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Correspondent Lending Underwriting Review Policy January 22, 2016 1.0 Purpose and Scope This policy addresses underwriting options available through Impact Mortgage for the correspondent seller. In

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How to fill out correspondent lending underwriting review

How to fill out a correspondent lending underwriting review:

01

Start by gathering all the necessary documents and information needed for the review process. This may include loan applications, financial statements, credit reports, and any supporting documentation.

02

Review the loan file thoroughly, paying attention to important details such as the borrower's credit history, income verification, and collateral value. This step helps in identifying potential risks and determining if the loan meets the lender's underwriting guidelines and criteria.

03

Assess the borrower's ability to repay the loan by analyzing various factors like income stability, employment history, and debt-to-income ratio. This helps in determining the borrower's creditworthiness and the likelihood of loan default.

04

Evaluate the property's value and ensure that it meets the lender's collateral requirements. This includes ordering and reviewing property appraisals, verifying the property's title, and assessing any potential risks associated with the property.

05

Verify the accuracy of all information provided in the loan file and ensure compliance with relevant federal, state, and local regulations. This includes reviewing the loan disclosures, compliance documents, and verifying the borrower's identification and legal documents.

06

Create a comprehensive underwriting analysis or summary report, highlighting the key findings, risks, and recommendations. This report serves as a basis for making an informed lending decision and providing appropriate loan terms and conditions.

07

Communicate with relevant parties involved in the lending process, such as loan officers, processors, and underwriting managers. This ensures that all necessary information is obtained and any clarifications or issues are addressed promptly.

08

Make a final underwriting decision based on the review findings, lender's underwriting guidelines, and risk tolerance. This decision may include approving the loan, denying it, or attaching conditions for approval.

Who needs correspondent lending underwriting review?

01

Mortgage lenders or financial institutions that engage in correspondent lending transactions usually require correspondent lending underwriting reviews. These reviews are performed to assess the quality and suitability of loans originating from third-party correspondents before committing to purchasing or funding them.

02

Mortgage investors, such as government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac, also conduct correspondent lending underwriting reviews to ensure that the loans they purchase or securitize meet their underwriting standards and guidelines.

03

Borrowers indirectly benefit from correspondent lending underwriting reviews as it helps ensure that the loans they receive are of high quality, properly underwritten, and comply with relevant regulations. This ultimately reduces the risk of loan default and promotes a healthy mortgage market.

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What is correspondent lending underwriting review?

Correspondent lending underwriting review is the process of evaluating and verifying the underwriting decisions made by correspondent lenders for mortgage loans.

Who is required to file correspondent lending underwriting review?

Correspondent lenders are required to file correspondent lending underwriting review.

How to fill out correspondent lending underwriting review?

Correspondent lenders must provide detailed information about the underwriting process, loan documentation, and decision-making criteria.

What is the purpose of correspondent lending underwriting review?

The purpose of correspondent lending underwriting review is to ensure that the underwriting decisions made by correspondent lenders are in compliance with regulations and guidelines.

What information must be reported on correspondent lending underwriting review?

Correspondent lenders must report information such as loan-to-value ratios, credit scores, income verification, and property valuation.

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