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Get Total Mortgage Scorecard User Guide
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How to use or fill out the Total Mortgage Scorecard User Guide online
The Total Mortgage Scorecard User Guide is designed to assist lenders in navigating the Federal Housing Administration's (FHA) mortgage application process. This comprehensive guide will provide you with clear and user-friendly instructions on how to effectively fill out the necessary sections and fields online.
Follow the steps to successfully complete the Total Mortgage Scorecard User Guide.
- Click the 'Get Form' button to access the Total Mortgage Scorecard User Guide and open it for editing.
- Review the introduction section to understand the purpose and functionality of the guide, including its importance in managing the mortgage workflow.
- Navigate to Chapter 1, which outlines the loan submission requirements. Pay attention to each subsection, including the responsibilities of lenders concerning data entry accuracy.
- Fill in the required basic information, including the loan purpose, property eligibility criteria, and information specific to FHA standards as detailed in the guide.
- Complete the sections pertaining to borrower information, employment details, and income assessments. Ensure all required data aligns with FHA eligibility criteria.
- Proceed to Chapter 2 for underwriting requirements, and ensure that all credit evaluations and capacity to repay assessments are addressed correctly.
- Consult Chapter 3 for endorsement procedures, making sure to apply the appropriate guidelines based on whether the loan application is rated as Accept or Refer.
- Once all sections are filled out correctly, review the form for any errors or omissions. Save your changes, and when you're ready, download, print, or share the completed form as needed.
Complete your documents online today to streamline your mortgage processing experience.
The minimum credit score for all FHA Manually underwritten loans is 620. All manual underwritten loans require a VOR If paid to a management company or 12 months cancelled checks if from an individual. If the borrower does not pay any rent a letter from the individual where the borrower is living rent free is required.
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