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AINSWORTH FINANCIAL MORTGAGE CORPORATION

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2015 LOAN ORIGINATOR

TRAINING COURSE

MANUAL

Ainsworth Financial Mortgage Corporation 2015 Privacy Policy. The training course material is attended for official use of AFMC

only. NMLS #362869 Ainsworth Financial Mortgage Corporation 2012©


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Loan Originator Course Overview

Training Course 1

Qualifying the Borrower(s)

How to complete a Prospect Summary

Obtaining Borrower(s) Credit Report

How to merge credit into Calyx Point

How to complete a Uniform Loan Application (1003)

Training Course 2

Credit Reports/Closing Cost/Pre-Approvals

How to read a credit report

How to complete a Good Faith Estimate and Fee Worksheet

Fannie Mae DO/DU Approval & Lender Approval

Training Class 3

Debt Ratios and Programs

Rate Sheets

Programs

Scenarios

FHA/VA Requirements: Debt Guidelines

Conventional Requirements

Training Course 4

Disclosures:

Conventional

FHA

VA

Reverse Mortgage

Documents:

Credit Report

Last 2 Year Tax Returns / W2’s

Last 2 Month Pay Stubs

Last 2 Month Bank Statements

Driver License and Social Security Picture

Retirement Statement / 401k/ Pension/Stocks

401K Terms and Conditions

Social Security Income / Disability Income

Child Support

Uploading Documents /Attachments:

1. Lender Back Office

2. Email Attachments to AFMC


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LOAN ORIGINATOR TRAINING COURSE 1

How to complete a Prospect Summary –Attachment

The “Prospect Summary” is very important. This is where the loan originator establish “rapport” with the

potential borrower(s). This process can make or break a potential opportunity to qualify a borrower(s). When a

potential borrower(s) gives the “LO” the required information, especially their social security number. The

“LO” has establish some trust with the potential borrower(s). Once this trust is establish, the “LO “should

perform and execute their professional duties.

Note: You can download the Prospect Summary

Obtaining credit for potential borrower(s)

After you have establish some rapport with the potential borrower(s)

Running the potential borrower(s) credit is what we would like to do first.

The “LO” is required to run the borrower(s) credit to see if the potential borrower(s) meets the credit guidelines

of qualifying for a loan.

This is key, because you can waste a lot of time not knowing what their credit scores are and what’s on the

borrower(s) credit report.

Also, AFMC will have to obtain a credit report for all potential borrower(s) in order to submit the loan to the

Lender’s.

If a borrower has already run their credit report, the “LO” can ask to see a copy of that credit report. The “LO”

can manually input the liabilities into point to determine the borrower(s) debt ratios. Along with the borrower(s)

provided income the “LO” can determine if the borrower(s) can pre-qualify for a loan. If the borrower(s) is pre-

qualified and would like to proceed with the loan process. The “LO” would have to run the borrower(s) credit

with AFMC to submit to the Lender for pre-approval.

If the borrower(s) gives the “LO” the approval to run their credit, the “LO” has done a great job establishing

some rapport. The “LO” would need to send the borrower(s) a Borrower Authorization and Credit Card

Authorization to run their credit.

If a borrower does not want the “LO” to run their credit for any reason. The “LO” should ask the borrower(s) to

go online to “Apply” and ask the borrower(s) what they think their credit scores are. If the borrowers(s) does

not want to go online to “Apply” or complete a 1003 over the phone or in person. Most likely that particular

borrower(s) is not ready to obtain a loan at that time. If the borrower(s) will go online to “Apply” that’s a sign

that they are interested even without running the borrower(s) credit. Also, the “LO” can recommend to the

borrower(s) to go online to websites that provide a simulation of the borrower(s) credit scores. Advise the


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borrower(s) the online website that offer credit scores are not the actually credit scores but they can see what is

being reported on their credit. If the “LO” determines the borrower(s) can pre-qualify, the “LO” will have to run

the borrowers(s) credit to proceed with the loan process.

*The outcome is to run the potential borrower(s) credit report and complete a 10003 to see if the borrower(s)

can qualify for a potential loan.

Merge Credit into Calyx Point

After the credit is ran, than the credit report is merge into Calyx Point. It will populate the credit report right

into the 1003 application.

Uniform Residential Loan Application (1003)

After the credit is merged into point. We can know manually complete the 1003 or merge the “AFMC” online

application right into point.

The breakdown of the (1003)

l. Type of Mortgage and terms of loan

Select the mortgage applied (complete all fields)

II. Property Information and Purpose of Loan

Legal Description ( Input “See Prelim”)

III. Borrower Information

Completed all fields

IV. Employment Information

2 years of employment needed

If less than 2 years on a job, you will need to provide the previous employer information. The borrower

must have worked in the same job field to use the previous employer. On VA loans, 1 year of

employment is required with the approval of the Lender.

V. Monthly Income and combined housing expense information

W2 employee, the income is calculated from the Gross Income.

Pay Stubs, are calculated from the gross paystubs: That includes, bonuses, overtime, commission and

other related income that is on the paystubs.

Self Employed Income (Schedule C) is calculated from the net income after deductions. The income is

calculated by using the last 2 year net income divided by 24 months will determine the potential

borrower(s) monthly income.

Corporate Income and LLC income form (K1) it is reported on your personal taxes as Schedule (A)

income.

Housing expenses are from the current home you leave in. (Rent or Own)


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VI. Assets and Liabilities

Assets: Checking, Savings, 401K, Stocks, Pension, Child Support, Social Security Income, Disability

Income

Liabilities: All items that show up on the borrower credit report

V1. Details of Transaction

The breakdown of all the closing cost and loan amount

VII. Declaration

The declaration section is questions about a borrower financial situation and citizenship. Questions that are

answer with a yes you should review and go over with potential borrower. Here are the questions to review if

answered with yes:

a. Judgments against you

b. Bankruptcy in the last 7 years

c. Foreclosed properties upon a given title

d. Lawsuit

e. Foreclosed property with a loan

f. Delinquent or default on any Federal Debt

g. If a borrower is paying alimony, child support, or separate maintenance

IX. Acknowledgement and Agreement

The borrower can select (I do not wish to furnish this information about (Ethnicity and Race). If the

borrower checks that box, the loan originator is required to check the Sex box (Male or Female)

The date that the Uniform Residential Application (1003) is signed, the loan originator has 3 business

days to provide the borrower with the required disclosures.

NOTE: You can download the 1003

(Practice filling out the 1003 using a pre-made up borrower)


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Reading a credit report

Credit Scores

Credit scores will determine the different loan programs that the borrower(s) can qualify for and potential lender

credit or cost to the borrower(s).

Lattes

Lattes can determine the outcome of the borrower(s) qualifying for a loan. One key item that is highly looked at

on the credit report is Mortgages that are late in the past 12 months. Mortgage lattes can determine whether or

not the borrower(s) can qualify for a loan.

Charge Offs Accounts

Charge accounts for FHA does not have to be paid. Some lenders might still have their own overlays and

require the charge off to be paid off.

Bankruptcy Chapter 7 & 13

Bankruptcy can determine whether or not the loan will be preapproved. FHA/VA and Conventional loans have

different guidelines for bankruptcy seasoning.

FHA – (Chapter 7) 2 years from discharge date

FHA – (Chapter 13) 1 year of the payout must elapse & payment performance must be satisfactory - buyer must

receive permission from the court to enter into a mortgage

VA - (Chapter 7) 2 years from discharge date

VA - (Chapter 13) 1 year of the payout must elapse & payment performance must be satisfactory - buyer must

receive permission from the court to enter into a mortgage

Conventional – (Chapter 7) 4 years from discharge date

Conventional – (Chapter 13) 2 years from discharge date (Chapter 13)

Short Sales & Deed In Lieu Of Foreclosure

Short Sales can determine whether or not the loan will be preapproved. FHA/VA and Conventional loans have

different guidelines.

FHA – 3 years from discharge date

VA – 2 years from discharge date

Conventional – 4 years from discharge date


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Foreclosure

Foreclosure can determine whether or not the loan will be preapproved. FHA/VA and Conventional loans have

different guidelines.

FHA – 3 years from discharge date

VA – 2 years from discharge date

Conventional - 7 years discharge date

Collections Accounts

Collection Accounts can determine whether or not the loan will be preapproved. FHA/VA and Conventional

loans have different guidelines for collection accounts

FHA – Collections account will have to be paid before closing

VA – Collections account have to be seasoned for 12 months

Conventional – Collections account have to be seasoned for 12 months

Public Records / Judgements

Public Records/ Judgement can determine whether or not the loan will be preapproved.

Unpaid balance will have to be paid off before closing,

Good Faith Estimate (GFE)

The “GFE” is very a very important document. It details all the fees and closing cost for a potential borrower(s)

The “GFE” must be provided to the borrower(s) within 3 business days of taking a Uniform Loan Application

(1003)

The Fee Worksheet is a detail outline of all the fees broken down separately.

Service Providers & Estimated Fee’s (Use to complete the Fee Worksheet)

Appraisal Fee: Broker will order appraisal with Lender or AMC

$450.00 - $475.00 – estimated price

Escrow Fee:

Refinance: $550.00

Purchase: $250 + 2.00 per Thousand

Notary: $250.00

Doc Preparation: $150.00

Title:

Owner Title: see price sheet

Lender Title: see price sheet

Property Taxes:


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Purchase price x property tax / 12 = monthly payment

Example: 100,000 x 1.25% /12 = $104.16

Transfer Taxes: (Will vary per County)

Loan Amount / 1000 x 1.10

Example: 100,000 /1000 =100 x $1.10 = $110 Transfer Tax

San Bernardino County $1.10

Riverside County $2.10

Home Inspection: Any Reliable

$200.00 - $300.00

Hazard Insurance: Any Reliable

Loan amount x .3% / 12 = monthly payment

Example:

100,000 x .3% = 300 / 12 = $25.00 per month

Fannie Mae DU/DO Approval or Lender Approval

The DU/DO approval is provided when a potential borrower(s) have provided all the required income and asset

documents. The DU/DO underwriting is calculated when all factors are considered credit, income, assets,

employment, and loan amount. If the following requirements meet the required guidelines the borrower(s) will

be given an “Approved Eligible”. The “Approved/Eligible can be provided to the realtors when they submit

offers on behalf of the potential borrower(s)

Lender Approval

The Lender Approval with conditions are given when the underwriter for a particular lender has reviewed the

loan file and determine if the loan can be approved with conditions or denied.


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Rate Sheets: attachment

Rate sheets are used to establish a certain rate for the borrower(s) and will identify the cost or credit for that

rate.

Note: You can down load one of our lender rate sheet to view and study.

Lender cost consist of:

Lower credit scores, non-owner occupied, investment property, LTV, and lower interest rates

Lender credit consist of: Higher Credit score, LTV, higher rate

Loan Programs

#1. FHA

#2. Reverse Mortgage

#3. Harp 2

#4. VA

#5. FHA Stream Line

#6. Conventional

#7. Commercial / Hard Money/ Standard

#8. 1-4 Residential Hard Money

#9. Stated Income


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Loan Program Scenarios:

1. 0% Down Payment / 620+ – FHA (Sapphire Program)

2. .5% Down Payment – FHA Access Program

3. 3.5% Down Payment – FHA

4. 3% - 10% Down Payment – Conventional (With or Without PMI)

5. 20% Down Payment – Conventional ( NO PMI)

6. No Income / No Assets / Equity – Reverse Mortgage

7. Freddie Mack / Fannie Mae / No appraisal/ 620 Fico – HARP 2.0

8. No appraisal / No Income / Mortgage History last 12 months no lattes – FHA Streamline

9. 65% LTV / Credit Score – Stated Income

10. 50% - 65% LTV / No Credit Score / Commercial / Complete Loan Prospect Profile – Commercial Hard

Money

11. 50% - 65% LTV / NO Credit Score / 1-4 units / Complete Loan Prospect Profile – Residential Hard

Money

FHA Debt Ratios Requirements & Guidelines”

In order to prevent homebuyers from getting into a home they cannot afford, FHA requirements and

guidelines have been set in place requiring borrowers and/or their spouse to qualify according to set debt

to income ratios. These ratios are used to calculate whether or not the potential borrower is in a financial

position that would allow them to meet the demands that are often included in owning a home.

The two ratios are as follows: If you get an AUS approval, the maximum DTI ratio can be quite high.


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1) Mortgage Payment Expense to Effective Income (Front-End Ratio)

Add up the total mortgage payment (principal and interest, escrow deposits for taxes, hazard insurance,

mortgage insurance premium, homeowners' dues, etc.). Then, take that amount and divide it by the gross

monthly income. The maximum ratio to qualify is 31%.

See the following example:

Total amount of new house payment:

$750

Borrower's gross monthly income (including spouse, if married):

$2,850

Divide total house payment by gross monthly income:

$750/$2,850

Debt to income ratio:

26.32%

2) Total Fixed Payment to Effective Income (Back-End Ratios)

Add up the total mortgage payment (principal and interest, escrow deposits for taxes, hazard insurance,

mortgage insurance premium, homeowners' dues, etc.) and all recurring monthly revolving and installment

debt (car loans, personal loans, student loans, credit cards, etc.). Then, take that amount and divide it by

the gross monthly income. The maximum ratio to qualify is 43%.

See the following example:

Total amount of new house payment:

$750

Total amount of monthly recurring debt:

$400

Total amount of monthly debt:

$1,150

Borrower's gross monthly income (including spouse, if married)

$2,850


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Divide total monthly debt by gross monthly income:

$1,150/$2,850

Debt to income ratio: 40.35%

Back-End Ratios – the minimum required monthly payments on all the following:

Auto Loans- (except if there is less than 9 months left tom pay off)

Student Loans- (except if there is less than 9 months left tom pay off)

Personal Loans- (except if there is less than 9 months left tom pay off)

Child Support- (except if there is less than 9 months left tom pay off)

Alimony- (except if there is less than 9 months left tom pay off)

Federal Tax Lien Repayment Schedules- (except if there is less than 9 months left tom pay off)

Charge Cards – minimum required payments only

Following are monthly liabilities that are not used to calculate debt ratios:

Utility Bills

Car &Health Insurance

Cell Phone Bills

Any bills not reflected on your credit report

Please note that the above indicators do not exclusively determine whether or not a candidate will qualify

for an FHA loan. Other factors will be considered, including credit history and job stability

FHA FIXED RATE LOANS

By serving as an umbrella under which lenders have the confidence to extend loans to those who may not

meet conventional loan requirements, FHA's mortgage insurance allows individuals to qualify who may

have been previously denied for a home loan by conventional underwriting guidelines.

FHA loans benefit those who would like to purchase a home but haven't been able to put money away for

the purchase, like recent college graduates, newlyweds, or people who are still trying to complete their

education. It also allows individuals to qualify for a FHA loan whose credit has been marred by bankruptcy

or foreclosure.


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FHA LOAN LIMITS

To find loan limits in other Counties: Go to http://www.fha.com

SAN BERNARDINO County

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA

Single

$355,350

Duplex

$454,900

Tri-plex

$549,850

Four-plex

$683,350

LOS ANGELES County

LOS ANGELES-LONG BEACH-ANAHEIM, CA

Single

$625,500

Duplex

$800,775

Tri-plex

$967,950

Four-plex

$1,202,925

http://www.fha.com/


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VA Debt Ratios

Max DTI Ratio for VA Loans

For VA loans, the same automated/manual UW rules apply. If you get an AUS approval, the maximum DTI ratio can be quite high.

However, if it’s manually underwritten then the maximum debt-to-income ratio is 41% (back-end). There is no

front-end requirement for VA loans. Again, as with FHA loans, if you have compensating factors and the

lender allows it, you can exceed the 41% threshold.

Specifically, if your residual income is 120% of the acceptable limit for your geography, the 41% DTI limit can

be exceeded, so long as the lender gives you the go-ahead.

In other words, most of these limits aren’t set in stone, assuming you’re a sound borrower otherwise

VA Fixed Rate Loans

In 1944, President Franklin D. Roosevelt signed the Servicemen's Readjustment Act into law. This bill, which

eventually became known as the GI Bill, allowed veterans to purchase homes without making a down payment. Like

other fixed rate loans, the VA Fixed Rate Loan gives borrowers the option of financing their mortgage in 15, 20, 25,

or 30 year terms with the interest rate remaining fixed for the life of the loan.

VA loans are guaranteed by the Department of Veterans Affairs and can be used to purchase a single family home,

including a townhouse or condominium unit in a VA approved project, to build a home, and purchase and improve a

home. Loans are assumable under certain conditions and do not have a prepayment penalty.

VA financing is designed to benefit veterans of the armed services, those currently in active duty or the reserves, and

their spouses. In order to qualify for a VA loan veterans must be eligible as defined by the Department of Veterans

Affairs. Veterans can qualify to put zero down on a loan up to $417,000. VA Fixed Rate Loans are full

documentation loans. Before closing, a funding fee must be collected from the borrower and can be

financed into the loan. Funding fee exemption is possible upon proper verification of

disability

http://www.thetruthaboutmortgage.com/va-mortgage-loans/


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California VA Loan Limits

County Name Limit

ALAMEDA $1,050,000

ALPINE $463,450

AMADOR $417,000

BUTTE $417,000

CALAVERAS $417,000

CONTRA COSTA $1,050,000

DEL NORTE $417,000

EL DORADO $474,950

FRESNO $417,000

GLENN $417,000

HUMBOLDT $417,000

IMPERIAL $417,000

INYO $417,000

KERN $417,000

KINGS $417,000

LAKE $417,000

LASSEN $417,000

LOS ANGELES $687,500

MADERA $417,000

MARIN $1,050,000

MARIPOSA $417,000

MENDOCINO $417,000

MERCED $417,000

MODOC $417,000

MONO $529,000

MONTEREY $500,000

NAPA $592,250

NEVADA $477,250

ORANGE $687,500

PLACER $474,950

PLUMAS $417,000

RIVERSIDE $417,000

SACRAMENTO $474,950


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County Name Limit

SAN BENITO $827,500

SAN BERNARDINO $417,000

SAN DIEGO $546,250

SAN FRANCISCO $1,050,000

SAN JOAQUIN $417,000

SAN LUIS OBISPO $561,200

SAN MATEO $1,050,000

SANTA BARBARA $643,750

SANTA CLARA $827,500

SANTA CRUZ $681,250

SHASTA $417,000

SIERRA $417,000

SISKIYOU $417,000

SOLANO $417,000

SONOMA $520,950

STANISLAUS $417,000

SUTTER $417,000

TEHAMA $417,000

TRINITY $417,000

TULARE $417,000

TUOLUMNE $417,000

VENTURA $598,000

YOLO $474,950

YUBA $417,000


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Conventional Debt Ratios Requirements

The income requirements for conforming loans are practical and easy to understand. Like other mortgage

programs, conforming loans use debt-to-income (DTI) ratios to qualify applicant income and determine their

ability to make their payments on time. The two debt-to-ratios used are called the “front ratio,” also known as

“top ratio” and the “back ratio,” also known as the “bottom ratio”.

The front ratio measures the applicants new proposed housing payment with principal, interest, taxes, and

insurance (PITI) as a percentage of their total monthly income.

The back ratio measures the applicants newly proposed total monthly payments, including the new housing

payment and all current monthly obligations, as a percentage of their total monthly income. The back ratio

includes the borrower’s current credit cards payments, car payments, student loan payments, and any monthly

obligations.

Conforming loan income guidelines include the following components:

The applicant must be gainfully employed for at least two years.

The applicant must adhere to the conforming debt-to-income requirements of 33/45 via

documented income. 33% Front Ratio – The new housing payment may not exceed 33 percent of the applicants combined

monthly income.

45% Back Ratio – The new total monthly debt amount, including new home payment, may not exceed

45 percent of the applicant’s combined monthly income. Flexibility up to 50% DTI may be offered for

certain applicants with strong compensating factors.

Conventional Fixed Rate Loan

Conventional Conforming Fixed Rate Loans are fixed in 15, 20, 25, or 30 year terms with the interest rate

remaining fixed for the life of the loan. These loans follow the strictest guidelines for eligibility in terms of

loan amounts. They are not assumable and may not contain a prepayment penalty.*

http://www.loans101.com/mortgage-calculators/debt-income-calculator/

http://www.loans101.com/mortgage-calculators/mortgage-payment-calculator/


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Conforming Loan Limits

Conventional conforming loan limits for one-unit homes has remained unchanged at $417,000 for the last

eight years, except in some high-cost areas of the country where limits may be higher. In these “high-cost

areas”, the single-family loan limits may be as high as $625,500. In extremely costly areas outside the lower 48

states, single-family limits can climb even higher to $938,250.

2015 General Conforming Loan Limits

Today’s conforming loan limits are set at $417,000 for areas that aren’t considered “high-cost” by the FHFA.

Units Continental U.S. and Puerto Rico

1 $417,000

2 $533,850

3 $645,300

4 $801,950

2105 High-Cost Conforming Loan Limits

Conventional mortgages issued after October 1st, 2011 use what’s known as “Permanent High-Cost Limits” to

determine the maximum high-cost loan amounts. These high-cost limits are figured by calculating 115% of the

median home price of the area up to a maximum of 50% above the baseline limit ($625,500). High-cost areas

of the country that have elevated conventional limits include New York City, San Francisco, Los Angeles,

Washington D.C. and Boston.

Units Continental U.S. and Puerto Rico

1 $625,500

2 $800,775

3 $967,950

4 $1,202,925


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Disclosures:

At the time of loan application

when borrowers apply for a mortgage loan, mortgage brokers and/or lenders must give the borrowers:

A Special Information Booklet, which contains consumer information regarding various real estate

settlement services. (Required for purchase transactions only) and

A Good Faith Estimate (GFE) of settlement costs, which lists the charges the buyer is likely to pay

at settlement. Depending on the type of charge and service provider selected, the difference

between the estimated costs (GFE) and actual costs at settlement (HUD-1 settlement statement)

may be subject to tolerance levels. If tolerance requirements are exceeded, then the borrower may

be due a refund from the lender. When a loan originator permits a borrower to shop for third-party

settlement services, the loan originator must provide the borrower with a written list of settlement

service providers at the time of the GFE.

A Mortgage Servicing Disclosure Statement, which discloses to the borrower whether the lender

intends to service the loan or transfer it to another lender.

If the borrowers don't get these documents at the time of application, the lender must mail them within

three business days of receiving the loan application.

Conventional – Refer to Calyx Point or Lender for all updated CA required disclosures

After the Uniform Residential Loan Application (1003) is completed and signed the following disclosures

highlighted in red must be mailed, emailed, faxed or given to the borrower face to face within “3”business

Days.

GFE - 3 business days

Servicing Disclosure Statement - 3 business days

Truth in Lending – 3 business days

Uniform Residential Loan Application 1003 (disclosure are sent within 3 business days after signing &

completing application.

Intent To Proceed with Application (ITOP)

Borrowers Certification and Authorization

1008

Anti-Steering - Point

CA Fair Lending Notice

Notice of Right to Receive Copy of Appraisal

Credit Score Disclosure

CA Insurance Disclosure

4506-T – 1040

4506-T – W2

VOE - Point

MLDS - Point

Mortgage Broker Fee Agreement – Point

GFE Service Providers List

Social Security Number Verifications (SSA-89)


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FHA – Refer to Calyx Point and Lender to get updated FHA and CA disclosures



Days.

HUD/VA Addendum to Uniform Residential loan application

GFE - 3 business days




completing application

Intent To Proceed with Application (ITOP)


1008






4506-T – 1040

4506-T – W2

VOE - Point

MLDS - Point



Social Security Number Verifications (SSA-89


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VA - Refer to Calyx Point and lender to get updated VA and CA disclosures



Days”.

VA request for a certificate of eligibility

HUD/VA Addendum to Uniform Residential loan application

GFE - 3 business day




completing application.

Intent to Proceed with Application


1008






4506-T – 1040

4506-T – W2

VOE - Point

MLDS - Point



Social Security Number Verifications (SSA-89)

Reverse Mortgage

(Reverse Vision provided all disclosures and loan application)


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Uploading Documents/Attachments

Uploading the required documents and attachments will produce:

Approved with Conditions from the selected lender and will increase faster turnaround to close

loans.

Email Attachments: Example: All documents must be in separate attachments. Email documents to:

[email protected]

Documents:

Credit Report

Last 2 Year Tax Returns / W2’s

Last 2 Month Pay Stubs

Last 2 Month Bank Statements

Driver License and Social Security Picture

Retirement Statement / 401k/ Pension/Stocks

401K Terms and Conditions

Social Security Income / Disability Income

Child Support

Documents to upload for a “Purchase’ loan:

1003 FNM file

Purchase Agreement & Counter Offer

Last 2 months Bank Statements

Last 2 year W2’s

Retirement Statement

Child Support Documents

SSI Awards Letter

Disability Statement

Credit Report

Driver’s License

Social Security Card

Last 2 recent Paystubs


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Documents to upload for a “Refinance”

1003 FNM file

Last 2 months Bank Statements

Last 2 year W2’s

Retirement Statement

Child Support Documents

SSI Awards Letter

Disability Statement

Credit Report

Driver’s License

Social Security Card

Last 2 recent Paystubs

Mortgage Statement

Homeowners Insurance

Credit Report

Note: The upload process will vary per Lender

PLEASE DOWNLOAD AND REVIEW THE FOLLOWING DOCUMENTS:

MORTGAGE GLOSSARY

PROSPECT SUMMARY

UNIFORM RESIDENTAL LOAN APPLICATION(1003)

GFE NOTES

TITLE FEES

AFMC BORROWER AUTHORIZATION

WAYS TO HOLD TITLE

PLEASE REVIEW THE FOLLWING CALCULATORS:

INCOME

DTI

LTV/CLVT

GRI