Refinance Support Checklist

Get this in writing before pulling credit. The goal drives loan-product selection — a rate-and-term refi is underwritten differently than a cash-out, and removing PMI requires a fresh LTV. Don't let the client land on "lower my payment" without specifying which lever.

Pull the original purchase HUD-1 / ALTA, the recorded deed, and the seller's property disclosure from the prior file. The lender will ask for the original loan number and the recorded purchase price; having it on hand saves a round-trip.

Estimate closing costs (typically 2-3% of loan amount) divided by monthly savings to get the break-even month. If the client plans to sell or move within the break-even window, the refi loses money — flag this before they spend on appraisal.

Conventional cash-out caps at 80% LTV on a primary; FHA at 80% as of recent guidance; VA up to 90% with funding fee. Pull a quick AVM (RPR or HouseCanary) for a working value before the formal appraisal so the client knows the realistic cash-out ceiling.

Lender wants the most recent 30 days, contiguous. Self-employed borrowers send YTD profit-and-loss instead. Upload to Dotloop or SkySlope under the borrower-docs folder, never email — these contain SSNs and full account numbers.

Two most recent years, all schedules. Self-employed borrowers add Schedule C and 1099s; rental-property owners add Schedule E. The lender will run a 4506-T against the IRS — discrepancies between client-provided returns and the IRS transcript stall underwriting.

All pages of every account, including blank ones — "page 3 of 5" with page 4 missing gets kicked back. Large unexplained deposits in the last 60 days require a sourced letter; if there's a pending gift, get the gift letter signed now.

Lender pulls a tri-merge (Experian, Equifax, TransUnion) and uses the middle score for qualification. Soft pulls from Credit Karma or the client's monitoring app don't count. Capture the middle score on the file so the lender can confirm the rate sheet tier.

Late-pay tradelines, collections, paid-but-still-reporting medical, and identity-theft entries are common fixable issues. A 20-point bump can move the borrower into a better rate tier. If the report is clean, mark it and move on — don't invent disputes.

Bureau disputes take 30 days under FCRA. Coordinate with the LO before the client files anything — sloppy disputes ("not mine" on a legitimately late account) can trigger a fraud alert that freezes the file. Rapid rescore is available through some lenders for a fee.

Conventional caps DTI at 50% with compensating factors (43% is the comfort zone). Include the proposed new payment with taxes, insurance, and HOA — not just principal and interest. Student-loan IBR plans often must use 1% of balance instead of the actual payment for FHA.

Per HVCC, the agent cannot pick the appraiser — the lender's appraisal management company assigns. Confirm the borrower has paid the appraisal fee upfront ($500-$700 typical) so the order isn't held.

Pull 3-5 closed comps within 0.5 miles, last 90 days, similar GLA and bed/bath. Note any post-purchase improvements (kitchen reno, addition) with permits and receipts. Hand the packet to the appraiser at the door — they're not required to use it, but most will.

Compare against the working LTV target. A low appraisal kills cash-out math and may push the borrower into PMI on a rate-and-term. Loop the client in same-day — they need to decide whether to bring cash, restructure, or pursue a value reconsideration.

ROVs (Reconsideration of Value) succeed maybe 1 in 4 — submit only with closed comps the appraiser missed, not active listings or opinion. Per Fannie Mae's 2024 ROV policy, the lender must accept borrower-initiated ROVs; document the comps in writing through the LO.

LE must be issued within 3 business days of application under TRID. Compare APR not just note rate, and watch Section A origination charges and discount points. Same-day LEs let the client compare apples-to-apples; a week-old LE on a moving market is meaningless.

Get the lock confirmation in writing with the rate, points, lock period (30/45/60 day), and extension cost. Float-down options exist on some products. If the file slips past the lock expiration, extension fees come out of the borrower's pocket — track the date daily.

The Closing Disclosure must be in the borrower's hands at least 3 business days before consummation. Any APR change of 0.125%+, prepayment penalty addition, or product change resets the 3-day clock. Walk through the CD line-by-line so closing-day surprises don't blow up the funding.

Wire fraud is the #1 cyber loss in real estate per FBI IC3. Call the title company at a number from their website — not from any email — and confirm wire instructions verbally. Coach the client to do the same. Emailed PDFs of wire instructions are the attack vector; assume any email is compromised until verified by phone.

Verify the borrower acknowledged the CD at least 3 business days before signing. The settlement agent will have the timestamp. Right of rescission applies on a refi of a primary residence — borrower has 3 business days after consummation to rescind, so funding doesn't disburse until day 4.

Update the CRM (Follow Up Boss, kvCORE, BoldTrail) with the new loan amount, rate, and anniversary date. Schedule the annual home-value check-in and add to the holiday-card list. A refi client who never hears from you again is a referral you didn't earn.