This document outlines the steps for initial file review and submission to underwriting in loan processing. Key points include:
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Checklists are essential to ensure completeness and prevent issues; processors should use the most updated versions.
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Initial file review involves understanding the file, checking for discrepancies, and coordinating with the loan officer (LO).
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Document gathering requires collecting, organizing, and renaming documents for clarity.
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Credit report review ensures reports are valid, unfrozen, and accurate while verifying liabilities.
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Validation of key aspects such as taxes, insurance, HOA dues, property type, and income calculations is necessary.
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Written VOEs may be required for certain income types, but alternatives like year-end pay stubs can reduce costs.
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Double-checking 1003/1008 forms, reviewing AUS findings, and confirming loan program details are crucial.
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Research and guideline review should be done before submission, and clarifications sought from the LO.
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Submission requirements include income documentation, signed disclosures, and a recommended cover letter for underwriting.
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Order outs (title, appraisal, FHA case numbers, condo docs) should be initiated promptly, especially after disclosures are signed.
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Final steps involve updating workflows, verifying accuracy in systems, and confirming lock details and contact information.
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Proactiveness, clear communication, and cost-awareness are emphasized for efficient loan processing.