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CORRESPONDENT PREPURCHASE REVIEW CHECKLIST Loan Registration Date: Seller Name: Credit Package: Loan Submission Form ( PREPURCHASE REVIEW) FNMA 3.2 File 1008 Underwriting Transmittal 1003 Initial.

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A mortgage review is similar to applying for a mortgage in the sense that a mortgage expert will work with you to examine your credit, your income, and your current financial situation. In addition, they'll look at your current loan - the interest rate, monthly payment, mortgage insurance, etc.

Wholesale lenders (banks or other financial institutions) don't work directly with consumers, but originate, fund, and sometimes service loans. Correspondent lenders are the initial lender making the loan and might even service the loan.

A correspondent lender will take care of all of the various functions connected to your mortgage's origination, such as underwriting and funding. Mortgage brokers, meanwhile, only help to collect documents from their clients and find the right loans; they don't do any underwriting or funding themselves.

Mortgage Pre-Purchase Review Audits Our pre-purchase review audits are performed to ensure compliance with all applicable rules, regulations, and laws as well as with lender, investor and agency guidelines.

It is a way of doing research and homework about a prospective property before you buy. It will allow you to explore your goals in a structured format.

Pre-underwriting is a provisional process that evaluates and validates borrowers' documents and financials at the onboarding stage of the mortgage. It's a standard practice that underwriting comes up later in the mortgage process, but pre-underwriting takes the action upfront.

There are 6 simple steps to a successful mortgage application: pre-application, initial application, assessment and affordability checks, valuation, offer, completion.

A correspondent lender originates and funds the loan, using a type of credit called a “warehouse line” to provide the money. It will subsequently pay off this line of credit after closing and selling the loan. Freddie Mac and Fannie Mae often purchase loans from correspondent lenders.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232