Mortgage Application Process And Documents Required For Underwriting

This Article Is About Mortgage Application Process And Documents Required For Underwriting 

Whether you are applying for a home purchase or a refinance mortgage loan, there are going to be a list of documents that you need to provide the mortgage processor:

  • The process needs documents by borrowers so they can process your mortgage loan application and submit it to the mortgage underwriter
  • Getting the documents needed upfront as complete as possible will determine how smooth your mortgage application process goes
  • A mortgage processor can submit the borrower’s loan package with missing information
  • But then the underwriter will definitely come back with conditions which will cause delays in closing your mortgage loan
  • The key is to get all of the documents the underwriter will need
  • Processors should submit the whole package as complete as possible so there will be very little to no conditions
  • Many mortgage processors will not submit any mortgage loan application package to underwriting even if there are one or two missing items

In this blog, we will discuss the Mortgage Application Process And Documents Required For Underwriting.

Types Of Documents Required To Process And Underwrite LoansWhat the Mortgage Application Process looks like

Divorce papers, bankruptcy paperwork, child support paperwork, and alimony paperwork not only needs to be provided:

  • Every single page of the documents needs to be submitted including blank pages if it is part of the documents
  • For example, if you had a prior bankruptcy, you need to provide the bankruptcy petition as well as the discharge paperwork

Just submitting the discharge paperwork will not suffice and the underwriter will come back and request the filing paperwork.

List Of Documents Required To Proceed With Mortgage Application Process

Documents Required To Process Your Loan

Please provide us with the following items applicable:

  • Two months of most recent bank statement for deposit accounts (checking/savings) we need all pages even if they are blank
  • If it is a transaction history it must be from the bank teller and it must be signed, dated and stamped by the teller and must be for 60 days
  • Two years of tax returns and W2’s for salaried / hourly wage borrowers
  • Two years of tax returns year to date profit/loss statement and current balance sheet for self-employed borrowers
  • Page 2 of taxes must be signed by the customer and preparer if they were prepared by an accountant

Misc. Paperwork Needs To Be Submitted

What documents must be sent?

We will need all pages even if they are blank:

  • Mortgage Note and riders for existing mortgages on the property
  • We need all pages even if they are blank
  • Two most recent pay stubs covering one month of pay
  • Copy of homeowners insurance or name and address and phone number of insurance agent you will be using
  • Divorce decree if applicable
  • Alimony agreement and child support documentation if applicable we need all pages even if they are blank
  • 401K, Profit Sharing and/or Pension Fund statements and once again all pages need even if blank
  • If you using these accounts please provide me with terms and conditions for accounts for eligibility to withdraw fund from these accounts
  • Investments Stocks, Bond, Fund and/or Portfolio statements we need all pages
  • Even if they are blank
  • Copies of Driver’s License and Social Security card or other forms of identification are needed and required
  • Copies of fully executed purchase contract with all addendums needed and if the property is a Condo or Townhome please furnish the association name, phone number and contact person
  • Copy of Social Security award letters if applicable

For more information about the contents in this blog or other topics, please contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email us at [email protected]

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