Loan Documentation

Applying for a mortgage loan can be a daunting task, especially these days. That's why it's important to inform members what is required up front so they can get an approval as fast as possible. In fact, the more paperwork that is collected up front, the less paperwork is required during the process. Here are the initial pieces of information required to get a loan pre-approved:

General Information Needed:

Income Documentation:

Salaried Employee:
  • 1 month of current pay stubs for each borrower
  • W2's from last 2 years for each borrower
  • Federal Tax Returns from last 2 years (all pages)
  • Copy of Business License for last 2 years (must not be expired)
Retired or Pension Income:
  • Social Security Award Letter & proof of payment (monthly award stub)
  • Pension Award Letter

Asset Verification:

  • All pages of last two months Credit Union or Bank statements
  • All pages of most recent 401k, IRA, CD, Stocks & Bonds or other asset statements

Identification Information:

  • Copy of Drivers license and social security card or copy of passport for all people on loan. (Please make these as large as possible so that we can see the detail.)

Initial Disclosures:

  • Once the loan application is complete, we send the member their initial governmental loan disclosures to look over and sign

If the member is Refinancing a Home, we also need:

Insurance Information:

  • Insurance Company
  • Agent Name
  • Agent Phone Number
  • Policy Number

Mortgage Information:

  • Copy of the member's current mortgage statement(s)

Please explain to your member that the days of “stated this & stated that” are over, and that paperwork is now the name of the game. Please help set the expectation up front that lenders need to fully document their files so the file is clean for auditors. We will help them get through the process in the fastest and most efficient way possible.

Call us anytime at (800) 795-1333 with questions.