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The Gold Leaf Award is the cornerstone of a LendingTreeâ sponsored loan officer certification program designed to recognize outstanding loan officers. The award is presented to an elite group of loan officers who have provided exemplary service to LendingTreeâ consumers.
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Loan Documentation |
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 Why Do You Need this Documentation?
Regardless of which lender or loan officer you choose, you will be asked to provide certain documentation to assess your qualifications and process your loan. The most common documentation required is listed here along with some explanations for how it is used and why it may be needed. In addition you can view some samples for those documents that you may not be familiar with. You can usually find these documents in your home escrow closing paperwork.
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Borrower Signature Authorization
The Borrower Signature Authorization provides the lender the authorization to request personal information about you in order to determine your qualifications and process your loan. For example, information from your employer, insurance agent, credit card companies, or current mortgage holder may be required on your loan. Those organizations usually will not provide us the requested information without sending them a signed authorization. CLICK ICON FOR AN EXAMPLE.
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Latest Paystubs The lender will require that at least 1 month's worth of paystubs is received before funding a loan. So depending upon the frequency of pay periods, this could be 1, 2, or 4 paystubs. The paystubs are used to document the gross monthly income that is used to calculate your debt-to-income ratio.
Last 2 years W2 Statements Your last two year's W2 statements are also used to calculate and document your monthly income. The underwriter will also look at your W2 statements to reconcile the last two years of job history that is reported on your loan application. For instance if your application states that you have been with your employer for 3 years, but you have multiple W2's for last year, this will be a red flag.
Mortgage Note
The Note for your current mortgage is the document that describes the details of your current loan. It will document information such as the loan amount, interest rate, payments, late payment penalties, early pay provisions, etc; A copy of your Note may be required to determine the amount of an early payoff penalty or it may be required by the lender to have on file for second mortgage loans. CLICK ICON FOR AN EXAMPLE.
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Insurance Declaration Page The amount of your homeowner's insurance coverage as well as the insurance premiums will be documented on your Insurance Declaration Page. The Declaration Page is required to determine the monthly cost for your homeowner's insurance. This monthly cost will be factored into your debt-to-income ratio. This document also provides the lender contact information for your insurance agent. The agent will need to be contacted to both verify coverage amount and update the lender as the new mortgagee for potential insurance payouts.
HUD-1 Settlement Statement
A HUD-1 Settlement Statement is a final reconciliation of all loan transaction related costs and fees. It also shows the contracted sales price for a home sale transaction. Most lenders will use the HUD-1 Settlement Statement as documentation for the purchase price on your home. The HUD-1 Settlement Statement may also be requested by the lender to show that you have recently refinanced your mortgage. If your refinance occurred very recently, the new lender may not yet be showing up on your credit report. CLICK ICON FOR AN EXAMPLE. | |
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