Retail Processor Checklist
Revised 02/23/2016
Loan Number: ____________________ Borrower(s): ___________________ Scheduled Closing Date: __________________
Rate: ____________________ Loan Amount: ___________________ Purchase Amount: __________________
Property Address: ____________________________________________________________________________________________
Property Type: _______________ Last Disclosed APR: _______________
[ ] Alerts cleared (if not able to clear certain alerts, email the UW to clear)
Lock
[ ] Lock Expiration __________Initial Lock Date__________
[ ] Discount______________ Credit______________ anything under 100 is a discount ex: 99.00=1.00% --- anything over 100 is a credit ex:
101.00= (1.00%)
[ ] Escrows waived (Check box if yes)
Fee Confirmation
[ ] Underwriting Fee $_________
[ ] Processing Fee $_________
[ ] Appraisal Fee $_________ POC? [ ] Yes [ ] No
[ ] Credit Report Fee $_________ POC? [ ] Yes [ ] No
Tools / Disclosure Tracking
[ ] Loan Estimate received date_______________________ (must be delivered 1 day prior to CD issue date)
[ ] Loan Estimate issued w/in 3 days of lock, uploaded to e folder and labeled as “Locked LE”
[ ] E-consent accepted (If Refi- need for spouse w/rescission rights)
[ ] Intent to proceed box checked
DU/1003
[ ] Review Loan Terms against FT360 (e.g. Loan Amount, Interest Rate, Appraised Value, etc.
[ ] PITIA is correct
[ ] Marital Status: ____________Spouse Name (If not a Co-Borrower) _____________________________
Underwriting Conditions Tab
[ ] All conditions cleared or added
eFolder
[ ] Retrieve and file manager clear
[ ] Title email address listed under file contacts – closer will send instructions to this email address
[ ] Appraisal: Invoice in file (If final inspection, need invoice for that as well)
[ ] Appraisal: Address matches contract, CPL, insurances and flood cert
[ ] if attached PUD, need master policy (requirements below)
[ ] if Conventional, SSR’s uploaded
[ ] AIR Compliance; in file or task completed thru FT360
[ ] Credit: Invoice; Amount __________
[ ] Flood Certificate; Flood Zone [ ] Yes [ ] No
[ ] Flood Information tab completed under Forms in FT360. (Box checked if in flood zone, list zone, determination date, and Community
name and filled out/box checked)
[ ] Flood Hazard Notice dated 1 day prior to closing in E-folder (doesn’t need to be signed) and sent to borrower, task completed
[ ] Income: If self-employed: Business license or CPA letter dated within 30 days of closing uploaded and VOE screen filled out
[ ] Income: Reverse Search in file
[ ] FHA: CAIVRS;[ ] Pulled within 30 days [ ] Numbers Match system(go to FHA Management under Forms (show all) Tracking Tab)
[ ] Property: Hazard Insurance
[ ] Cannot be binder, application or quote
[ ] All borrowers listed on loan are on policy, names spelled correctly
[ ] Policy number listed
[ ] Address matches appraisal and other docs
[ ] Coverage is sufficient; (equals loan amount, Cost to build new from appraisal, lists “100% Replacement Cost” or include RCE)
[ ] Mortgagee clause & loan number correct
[ ] Deductibles listed (Conv.: 5% max AOP & Wind. Govt.: AOP deductible greater of $2500 or 1% of policy. 5% Max for Wind)
[ ] Effective date is the day of closing or earlier, and one full year policy. Policy must be dated in the month of closing.
[ ] Premium listed
[ ] Existing policies only: Policy to show paid or amount due. If expiring within 60 days, need renewal policy
[ ] Property: Flood Insurance: ***All Flood Policies Must be Escrowed***
[ ] All borrowers on loan are listed, names spelled correctly
[ ] Application acceptable if it reflects all required info and executed by borrower and agent
