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Pre-funding Quality Control Checklist

I. Documentation Review

Verify loan application is complete and signed by all parties.

Confirm that all required supporting documents are included (e.g., income verification, employment history).

Ensure that the borrower’s credit report is up-to-date and accurately reflects the borrower’s financial situation.

Check that the property appraisal is completed and meets the lender's guidelines.

II. Compliance Verification

Ensure compliance with federal and state regulations (e.g., RESPA, TILA).

Verify that all necessary disclosures have been provided to the borrower.

Confirm adherence to the lender’s internal policies and procedures.

III. Financial Assessment

Review the borrower’s debt-to-income (DTI) ratio to ensure it meets underwriting guidelines.

Check that the loan-to-value (LTV) ratio is within acceptable limits.

Validate the source of funds for the down payment and closing costs.

IV. Property Evaluation

Confirm that the property title is clear and free of any liens or encumbrances.

Ensure that the property meets the lender’s minimum property standards.

Verify property insurance coverage is in place and meets lender requirements.

V. System and Process Checks

Ensure all loan data has been accurately entered into the loan origination system.

Confirm that all conditions set forth by underwriters are met before funding.

Review the loan file for any outstanding conditions or issues that need to be resolved.

VI. Final Approval

Obtain final underwriting approval prior to funding the loan.

Ensure that all pre-funding checks have been completed and documented.

Verify that funding instructions are accurate and communicated to the closing agent.

VII. Communication and Follow-Up

Communicate with the borrower regarding the status of their loan.

Follow up on any outstanding items or conditions before the funding date.

Document all communications and actions taken during the pre-funding process.

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