Get the information up front!
Depending on the type of loan your borrower(s) are applying for, you may need to request additional documentation in order for the loan to be processed. We believe that it is always better to get as much information and documentation from your borrower(s) upfront, rather than in bits and pieces. Below we've listed some of the documents required to process a loan. Your borrower(s) will only need to provide those documents which pertain to their individual situation. Keep in mind this is a general list only, and you may be required to provide additional documentation before your borrower’s loan can fund, and at the same time, you may not need some of the items listed below.
Remember: The more documentation provided from the start
helps to ensure a smooth loan transaction!
Your borrower(s) will need to provide items from the list below that pertain to their specific situation:
- BORROWER SIGNATURE AUTHORIZATION FORM - SIGNED AND DATED (mandatory)
- Most recent pay stubs on all employment for the last 30 days
- The last two (2) years complete tax returns
- The last two (2) years W-2 and 1099 forms
- Award letters for social security or disability income (if applicable)
- Award letters from pension or retirement income (if applicable)
- Mortgage statements on all open real estate loans (including rentals)
- Rental agreements (if you currently have tenants renting from you)
- Checking/Savings accounts and other assets including bank addresses, account numbers, and if available 3 months most recent bank statements.
- Complete bankruptcy papers (if applicable) Copy of petition and discharge, handwritten explanation of reason for bankruptcy, evidence of excellent credit since the bankruptcy
- Complete divorce papers or separation agreements (if applicable)
- Name and address of current landlord (if applicable - purchases only)
- Letter of explanation for any derogatory credit (upon request)
- Cash out letter (if you are obtaining a loan with extra cash out, explain what you intend to use the cash for)
- Gift letter and evidence of funds (purchases only)
- If you are NOT a US citizen, we will need a copy of your green card (front & back)
- If you are NOT a permanent resident of the US, we will need a copy of your H-1 or L-1 visa.
If self-employed your borrower(s) will also need:
- A year-to-date profit and loss statement
- K-1 forms (if applicable)
- Partnership and/or corporate tax returns (if applicable)
- 12 months bank statements
We understand that you may not be able to obtain all the above documentation prior to submitting your prospective borrower's loan application. Just remember, the quicker the loan processing center has a "full package" of income and asset verification, the sooner you can get the deal done and look great to your clients!
