Get Correspondent Pre-purchase Review Checklist

The CORRESPONDENT PRE-PURCHASE REVIEW CHECKLIST is an essential tool designed to facilitate the review process for loan submissions. This guide will provide you with clear, step-by-step instructions to help you complete the checklist efficiently and accurately online.

Follow the steps to complete the checklist with ease.

1. Press the ‘Get Form’ button to access the checklist and open it in the online editor.
2. Begin by filling in the Loan Registration Date and Seller Name at the top of the form.
3. Under the Credit Package section, gather the required documents: Loan Submission Form, FNMA 3.2 File, 1008 Underwriting Transmittal, and the 1003 Initial Application. Ensure the application is signed and dated by both the borrower and loan officer.
4. Attach the Credit Report, ensuring it is dated within 90 days of the Application Date.
5. If applicable, include the Credit Supplement & Explanation document.
6. Add any relevant AUS documentation and, if necessary, the Certificate of Alien Status.
7. In the Asset Documentation section, upload the most recent two months of bank statements.
8. For Income Documentation, refer to AUS guidelines and include the appropriate documents based on the borrower's employment status. For salaried borrowers, submit the two most recent paystubs and W-2s. For self-employed borrowers, include the last two years of personal and business tax returns, a year-to-date financial statement, and any tax return extensions.
9. If the borrower is retired, upload their award letters for Social Security or Pension.
10. Include the Income Analysis/Calculation Worksheet and the most recent two years of tax transcripts.
11. Provide evidence of hazard insurance, and for refinancing scenarios, a current mortgage statement.
12. Moving on to the Additional Items section, upload the signed purchase contract, settlement/escrow instructions, estimated closing disclosure, preliminary title report, color photos of appraisals, and any fraud report.
13. If applicable, include the trust certification and any Power of Attorney specific to the transaction.
14. For VA loans, provide the certificate of eligibility, CAIVRS, and DD214 documentation.
15. In the Initial Disclosures section, ensure all documents are dated within three business days of the application, including the signed 1003 Initial Application.
16. Complete the loan estimate in accordance with federal and state requirements and provide the acknowledgement of intent to proceed.
17. If e-disclosures are used, include proof of the borrower's consent.
18. Finalize the checklist by reviewing all entries, making any necessary adjustments, and ensuring all required documents are attached.
19. Once complete, save your progress, and choose to download, print, or share the filled-out form as needed.

Start filling out your CORRESPONDENT PRE-PURCHASE REVIEW CHECKLIST online today!