FHA Quality Control Template

This task involves gathering and confirming the borrower's personal and financial information. It plays a crucial role in assessing the borrower's eligibility for an FHA loan. The desired result is to have accurate and verified borrower information. To complete this task, you will need access to the borrower's application, identification documents, and employment verification forms. If any discrepancies are found, consult with the borrower to resolve them. What is the borrower's full name?

This task involves verifying whether the property address meets the FHA's eligibility criteria. It ensures that the property can be financed through an FHA loan. The desired result is to confirm the property's eligibility. To complete this task, you will need access to the property details and relevant FHA guidelines. Is the property address located in an eligible area?

This task involves assessing the borrower's credit history and determining their creditworthiness. It plays a crucial role in evaluating the borrower's ability to repay the loan. The desired result is to have a thorough review of the borrower's credit report. To complete this task, you will need access to the borrower's credit report and relevant guidelines. Identify the borrower's credit score.

This task involves calculating the borrower's debt-to-income ratio (DTI) to determine their ability to manage additional debt. It plays a crucial role in evaluating the borrower's financial stability. The desired result is to have an accurate DTI calculation. To complete this task, you will need access to the borrower's financial documents and relevant calculation methods. What is the borrower's monthly income?

This task involves conducting a thorough inspection of the property to assess its condition and value. It plays a crucial role in determining the property's worth and potential risks. The desired result is to have an accurate assessment of the property's condition and value. To complete this task, you will need access to the property and relevant inspection checklists. Are there any major issues with the property's condition?

This task involves verifying whether the property meets the FHA's minimum property standards. It ensures that the property is in compliance with safety, security, and livability requirements. The desired result is to confirm the property's compliance with FHA standards. To complete this task, you will need access to the property and relevant FHA guidelines. Does the property meet the FHA's minimum property standards?

This task involves validating the borrower's employment history and income. It plays a crucial role in assessing the borrower's ability to sustain mortgage payments. The desired result is to have accurate employment and income verification. To complete this task, you will need access to the borrower's employment records and relevant verification forms. What is the borrower's current employment status?

This task involves evaluating the borrower's assets and liabilities to assess their financial stability. It plays a crucial role in determining the borrower's ability to handle additional financial obligations. The desired result is to have a comprehensive evaluation of the borrower's assets and liabilities. To complete this task, you will need access to the borrower's financial statements and relevant evaluation forms. What is the total value of the borrower's assets?

This task involves preparing and disclosing the Loan Estimate to the borrower. It provides an overview of the loan terms, estimated costs, and potential risks. The desired result is to have an accurate and well-documented Loan Estimate. To complete this task, you will need access to the borrower's loan application and relevant disclosure forms. Would you like to include any additional information in the Loan Estimate?

This task involves receiving the borrower's intent to proceed with the loan application. It confirms the borrower's commitment to move forward with the loan process. The desired result is to have a documented intent to proceed from the borrower. To complete this task, you will need to communicate with the borrower and obtain their confirmation. Has the borrower expressed their intent to proceed with the loan application?

This task involves ordering the mortgage insurance premium (MIP) for the FHA loan. It ensures that the loan is protected in case of default. The desired result is to have the MIP ordered and processed. To complete this task, you will need access to the loan details and relevant MIP application forms. Is the MIP amount based on the loan amount or the property value?

This task involves obtaining the appraiser's report for the property. It assesses the property's value and condition based on an independent appraisal. The desired result is to have a detailed appraiser's report. To complete this task, you will need to coordinate with the appraiser and gather their report. Has the appraiser completed and provided the appraisal report?

This task involves reviewing and validating the appraisal report for the property. It ensures that the report meets the FHA's requirements and accurately reflects the property's value. The desired result is to have a thorough review and validation of the appraisal report. To complete this task, you will need access to the appraisal report and relevant FHA guidelines. Is the appraisal report compliant with the FHA's requirements?

This task involves preparing and disclosing the Closing Disclosure to the borrower. It provides detailed information about the loan terms, closing costs, and other relevant figures. The desired result is to have an accurate and well-documented Closing Disclosure. To complete this task, you will need access to the loan details and relevant disclosure forms. Are there any additional fees or costs that need to be included in the Closing Disclosure?

This task involves confirming the borrower's receipt of the Closing Disclosure. It ensures that the borrower has reviewed the disclosure and understands the loan terms and costs. The desired result is to have documented confirmation of the borrower's receipt. To complete this task, you will need to communicate with the borrower and obtain their confirmation. Has the borrower acknowledged receipt of the Closing Disclosure?

This task involves finalizing the loan closing process, including reviewing all necessary documents, coordinating with the necessary parties, and ensuring all conditions are met. The desired result is to successfully close the loan. To complete this task, you will need access to the loan documents, coordination with the borrower and relevant parties. Are there any outstanding conditions or requirements that need to be addressed before closing the loan?

This task involves submitting the loan documents for FHA endorsement. It ensures that the loan meets the FHA's requirements for insurance. The desired result is to obtain FHA endorsement for the loan. To complete this task, you will need access to the loan documents and relevant submission guidelines. Are all the loan documents and requirements complete and ready for FHA endorsement?

This task involves filing the FHA insuring documents for the loan. It is a critical step in ensuring that the loan is properly insured by the FHA. The desired result is to have all necessary documents filed for FHA insurance. To complete this task, you will need access to the loan documents and relevant filing procedures. Are all the FHA insuring documents completed and ready for filing?