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> Mortgage processing checklist
Mortgage processing checklist
Loan Application
Verify all required documents are submitted
Check for completed loan application form
Check for proof of income (pay stubs, tax returns)
Check for proof of employment (letter from employer)
Check for bank statements
Review credit report
Request credit report from credit bureau
Review credit score and history
Check for any red flags or discrepancies
Confirm income and employment information
Contact employer to verify employment
Review pay stubs to confirm income
Check employment length and stability
Gather necessary financial documents (pay stubs, tax returns, bank statements)
Calculate debt-to-income ratio
Analyze credit history and score
Obtain approval from loan officer
Collect any additional documentation needed for loan approval
Property Appraisal
Order appraisal report
Review appraisal report for accuracy
Ensure property meets lender's requirements
Title Search
Order title search
Review title search for any liens or issues
Resolve any title issues before closing
Underwriting
Submit loan package to underwriting
Address any conditions or requests from underwriter
Obtain final approval from underwriting
Review and analyze borrower's credit history and score
Verify borrower's income and employment information
Evaluate property appraisal to ensure it meets lender's requirements
Confirm borrower's assets and liabilities
Assess overall risk of the loan based on underwriting guidelines
Closing
Schedule closing date with all parties involved
Review closing documents with borrower
Ensure all closing costs are accurate and paid
Post-Closing
Submit final loan documents to lender
Confirm recording of mortgage with county
Follow up with borrower on any post-closing requirements
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