Module 1: Introduction

In a mortgage transaction, the lender will request several documents for risk assessment and mitigation, compliance, applicant eligibility, and to fulfil investor requirements. This Hands on Guide to Documentation: Originations will cover documentation that is generally requested by lenders during the origination stage of the mortgage lifecycle.

How this Hands-On Guide Works

The rest of this guide is divided into six modules, with each module addressing different types of documentation requested. It is important to keep in mind that not all of the documents listed in this guide will be requested in each single loan file.

Module 2 covers the list of initial documents, which are those that are requested from applicants when they complete the initial application, and which are needed for pre-qualifying the applicant.

Module 3 covers credit documentation, including the credit report, which help assess the creditworthiness of the borrower through their credit history.

Module 4 covers income documentation, which are documents that support the borrower’s capacity to repay the loan.

Module 5 covers asset documentation, which help verify the capital that the borrower will use to pay the downpayment of the property and the closing costs.

Module 6 covers property documentation, which are documents ensuring the value of the property serving as security for the mortgage loan, and other documents that allow a proper assessment of liabilities as they relate to the subject property.

Module 7 covers program-specific documentation, as required by different program types such as conventional, FHA, VA, and DPA programs.

For each document, the guide will provide a brief description of the document and indicate the document’s context, key takeaways, and important items to be aware of during review.

• Context: Items that help identify the document. Highlighted in green.

• Key takeaways: Important items that should be reviewed once the document is received to ensure completeness and accuracy. Highlighted in blue.

• Important notes: Things to keep in mind when reviewing documents.