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9 Cards in this Set
- Front
- Back
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What is a mortgage loan file |
Collectively the consent forms, disclosures, nose, explanations, and other supporting documents for a particular loan application |
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What is included in a loan file |
Signed, written consent to access personal information such as a credit report,
applicants credit report,
mortgage application file, renewal agreement, e t c all mortgage instruments,
sign disclosures,
applicant personal identity documents,
employment and income verification,
sources of and proof of down payment Proof of assets, Investments, and or other Equity, subject property documents such as offer to purchase, condo documents, copy of title, real property report, insurance application forms, signed waivers, proof of separation, divorce, child support, proof of consumer proposal or bankruptcy, proof of dissolution of business or partnership, copies of email Communications, meeting notes, and other correspondence pertaining to the transaction |
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Applicant ID checklist |
Government issued ID, two pieces, at least one with photo, cleared personal check, utility bill or other secondary ID, social insurance number, credit card numbers |
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Income verification checklist |
Letters of employment, pay stubs, net pay direct deposit receipts, bank statements, T4 slips, CRA notice of assessment, annual T1 General income tax return, employment contracts or terms of employment agreements, sales receipts plus Bank deposits, T4 PS slips, T4 slips, itemized statement of benefits paid, record of employment form, pension documents, invoices and bank statements, contracts and business agreements, bookkeeping records, business financial statements, business licenses, Articles of Incorporation, GST registration numbers, divorce decree, separation agreement, court order, custody agreement, T 1198 form, lease agreements, investment income documents, disability income documents, trust income documents |
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Down payment / Equity verification checklist |
Bank statements, gift letters, mortgage statement, purchase contract and condition removal forms, tile document, sales contracts or receipts from chatel sales, assets/ investment account statements, assets investment Redemption statements, line of credit statement with current balance, personal loan documents with amounts, construction or other agreements for Sweat Equity, rent-to-own agreements |
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Verifying property in purchase transactions |
Purchase contract Feature sheet / MLS sheet Title document Real property report Municipal property assessment notice |
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Verifying property for new home build transactions |
Copies of all quotes if self-build Project cost breakdown from Builder Signed contract with Builder and all addenda Offer to purchase for land If the line is already owned, details of any charge registered against it Full appraisal Plans / house specification / drawings Proof of fire insurance Third parting you home warranty certificate |
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Verifying property and refinance and/or renewal transactions |
Current payout statement or a mortgage statement or mortgage renewal offer Mortgage discharge document Most recent property assessment, Municipal tax notice, and proof of payment Title search Proof of fire insurance. Stated purpose for additional funds |
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Verifying property in condominium transactions |
By-laws that may affect occupancy or marketability Property Management Condo Association finanances Operating and Reserve funds Reserve fund study Structural Integrity of the property Owner to tenant ratios Construction warranties that may affect assessment of property quality and marketability Other things that could affect a lender's decision to finance |
