Improve the quality of FHA loans with our meticulous FHA Quality Control Checklist, ensuring a thorough review, validation and final closing for every application.
1
Review the loan application file
2
Verify borrower's employment
3
Confirm the borrower's income
4
Check the borrower's credit report
5
Review the property appraisal
6
Verify that the property meets FHA guidelines
7
Ensure all FHA documents are in the loan file
8
Review all supporting documentation
9
Confirm that the loan file is complete
10
Verify borrower's down payment source
11
Approval: Loan Officer
12
Submit the loan to underwriting
13
Approval: Underwriter
14
Prepare the loan for closing
15
Coordinate with closing attorney or title company
16
Final review of the loan file
17
Approval: Closing agent
18
Send closing documents to borrower
19
Coordinate the closing date with borrower and agent
20
Ensure funds are released to close the loan
Review the loan application file
Review the loan application file to assess the borrower's eligibility for an FHA loan. This task is crucial for ensuring that all necessary information and documentation are included in the application. Are there any missing documents that need to be requested? Have all required forms been completed accurately? Use the loan application checklist to systematically review each section and document, ensuring that everything is in order and consistent with FHA guidelines.
1
Income verification
2
Employment verification
3
Credit report
4
Appraisal
5
FHA documents
Verify borrower's employment
Confirm the borrower's employment to establish their income stability and ability to make mortgage payments. This is important for assessing the borrower's creditworthiness and eligibility for an FHA loan. Does the employment information provided match the documentation? Are there any gaps in employment history? Contact the employer to verify the details and request necessary documentation such as pay stubs or employment verification letters.
Confirm the borrower's income
Confirm the borrower's income to ensure that it meets the FHA guidelines. This task involves reviewing pay stubs, W-2 forms, and tax returns to verify the borrower's income sources and stability. Are there any discrepancies or irregularities in the income documentation? Use the income verification form to record the details and calculations.
Check the borrower's credit report
Check the borrower's credit report to assess their creditworthiness. This task involves reviewing the credit report for any late payments, collections, or judgments that may affect the borrower's eligibility for an FHA loan. Are there any derogatory marks on the credit report? Use the credit report checklist to document any discrepancies or concerns.
1
Credit score
2
Late payments
3
Collections
4
Judgments
Review the property appraisal
Review the property appraisal report to ensure that it accurately reflects the value of the property. This task involves analyzing the appraiser's assessment, comparing it to recent comparable sales, and checking for any potential issues that may affect the property's value. Are there any discrepancies or red flags in the appraisal report? Use the property appraisal checklist to document any concerns or issues.
Verify that the property meets FHA guidelines
Verify that the property meets the FHA guidelines to ensure its eligibility for an FHA loan. This task involves conducting a thorough inspection of the property, checking for any health and safety hazards, and ensuring that all required repairs and improvements have been made. Are there any violations or non-compliance issues with the FHA guidelines? Use the FHA property checklist to record any findings.
1
Health and safety hazards
2
Required repairs
3
FHA guidelines compliance
Ensure all FHA documents are in the loan file
Ensure that all required FHA documents are included in the loan file. This task involves reviewing the loan file checklist and confirming that all necessary forms, disclosures, and agreements are present. Are there any missing documents? Use the FHA document checklist to track and request any outstanding items.
1
FHA Loan Application
2
FHA Amendatory Clause
Review all supporting documentation
Review all supporting documentation in the loan file to ensure its accuracy and completeness. This task involves examining income verification documents, asset statements, tax returns, and any other relevant paperwork. Are there any discrepancies or missing information? Use the supporting documentation checklist to document any issues.
1
Income verification
2
Asset statements
3
Tax returns
Confirm that the loan file is complete
Confirm that the loan file is complete and ready for underwriting. This task involves checking that all necessary documents, forms, and supporting materials have been gathered and reviewed. Are there any outstanding items or incomplete sections? Use the loan file completion checklist to track and address any deficiencies.
1
Complete
2
Incomplete
Verify borrower's down payment source
Verify the source of the borrower's down payment to ensure its compliance with FHA guidelines. This task involves reviewing bank statements, gift letters, or other documentation to confirm the legitimacy of the funds. Is the down payment source acceptable under FHA rules? Use the down payment source verification checklist to log the findings.
1
Savings account
2
Gift funds
3
Sale of assets
Approval: Loan Officer
Will be submitted for approval:
Review the loan application file
Will be submitted
Verify borrower's employment
Will be submitted
Confirm the borrower's income
Will be submitted
Check the borrower's credit report
Will be submitted
Review the property appraisal
Will be submitted
Verify that the property meets FHA guidelines
Will be submitted
Ensure all FHA documents are in the loan file
Will be submitted
Review all supporting documentation
Will be submitted
Confirm that the loan file is complete
Will be submitted
Verify borrower's down payment source
Will be submitted
Submit the loan to underwriting
Submit the loan file to the underwriting department for review and approval. This task is a critical step in the FHA loan process, as it determines whether the loan meets the necessary requirements for funding. Did the loan file pass the initial review? Use the underwriting submission form to track the submission and any additional requested documents.
Approval: Underwriter
Will be submitted for approval:
Submit the loan to underwriting
Will be submitted
Prepare the loan for closing
Prepare the loan for closing by completing all necessary paperwork and ensuring that all conditions and requirements have been met. This task involves coordinating with various parties, such as the borrower, title company, and closing attorney, to gather the necessary documents and signatures. Are there any outstanding conditions or missing documents? Use the closing preparation checklist to track the progress and address any issues.
1
Title search
2
Insurance documentation
3
Loan estimate
4
Closing disclosure
Coordinate with closing attorney or title company
Coordinate with the closing attorney or title company to schedule and facilitate the loan closing process. This task involves communicating the necessary information, coordinating the date and time, and ensuring that all parties are prepared. Is the closing attorney or title company available? Use the closing coordination form to record the details and any special instructions.
Final review of the loan file
Perform a final review of the loan file to ensure that all conditions have been met and all necessary documents are in order. This task involves checking for any outstanding requirements, confirming that all signatures are present, and verifying that all calculations are accurate. Are there any remaining issues or discrepancies? Use the loan file final review checklist to ensure nothing is overlooked.
1
Outstanding conditions
2
Signature verification
3
Calculation accuracy
Approval: Closing agent
Will be submitted for approval:
Prepare the loan for closing
Will be submitted
Final review of the loan file
Will be submitted
Send closing documents to borrower
Send the closing documents to the borrower in a timely manner. This task involves preparing the necessary paperwork, obtaining the borrower's mailing address, and coordinating with the mailing or delivery service. Is the borrower's address correct and accessible? Use the closing document delivery form to record the details and track the delivery status.
Coordinate the closing date with borrower and agent
Coordinate the closing date with the borrower and their real estate agent to ensure availability and smooth execution. This task involves communicating the date, time, and location, and confirming that all parties are able to attend. Is everyone available on the proposed date? Use the closing date coordination form to finalize the details.
Ensure funds are released to close the loan
Ensure that the necessary funds are released in a timely manner to facilitate the loan closing. This task involves coordinating with the lender, verifying the amount needed for closing, and ensuring that all fees and costs are accounted for. Have all funding requirements been met? Use the closing funds verification form to document and track the release of funds.
