Thinking about Buying a Home or Refinancing soon?
Read on and be better prepared when applying for your new Mortgage ...
The news and blogs are currently filled with stories regarding the huge and sometimes overwhelming demand for documentation during the mortgage lending process. Much is presently being made of the number and kind of requests being made for proof of finances, payments, credit, and more by lenders and their underwriters during the processing of loans.
I personally don't see these requests disappearing or even lessening in number anytime soon. It's also my opinion that argument or protesting these requests is a waste of time in the majority of cases. Compliance is typically the best route and the sooner that is achieved, the sooner you move forward in the processing of the loan.
To hit the floor running during the application and processing portion of a transaction, I like to educate my clients in advance as to what the typical expectations for documentation will be for their mortgage loan. I warn them that it HAS become the "norm" that they will have to produce more documentation than typically required in the past and as we proceed through underwriting. Without trying to scare a client or put them on the defense, I also make my client aware of my personal opinion regarding our approach to these requests and its effect on the expediting of their approval. 
In order to make it as easy as possible on my clients and referral partners, I have provided a list of those documents that typically are required for application of loan upon my personal website, www.genemundt.com. I have this Mortgage Application List set-up so it can be viewed, enlarged, then printed by clients as a convenient reference while working towards their loan application, then approval.
This page on my personal website can be found at: http://www.genemundt.com/Ap-Info.html. Providing this Mortgage Application List has proven extremely helpful to my clients and saved time, which has proven to be immensely important and valuable when closer pending Closing Dates were written on Sales Contracts.
I thought it might prove helpful and beneficial for those ActiveRain viewers considering the Buying of a Home or Refinancing to have my list at their disposal, as well. Although different states may demand additional documentation to what is shown on my Mortgage Application List, the list still provides a good base start and knowledge for any upcoming transaction.
My Mortgage Application List reads as below:
Information and Documentation Required Upon Application of Mortgage Loan
Basic Information:
1. Last 2 years W-2's and Tax Returns.
2. Last 30 Days consecutive Pay stubs.
3. Name, Address and Telephone Number(s) of Employers for past TWO (2) years.
4. Most recent Two (2) months Bank Statements (all pages) or 60-Day printout of accounts from the Bank that is stamped and signed. (Including 401K, Credit Union, Profit Sharing, etc.)
5. Copy of Social Security Card(s). (FHA/VA only) & Driver's License (all Borrowers).
6. Name, Address and Telephone Number(s) of Landlord or letter from Landlord stating amount of Monthly Rent and the Statement "Paid as agreed for past 12 months" (if presently renting).
7. Application Fee (See Lender for Applicable Fee Amount)
8. Signed Contract and all Riders on home being purchased.
9. Names and Phone Numbers of Real Estate Agent, Attorney and Insurance Agent.
Miscellaneous Information Needed - if Applicable:
1. Recorded Divorce Decree(s) or Separation Agreements (All Pages).
2. Recorded Bankruptcy Discharge and Schedule of Creditors.
3. Most recent Social Security Award Letter or Pension Award Letter.
4. Filed and Stamped Release of any Judgment and Paid Receipts of all Collections.
5. 12 Month Court Printout of Receiving Child Support.
6. Address and Information on any other Real Estate owned.
Self-Employed Buyers: In addition to Basic Information
1. Year-to-Date Profit and Loss Statement with complete Tax Returns. (Last 2 years filed)
Veterans: In addition to Basic Information
1. Copy of DD-214.
2. Original Certificate of Eligibility.
Please note: Buyers that are Self-Employed must provide more thorough tax records and more financial documentation upon application because of the nature of their employment and employment status. Those extra documents required are so noted on my Mortgage Application List.
Note also: U.S. Veterans must also supply information pertainable to their service when applying for VA Loans. Those required Veterans documents are also shown separately from the basic required documentation upon
my Application List.
Anyone that has questions regarding the documentation shown upon my Mortgage Application List is encouraged to Contact Me for clarification or assistance. I will be happy to answer any questions you may have and offer whatever assistance needed.
* If you enjoyed my blog post, please think about subscribing to my ActiveRain Blog Post! You can also write and follow me on Twitter and Facebook, and my Website at: http://www.genemundt.com.
* Please feel free to refer this post and my services, to anyone you know that might be in need of mortgage lending information, guidance, and services. It will be greatly appreciated!
Gene Mundt, Sr. Vice President
Personal NMLS #216987
The Federal Savings Bank
1823 Centre Point Circle, Naperville, IL 60563
Skype! 630-219-1316
I am going to bookmark this for future use - I usually leave this to the lender but if I can inform the buyer earlier, so much the better.
Margaret: Absolutely! The faster the client can respond, the better. The client will note your professionalism and appreciate the extra assistance you can provide them with this list ... and appreciate it. It definitely helps, Margaret. A lender will appreciate it too. I'm hoping that someday I will have that honor.
Hope your weekend has been a good one ...
Gene
Gene, great post. I too stress to my clients that we are in a different lending areana then we were a few years ago. I also would rather have the client give me everything at loan application instead of piece milling it during the processing stage. Have a great week!
Glenn: Amen to that! Documents coming in in drips and drabs is frustrating. You can't turn in a file until you have everything ... so you sit and wait. Maybe if all the lenders' clients are hearing basically the same thing ... the expectations of future clients regarding documentation will be improved. I really appreciate you writing! Thanks Glenn ...
Gene
Good Info Gene...a great addition to my potential Buyer packet!
Joan: Thanks ... glad you can utilize the information and benefit your clients. If I can help with any other info for your packet ... let me know!
Gene
ene--This is an excellent post, and most timely. I am goin gto reblog it and have the originators with whom I work have it available. You are the consummate professional. No wonder you are succeeding.
Great post Gene - Thanks!
Great idea Joan, I'm going to add this to my buyer's package as well, it's more detailed then what we have at our office.
Gene... good lay out here in what is needed... you were mentioned here..
"Mortgage Pro Week in Review -- 09/13/10 through 09/19/10 -- Good Mortgage info is important "
Thanks, Gene.
I am dealing with a couple who both have 800+ FICO scores, they have money in the bank, hundreds of thousands in assets, etc.
But they assume that they can just walk into the Bank (as in the old days), and get their loan.
I will give them your list.
Gene, nice to see this featured. You've compiled a nice list for us. Thanks.
PS--I love your new header!
Gene:
Forewarned is for armed. Anyone who is preparing to go for a mortgage needs to take this list into consideration. That way there will be no surprises.
Gene - The list of documents is very good. There would need to be some modifications to make it applicable to Canadians.
Good morning Gene,
Excellent information..great list of what a buyer needs to provide..if they have this ahead of time there is no surprise!
Gene every person visiting or talking with a loan officer should not be told what they will need to prove. Instead, they should be given this list.
Great and informative post!
Gene, Great post. You hit the nail on the spot with all the docs..... I agree with you that I don't see them getting lighter on the docs.
Elliott: How kind of you to say. I'm glad that you saw value in the post and can utilize it within your business. Sure hope it ends up proving beneficial to you and your clients. Again, thank you so much ...
Graziella: Thank you for taking the time to write and tell me that you'll be adding this to your client package. I appreciate Joan mentioning it as well ... and glad that you saw something beneficial in her comment. Best of luck to you with your future clients ...
Jeff: Thanks for letting me know that I was mentioned in Mortgage Pro Week in Review. I'm feeling pretty proud of that! Thanks so much ... I'm honored.
Fred: Oh if it were that easy! It's sometimes hard to make people in such situations understand .. and it's a real challenge. I hope the list makes the process go more smoothly for them and they find it of use moving forward. Thanks for passing it on ...
Lottie: You don't miss a thing! Thanks! I'll let Marilyn know that you liked the fall Header. It'll make her happy. And glad that the list can help you too ...
Claudette: Yes, most definitely. You and I know that this list doesn't cover everything that might be requested ... but it definitely gives a client a head-start. I appreciate your comment ...
Marc: It would be interesting to hear from you what those changes and additions would be ... another perspective and accounting of our countries' real estate differences. My curiousity it peaked! Hope the list provides some assistance to you ... with some Canadian changes!
Dorie: Exactly what we're trying to avoid ... surprises! We ALL hate 'em. This list will typically get clients heading down the right path ... and clear the way for a more smooth and timely transaction/closing. Hope it proves helpful to you and those you work with.
Charita: You make a good point. When you just start talking and listing ... it can be a bit overwhelming. This serves as a guide and as they collect each document, they can check it off the list and see they ARE accomplishing something of value. It's all in the presentation, isn't it?
Stephanie: Thank you! Glad you found it beneficial. Hope it assists your customers and makes life easier for ALL involved. BTW ... saw you grew up in Natchez. My wife has been after me to get her there our entire married life. She's dreamed of going since a little girl. Seeing we've been married for over 33 years .. I guess it's time I comply! What a beautiful town to grow-up in ...
Stephanie: No .. I don't see it happening anytime soon either. That may be for the good ... as long as some of the more "creative" requests are dropped. A return to some pure common sense is warranted. Hope business is good down your way ... and improving.
Gene
Gene - Thanks so much for sending this over! My clients will be so happy to have this!!
My pleasure Dagny! Thanks again for the invite ... I'll try to contribute something valuable as often as possible ...
Gene
So well written I re-blogged it. There's no way I could explain better. You're awesome.
wow. Great info! it's bookmarked!
Wow! I'm speechless Corinne! Thank you. Glad you found it useful. Hoping that it helps you and your customers in the future. And btw ... you're awesome too! Thanks again ...
David: Thanks for taking the time to write .. and bookmark my post. I appreciate it. I'm hoping it proves beneficial to you and your clients both ...
Gene
Gene,
Thanks for the reminder for everyone out there that things have changed, and are not likely to change back soon. We have gone to listing most of the needed documents on the back of our business cards so anyone we give them to will know what they need to bring in to make things easier.
Steven: Sounds like a great idea! How handy! Thanks for sharing this novel and beneficial piece of marketing and info. Hope business is healthy out in Tacoma ...
Gene
Great post Gene! I like the format also. Keep up the great work.
Thanks Drew! Your comments and opinion mean alot.
Gene
I agree with everything I read up above my comment. Now is the time to take that leap. The home buying process is stressful enough without being ill prepared for the daunting amount of information an underwriter is going to require in todays market. That list you have will streamline anyones loan to the front of the line simply because your complete file is a dream compared to the ones who are scrambling to get 45 pages of documents faxed over in piece mail. While I am no longer in Loan sales you can always come check out many up to date articles I have always for free on www.homeloansfordummies.com . As an FYI I personally do not solicit business there and it is meant to be a free informative service to the people out there with questions unanswered.
Great informative blog post. I will definitely refer to this blog post from time to time :)
Brent: Thank you for writing. Your words and opinions are much appreciated ... and I'm glad that they struck a chord for you. I will be sure to check out the website you mention. It definitely sounds interesting and worthwhile to many ...
SCA: Glad you found the post worthwhile and offering something of benefit to you and your clients. Hope it ends up making life easier for all concerned ...
Gene
Hi Gene -- I bookmarked this one to send to new buyers I work with! :) Thanks!!!
Hey Chris! Glad it might be of some benefit to you and your clients. Hope it makes life easier for you and them ...
Gene
great post, and true. it's amazing when you break down how much paperwork we really have to mess with to get a closing
Andy Brown
www.OnlineFloridaMortgage.com
Andy: It's become amazing, hasn't it? And this is supposed to be a more non-paper age! Hope your business is healthy and gaining momentum. Thanks for writing ...
Gene
Gene,
Buyers can be shocked even now-a-days by what is required during the borrowing process. But we live in a new world of lending, and I don't think it's going to change anytime soon! Great post. I have reblogged it!
Thank you! I appreciate it ... and I hope it proves useful to you and your clients. The number of questions that we have to ask can be quite mind-boggling to clients. It still amazes ME at times. But unfortunately, it's necessary. So I try to prepare them as best I can for what lies ahead. This list has helped me do that. Hopefully it helps you too ...
Thanks for writing ...
Gene