Hands On Guide: Originations

Version History

Version	Date	Change
1.0	July,17 2023	N/A
1.1	September 12, 2023	Corrected title of Contract Addendums and moved it to the Property section.
1.2	October 19, 2023	Updated mortgagee clause in HOI, EOI, Master Insurance to new loss payee clause.

Content Outline

Module 1: Introduction

• How this Hands-On Guide Works

Module 2: URLA Form 1003

• URLA: Form 1003 – Section1: Borrower Information

• URLA: Form 1003 – Section 1b: Current Employment/Self-Employment and Income & Section 1c. Income from Other Sources

• URLA: Form 1003 – Section 2: Financial Information — Assets and Liabilities

• URLA: Form 1003 – Section 3: Financial Information — Real Estate

• URLA: Form 1003 – Section 4: Loan and Property Information

• URLA: Form 1003 – Sections 5–9

Module 3: Credit Documentation

• Credit: Tri-Merged Credit Report (Applicant’s Information)

• Credit: Credit Supplement

• Credit: Consumer Explanation Letter

• Credit: Liens & Judgments Report

Module 4: Income Documentation

• Income: Written Verification of Employment (WVOE)

• Income: Pay stub

• Income: W-2

• Income: 1099

• Income: Tax Returns

• Income: Tax Transcripts

• Income: Social Security Income Award Letter

• Income: Divorce Decree (Court Mandated Child Support/Alimoney)

Module 5: Asset Documentation

• Asset: Bank Statements

• Asset: Portfolio Account Statements

• Asset: Earnest Money Deposit (EMD) Letter

• Asset: Gift Letters

Module 6: Property Documentation

• Property: Purchase Contract

• Property: Contract Addendum

• Property: Mortgage Statement

• Property: Tax Certificate

• Property: Homeowner’s Insurance

• Property: Evidence of Insurance

• Property: Homeowner’s Association (HOA) Statement

Module 7: Program-Specific Documents

• Program-Specific: Borrower Identification

• Program-Specific: Verification of Rent (VOR)