Tammy is not just a licensed loan originator but has set company records as being named top producer of the year for many years. This is part of the disclosures where the opening department of the mortgage lender will send out and/or mortgage processor if the processor is the one sending out the disclosures: Borrower’s Drivers License & Social Security Card: Real Estate Sales Contract On Purchase Transaction (Purchase): Sales Contract On Current Residence (Purchase): Homeowners Insurance Declaration Page (Refinance): Loan Officers need to realize that the pre-approval process is the most important phase of the entire mortgage loan process. Before you get a mortgage, be sure you understand your personal financial situation. Compare various lenders’ mortgage programs and understand the myriad costs and features associated with each loan. 2 Years Federal Tax Returns – all pages / schedules / signed, 2 Months Bank Statements (all accounts / all pages / no printouts unless contain bank name and borrowers name with 30 days covered). Mandatory Purchase at Loan Origination Flowchart, Mortgage Lending Disclosures Timing Chart, Mortgage Loan Originator Definitions by State, Mortgage Servicing Rules Coverage Cheat Sheet, Qualified Mortgage (QM) Flowchart for Small Creditors, Regulation AA Consumer Loans Cosigner Loan Officer Flowchart, Regulation B Application Decision Process Flowchart, Regulation B Equal Credit Opportunity Act GMI Flowchart, Regulation B Secured Credit Process Flowchart, Regulation B Signature Requirements Flowchart, Regulation B Unsecured Credit Process Flowchart, Regulation Z Coverage Consideration Flowchart, Revisions and Corrections to the Loan Estimate and Closing Disclosure Cheat Sheet, Right of Rescission for Closed-End Credit Flowchart, TILA RESPA Integrated Disclosures Cheatsheets, TILA-RESPA Integrated Disclosures Timeline. Thursday, March 30, 2006 Interview Your Loan Officer. If you fall on tough economic times and get behind on your housing payments, don’t resign yourself to foreclosure. Tammy Richardson is a managing partner and Chief Operating Officer at Capital Lending Network, Inc. Tammy shares her expertise in the many areas of mortgage lending and real estate related topics through her blogs and videos not just at Gustan Cho Associates but at other national media networks. Once the list of documents from borrower is collected,  thoroughly review each line item and make sure that the borrower has provided complete packages. The amount of money a banker is willing to lend you isn’t necessarily the amount you can “afford” to borrow given your financial goals and current situation. The only truly all-inclusive federal banking compliance advisory service staffed with attorneys, former auditors and compliance specialists; all with banking experience and the know-how to keep your team's knowledge fresh in our ever-changing regulatory world. I know how the Home Loan Game is played! Income documentation is one of the most important factors in the mortgage process. How much financial risk are you able to accept? For example, with bank statements, make sure to get all of the pages, including the blank pages. Make sure that there are no irregular deposits, overdrafts, and that every page of the bank statements is provided including blank pages. Don’t waste time and money on loans that end up rejected. Facebook. We give people a second chance at life to own a dream home... © 2020 - Gustan Cho Associates. Mortgage qualification worksheet. Interested in learning more about the mortgage industry? Though a home loan does indeed involve a few equations, it's fairly easy to break it … Investigate when shopping for a mortgage on the Internet. You may save time and money. Or you could end up with aggravation and a worse loan. Our suite of mortgage compliance products includes the necessary tools to give your staff the upper hand in regulatory and consumer compliance through assistance in day-to-day operations and management of your financial institution's mortgage lending portfolio. Download the ActiveComply Loan Officer Social Media Compliance Cheat Sheet with simple Do's and Don'ts for mortgage loan officers on Facebook, Instagram, and more! CA: CA Dept. If you’re among the increasing number of homeowners who reach retirement with insufficient assets for their golden years, carefully consider a reverse mortgage, which enables older homeowners to tap their home’s equity. Be sure to shop not only for a low-cost loan but also for lenders that provide a high level of service. On loans that end up with aggravation and a worse loan myriad costs and associated. 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