The Checklist
Written By: Bonnie Wilt-HildSenior DE Underwriter & NAMP Instructor
Over the past few months I have had several individuals ask me if I had some sort of underwriting checklist that could be used while underwriting FHA mortgages. I promised to create something that new DE underwriters could use while underwriting so that nothing was forgotten and true to my word, here it is.
FHA Underwriting Checklist
Borrower:_____________________ Transaction Type:_______________
Co: Borrower:__________________ LTV/CLTV:___________________
Property Address:_______________ Total Scorecard Results:__________
City, State, Zip:_________________ DPA: ____yes_____no
Base Loan Amount:______________ Purchase Price:________________
UFMIP:_______________________ Minimum Req’d Investment:_____
Total Loan Amount:_____________ Seller Contribution:_____________
Maximum Allowable Mortgage: $_______________________
Required Underwriting Submission Documents
o Underwriting Checklist
o Lock Conformation
o 92900-LT or MCAW
o Maximum Mortgage Worksheet
o Final typed 1003, 2900a pgs 1-4
o Initial 1003, 92900a
o Total Scorecard Findings
o Credit Report & Supporting Documentation
o Payoff Statement (Refinance Transactions)
o Evidence
o Income Documentation
o W-2’s two most recent years, 1 month of paystubs documenting YTD earnings, Verbal VOE
o Verification of Assets, Earnest Money Deposit, Evidence of sufficient funds to close
o 60 days most recent bank statements or VOD and 30 days most recent bank statements
o Purchase agreement/Contract of Sale with all applicable Addenda including FHA Amendatory Clause and Real Estate Certification, Lead based paint disclosure and For Your Protection Get a Home Inspection
o FHA Appraisal report indicating the FHA case number on all pages
o Evidence that the Condo is approved, 51% Owner Occupancy Certification
o Conditional Commitment pages 1-6
o Appraisal Logging Information
o FHA Case Number Assignment, LDP, GSA and Clear CAIVRS
o Refinance Authorization for Streamline Transactions
o Good Faith Estimate
o Truth In Lending
o State Required Disclosures
o Servicing Transfer Disclosure
o ECOA, Fair Lending, Right To Receive an Appraisal
o FHA Assumption Policy
o Informed Consumer Choice Disclosure
o Important Notice to the Homebuyer
o FHA DE Disclosure
o For Your Protection Get A Home Inspection
o Additional Federally required Disclosures
Remember that all circumstances are not addressed on the checklist so make sure you determine what if any additional documentation is needed. Examples would be Divorce Decree, evidence that child support will continue for at least 3 years and so on. For those of you looking for maximum mortgage worksheets you can find them on FHA Connection. Enjoy Underwriting!
About the Writer. As an NAMP staff writer, Bonnie serves as a senior instructor for FHA Online University as well maintains a full-time job as Senior DE Underwriter for a major banking institution. If you would like to become a writer for NAMP, please email us at: blog@mortgageprocessor.org.
posted by Editor in Chief at 4:26 PM
3 Comments:
Excellent List. I am sure that it will be extremely useful to all FHA originators and processors. Thank You, Gary N. Smith, CMC
Wow, thank you for this checklist. I have a question. I am currently an FHA processor and I am doing most of the pre-underwriting conditions. How do I become a DE underwriter and how do I obtain my CHUMS number. - Any suggestions
Why now post an article on how to become a DE underwriter. I and many others have been underwriters for years in the sub prime world. A DE was not required and although we wish to remain underwriters no one will hire or sponsor anyone unless they already have the DE. A group of us have taken the VA/FHA/DE underwriter training but that was of no help whatsoever in helping us to find employment as underwriters. The same people keep advertising for DE underwriters over and over again. Are they not able to find DE underwriters because there arent that many out there? Some one needs to address a new way to grant DE to good underwriters because the sponsorship isnt happening.
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