Mortgage Application Checklist

Driver's license or unexpired US passport. Confirm the name on the ID matches the name that will appear on the loan application and the purchase agreement — common gotcha: borrower applies as 'Mike' but ID and title vesting use 'Michael'.

Capture via the LOS (Encompass, Blend, or equivalent) — never via plain email or unencrypted form. SSN is required to run the tri-merge credit report and to populate the URLA (1003).

Utility bill, signed lease, or mortgage statement dated within the last 60 days. Borrowers with under two years at current address need full prior-address history to populate the URLA residence section.

Most recent 30 consecutive days, showing YTD earnings. Watch for non-base-pay items (overtime, bonus, commission) that need a 24-month average per Fannie Mae B3-3.1-01.

Most recent two tax years. If the borrower has multiple W-2 jobs, collect from every employer. Gaps over 30 days require a written letter of explanation.

Self-employed (25%+ ownership), 1099 contractor, and mixed-income borrowers all need additional documentation beyond W-2s — two years of personal returns, business returns, and a YTD P&L. Confirm before requesting documents to avoid a second collection round.

Processor will perform a verbal verification of employment within 10 business days of closing per agency requirements. Capture HR phone (not the borrower's manager) and a published company directory listing — fraud risk is highest when the only contact is a cell phone.

All pages of the most recent two consecutive monthly statements (not transaction printouts) for every account being used for down payment, closing costs, or reserves. Account holder name, full account number, and bank name must be visible on each page.

Most recent quarterly statement for 401(k), IRA, and brokerage accounts. Underwriting typically counts 60-70% of vested retirement balances toward reserves to discount tax and early-withdrawal penalties.

Any deposit not consistent with payroll requires a paper trail — bill of sale for sold items, copy of the deposit slip for cash gifts, settlement statement for prior home sale. Unsourced large deposits get backed out of qualifying assets and can sink reserve requirements.

Conventional loans allow gifts from family members; FHA allows gifts from family, employer, or charitable organizations. The donor must not be an interested party to the transaction (seller, agent, builder).

Gift letter must state the dollar amount, donor relationship, and explicitly that no repayment is expected. Pair with the donor's bank statement showing the funds and a copy of the wire or cashier's check transferring to the borrower. Without donor sourcing, the gift cannot count toward minimum borrower contribution.

All pages signed by buyer and seller, all addenda and amendments included. Confirm the financing-contingency expiration date and the closing date — these drive the LE/CD timeline and the rate-lock window.

MLS detail sheet establishes the listing price baseline; county tax record establishes legal description and current tax assessment. Both feed the appraisal order and the title commitment.

Dwelling coverage must equal or exceed the loan amount (or replacement cost, depending on lender). Confirm flood-zone determination — properties in FEMA zones A or V require flood insurance bound before closing.

Borrower-signed authorization for Equifax, Experian, and TransUnion. The middle of the three FICO scores is the qualifying score; for joint applicants, the lower of the two middle scores governs pricing.

Late payments, collections, charge-offs, and any credit inquiry within the last 120 days each need a borrower-signed letter of explanation. Inquiries that resulted in new tradelines must be disclosed and added to the liabilities section of the URLA.

Conventional requires 4 years from Chapter 7 discharge, 2 from Chapter 13 discharge, 7 from foreclosure. FHA is more lenient (2 years Chapter 7, 3 years foreclosure). Short sales and deeds-in-lieu have separate seasoning. Confirm before underwriting submission to avoid a guideline-driven decline late in the process.

Court-stamped discharge order for bankruptcy, trustee's deed or settlement statement for foreclosure or short sale. Underwriter calculates seasoning from the discharge or sale date — not the filing date — so the document date is what matters.

A complete package — URLA, all income and asset docs, purchase contract, AUS findings, signed disclosures — moves to underwriting cleanly. An incomplete package gets suspended and adds 3-5 days to the timeline; this is the most common cause of close-date slippage.

Lock period must extend through the scheduled closing date plus a buffer for delays — typical lock is 30 or 45 days. Lock-extension fees apply if closing slips past expiration. Confirm the borrower received and signed the rate-lock disclosure.