenders May Require During The Mortgage Process

Other Documents Required To Process Mortgage Loan If Applicable:

  • Prior short sale, then closing paperwork of closing statement
  • Foreclosure and/or deed in lieu paperwork
  • Bankruptcy paperwork and all schedules
  • Child support and/or alimony paperwork if it applies to borrowers
  • Written payment agreement for tax liens and/or judgments
  • If student loans are in deferment, a statement on what the fully amortized monthly payment will be on an extended payment plan by the student loan provider

Please contact us at Gustan Cho Associates Mortgage Group at 262-716-8151 or text us for a faster response. ALL Documents Required To Process Mortgage Loan SHOULD BE EMAILED TO your loan officer or operations at gcho@gustancho.com.

RECAP ON DOCUMENTS REQUIRED TO PROCESS MORTGAGE LOAN AND CLOSE ON TIME

Again, no phone pictures or emailing docs piecemeal.

  • All docs should be in PDF FORMAT
  • Needs to be labeled to streamline the mortgage process
  • This is important to avoid delays in processing /underwriting mortgage loan and not just close but close mortgage loan on time
  • When sending emails containing the documentation requested, please list last name, first name, and the document(s) being submitted in the subject line
  • This will increase our efficiency in the process of borrowers loan request
  • We need borrowers cooperation by making sure that all documents they send us are legible and PDF FORMAT

Thank you for giving Gustan Cho Associates the opportunity to make your dream of home ownership become a reality.

This BLOG On Documents Required To Process Mortgage Loan Was UPDATED On November 9th, 2020

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