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Loan Processing Checklist
Loan Application Submission
Collect completed loan application form
Verify applicant's identity and contact information
Obtain applicant's consent for credit check
Income and Employment Verification
Request recent pay stubs and W-2 forms
Contact employer for employment verification
Analyze applicant's income stability and history
Creditworthiness Assessment
Obtain and review credit reports from major bureaus
Evaluate credit scores and history
Identify and resolve any discrepancies in credit reports
Property Appraisal and Verification
Order property appraisal through a licensed appraiser
Review appraisal report for accuracy and completeness
Confirm property title and ownership details
Final Loan Approval and Closing
Prepare and review final loan documents
Set up closing appointment with all parties
Ensure all conditions and contingencies are met before closing
