The Doc List

The Doc List

On several occasions, Iíve discussed the importance of a good loan summary. The purpose of those articles was to provide information to speed up the approval process, so it seems logical to discuss how to speed up the rest of the process.

Once a loan scenario is approved, we start our underwriting process which begins with the collection of the following documents.

  • Residential loan application (1003) or equivalent (MUST BE SIGNED BY BORROWER)
  • Signed and completed Fairfield Disclosure Forms
  • Credit report (tri-merge) (if loan is submitted by broker; if borrower submits directly, Fairfield will
  • Trio of subject property
  • Comps, an appraisal, or some other objective measure of value
  • Photo(s) (if not included in an appraisal)
  • Cover sheet describing/summarizing parameters of loan
  • Preliminary Title Report(s) for all properties

Each loan is unique. In addition to these documents, we may request additional information depending on the type of loan. For a more extensive listing of these documents, please visit our website at http://www.privatemoneysource.com/packaging.php

The timing of the delivery of these items is critical. We canít underwrite a loan unless we have all the information related to each specific scenario, so the speed in which we can work is largely up to the borrower.

Once each applicable item on the doc list is received, reviewed, and approved, we schedule an inspection to verify that the property matches what has been represented on paper. The property inspection is the final stage of the underwriting process.

There is a story behind each loan, and we want to know all the details. When brokers and borrowers know what items we need in advance and understand our process, we can reduce our underwriting time and ultimately close more loans.

Kris Gillmore
Loan Coordinator