Quality Point System

Loan submission form, LO checklist turned in with submission and done correctly. PUD/Condo submission form if required. (5 pts)

Initial 1003 Completed: (10 points)

Signed
Dated
Years in school
Home phone number
Dependents and ages
Full 2 year work history
Full 2 year address history
Asset information added including account numbers and bank names
Method of delivery marked
Race, ethnicity and sex marked
If borrowers rent, add rental payment to 2nd page of 1003.
For a refi- must have date of purchase, amount of purchase and amount of existing liens, purpose of refinance, if cash out must indicate reason.

Agent information entered into file contacts in Encompass

(name, phone number and email address) (5 pts)

AUS run properly (with actual property address and with proper product) (5pts)

Detailed letter of explanation to the underwriters/processing (5 pts)

All disclosures in file and signed and dated by proper people. GFE must have proper appraisal fee disclosed or points will be revoked. (5pts)

Employment Documentation (10pts)

Full months paystubs (Must be within 30 days of application)
2 years W2’s
Tax Returns (only if needed….these should be referenced in your letter to the underwriter if you are including them as to why they are in the file)
Letters from CPA if needed for self employed borrowers.
If borrower is commissioned un-reimbursed expenses should be noted by loan officer.

Assets (10pts)

Large deposits sourced ($250 and up)
Bank statements must reflect borrower’s name, account number and institution name.
Gift letter and related documents if necessary

Photo ID (5pts)

Must be turned in with submission
If current address doesn’t match the borrower’s ID we will need a copy of the back of the license to show the sticker showing that they have moved.
Must be legible and current(if it’s not clear when you get it, it will only get worse when we scan it to underwriting)
(Taking a photo of it with your cell phone and emailing it to me works wonderfully )

Credit Card Form (5pts)

Must be turned in at time of submission. Writing has to be legible. If I can’t read the numbers, I can’t order the appraisal. Form must be signed by customer.

Contract (5 pts)

Letters of Explanation from Borrowers (5 points each)

LOX required for all derogatory items on credit report. (all within past 24 months; For ALL collections, judgements, bankruptcy, tax liens, foreclosure, mortgage lates, etc.)
LOX required for all inquiries made within 120 days prior to application. (if only PRMI, no need to explain)
LOX required for all addresses listed on credit report.
LOX required for all AKA’s listed on the credit report. (Make note, this may alert you that you will need a divorce decree or child support order)

Credit Report (5pts)

Can not be expiring before loan is supposed to close. 90 days for conventional loans and 120 for FHA/VA/USDA.

Credit Related Documents (5pts)