Documents Required For a Mortgage

This guide covers the documents required for a mortgage. The first step of the mortgage loan qualification and pre-approval process is to speak to a licensed loan officer or loan officer assistant. Most loan officer assistants are experts in the mortgage industry. Many loan officer assistants are experienced mortgage loan processors, and some are even previous mortgage underwriters.

The only difference between a loan officer and a loan officer assistant is the loan officer is licensed, and loan officer assistants are not. Loan officer assistants can do everything a loan officer or mortgage processor can do except for licensed activities.

A loan officer assistant cannot quote mortgage rates and terms or offer mortgage loan programs. Loan officer assistants cannot lock rates before a clear to close unless the loan officer assistant is licensed. After the initial interview with the borrower and the loan officer, the file is assigned to a loan officer assistant. The loan officer assistant will request documents required for a mortgage from the borrower.

Role of the Loan Officer Assistant in the Mortgage Process

Most top-producing loan officers or producing branch managers have one or more loan officer assistants. The hierarchy of top-producing loan officers is that they have a senior loan officer assistant, often called the senior LOA. The senior loan officer assistant may be licensed or not licensed.  The senior loan officer assistant has a team he or she manages, including senior and junior mortgage processors.

It is the job of the senior loan officer assistant to ensure the loan officer is kept abreast of each step of the mortgage process of each borrower.  The senior loan officer assistant will work with the loan officer and comb through every aspect of the mortgage loan applicant.

The LOA will thoroughly review the borrowers’ credit report, 1003, Automated Underwriting System Findings, and collect the necessary documents to start the mortgage process. The loan officer assistant’s job and role is to prepare the file for the mortgage processor. The loan officer assistant works hand in hand with the mortgage processor to prepare the file for underwriting. The loan officer assistant collects the documents required for the mortgage processor.

Steps of the Mortgage Loan Process

Oftentimes, the loan officer assistant and the loan officer are on the phone together during the initial interview with the borrower. If the borrower does not qualify yet for a mortgage loan, it is the job of the loan officer assistant to follow the instructions of the loan officer on the steps to get qualified and pre-approved. It may be paying down debts, removing credit disputes, adding additional credit tradelines, or waiting out recent late payments.

If the borrower qualifies, the loan officer assistant will request the borrower to complete the online secured mortgage loan application, request documents required for the mortgage process, run credit, and run the file through the automated underwriting system.

The file must be checked and double-checked before the loan officer issues a formal pre-approval letter. With the pre-approval letter, the borrower can start shopping for a home. Once the borrower finds a house they want to purchase, the real estate purchase contract is executed between buyer and seller. The mortgage loan process officially begins with an executed real estate purchase contract.

Documents Required By The Loan Officer Assistant

The documents required initially are basic documents, which the borrower will upload on the official mortgage loan application.  After the initial interview between the borrower and the loan officer, and the loan officer assistant, the loan officer assistant will be sent the following email:

Dear Mortgage Loan Applicant:

It was a pleasure talking with you recently. My team at Preferred Mortgage Rates, Inc., a dba of Gustan Cho Associates, looks forward to working with you and your family to get you qualified, approved, and closed on your home loan. Per our conversation, the mortgage loan process is a process. Multiple professionals will be working on your file, including myself and the loan officer, the branch manager, the mortgage processor, the operations director, the underwriter, the closer, and third-party professionals such as the realtor, attorneys, appraiser, insurance agent, and title agent. As discussed, we will begin working on your behalf once it is received. We will review the overall mortgage loan process from application to the clear to close to the actual closing. Here are the steps of the mortgage process at Preferred Mortgage Rates, Inc.

  1. The first step of the mortgage loan process is to complete the mortgage loan application by clicking on this secured link: Start Online Mortgage Loan Application To Get Approved For a Mortgage.
  2. The second step is for the borrower to order a tri-merger credit report by clicking this link: ORDER CREDIT REPORT.  This link is the link where you can get your tri-merger credit reports. Here’s the link to get your credit report. I will get notified once you are complete. I will review your credit and get back to you. Let me know if you have any questions.

Please gather the following supporting documents required, which will be required for a solid pre-approval. All documents required need to be complete, including blank pages. All documents required need to be legible and in pdf format. Cell phone pictures are not accepted on all documents required for a mortgage approval.

  • Driver’s License (cell phone picture or clear scan/copy is acceptable)
  • W-2’S, 1099’S, OR K-1’S – Last two years (all pages and schedules)
  • Tax Returns – Last two years (all pages and schedules)
  • Paystubs (most recent 30 days)
  • Current Mortgage Statement
  • Homeowners Insurance 
  • HOA Payment Voucher- If no, HOA says, “no.”
  • Previous Title Company Information – I would like to save you some fees with the same title company.

Documents Required Assets:

  • Checking
  • Savings
  • Investment Statements;
    (The most recent 60 days – all pages, no redacting; Be prepared to explain and source non-payroll deposits.)

Upload all these documents required to SECURED ONLINE MORTGAGE APPLICATION or email the docs to gcho@gustancho.com.