FHA Around & Find Out
This follows the property - not the borrower and is transferred from lender to lender along with the appraisal.
What is the case number?
The guideline says 12 months of bank statements, but the broker provides only 11. This is the number of months the AM should send to Underwriting.
What is zero—get the missing month before routing it?
This checklist determines whether the file has what is needed to request the Closing Disclosure.
What is the CD Checklist?
This assistance program helps eligible borrowers cover some or all of their down payment.
What is DPA—Down Payment Assistance?
According to our company standard, every one of these deserves a response.
What is an email?
This is the max LTV on a regular FHA purchase
What is 97.5%
You cannot have a PPP penalty on this type of loan.
Before ordering the CD, the AM must update these because they affect Cash to Close.
What are escrows and fees?
This verification confirms whether the borrower is still employed before closing.
What is VVOE—Verbal Verification of Employment?
Your inbox should be treated as part of this - not as a separate universe you visit twice a day.
What is a part of your pipeline?
This must be signed by all parties PTD and is specifically for an FHA/VA loan where they can back out if the appraised value is not sufficient.
What is the Amendatory Clause and RE cert?
You cannot have any income reporting on the 1003 on this type of loan.
What is a DSCR file?
This must be reviewed before ordering the CD and reviewed again before submitting for CTC.
What is Mavent?
This appraisal-related process gives a borrower an opportunity to challenge or reconsider the appraised value.
What is ROV—Reconsideration of Value?
Emails should not be filed away until the response or this is complete.
What is the follow-up?
When a property is resold within this timeframe after the seller acquired it, FHA generally will not insure the purchase.
What is 90 days or fewer?
On this type of Non-QM loan, qualifying income is calculated using deposits shown on personal or business bank statements.
What is a bank-statement loan?
Before sending a file to Closing, use this checklist to confirm that Closing will not have to chase missing information.
What is the Doc Prep Checklist?
This disclosure workflow is required when a verified event changes loan terms, fees, or other disclosed information.
What is COC—Change of Circumstance?
Leadership should be involved at this point - not after the broker is already demanding a manager.
What is when the broker starts going sideways?
This upfront FHA mortgage insurance premium is generally calculated at 1.75% of the base loan amount.
What is UFMIP?
This Non-QM program qualifies an investment property primarily by comparing its rental income to the proposed housing payment.
What is a DSCR loan?
Before submitting a doc rush, the AM must confirm with this party that they are ready and able to accommodate the requested closing timeline.
Who is Title?
This appraisal report is commonly used to confirm that required repairs or construction have been completed.
What is a 1004D?
If an email, phone call, or broker conversation is not documented here, as far as the next AM knows, it never happened.
What is the Conversation Log?