Prior Approval Underwriting Submission Checklist (Page 3 of 5) in pdf

Smart Start Program -‐ Underwriting Submission Checklist /Instructions

For use with Smart Start Loan applications made in connection with the Homeward Bound

Purchase Program

BORROWER N AME(S):

Smart S tart L oan N umber: _ ___________________ H omeward B ound L oan N umber: _ ____________________

Homeward B ound F irst M ortgage L oan T ype ( check a pplicable p rogram): _ ____ F HA _ ____ V A _ ____ U SDA

Please refer to Chapter 4 of the Mortgage Program Policy and Procedures for Participating Lenders

for the Smart Start Program process.

The following first mortgage underwriting exhibits and loan approval documents are required for each prospective

Smart Start Loan application submission. The documents are to be secured with an ACCO-‐type fastener and must be

arranged in the order listed with the required Checklist HMFA-‐99 (SS) on top. Reminder: electronic signatures are not

allowed o n N JHMFA l oan d ocuments.

Please r ead t hese i nstructions c arefully, i mproper o r i ncomplete s ubmissions m ay r esult i n a d elay i n p rocessing o r t he

denial o f t he S mart S tart a pplication.

Required Form I D:

Doc N ame:

Original

Special I nstructions:

Sub

or C opy

ALL*

URV

UW's R eview

Copy

This form is to be signed by the underwriter who

☐

Verification

reviewed the loan. Name of underwriter and phone #

is to be indicated. This form verifies that an

underwriter has reviewed the NJHMFA guidelines and

underwritten the loan in compliance with HMFA

guidelines.

FHA

92900 L T

FHA L oan

Copy

To b e f ully c ompleted a nd m ust b e s igned b y D E

☐

Underwriting &

Underwriter i f a m anual u

nderwrite.

A ll i nformation t o

Transmittal F

orm

be c onsistent w ith 1 003 a nd A

US.

26-‐6393

VA L oan A

nalysis

Copy

Fully c ompleted, a nd a ll i nformation t o b e c onsistent

☐

with L oan A pplication

26-‐0286

VA L oan S ummary

Copy

Fully c ompleted, a nd a ll i nformation t o b e c onsistent

☐

Sheet

with L oan A pplication

USDA

RD-‐1980-‐18

USDA C onditional

Copy

Fully c ompleted, a nd a ll i nformation t o b e c onsistent

☐

Commitment

with L oan A pplication. C ommitment t o b e v alid a t t ime

of s ubmission a nd n ot e xpired.

USDA

RD-‐1980-‐17

USDA L oan N ote

Copy

Fully c ompleted, a nd a ll i nformation t o b e c onsistent

☐

Guarantee

with L oan A pplication

Transmittal F orm

FHA

AUS F indings

Automated

Copy

The Agency requires the final issued and used for

☐

Underwriting S ystem

approval d uring t he a pplication p rocess. A ny c hange o f

Findings

circumstances involving financial aspects of the

application and costs associated with the loan will

required updated AUS Findings. All AUS Findings must

be consistent and support information on final 1003,

LE and Government approval forms. Any changes that

occur f ollowing t he A US s ubmission u sed b y t he l ender

and included in the Agency’s Smart Start prior

approval review require revised AUS Findings be

forwarded t o t he A gency f or a n u pdated a pproval p rior

to the loan closing occurring. Additional conditions

and/or a revised Smart Start Award Letter (FHA) may

be r equired.

ALL*

1003 ( Final

Uniform R esidential

Copy

Final Approved underwriting 1003, the version issued

☐

UW)

Loan A pplication

in c onnection w ith t he L oan A pproval. F ully c ompleted

(Final)

and dated. Must be consistent with 1003, AUS, Gov’t

Approval F orm. I f a ny c hanges t o t he 1 003 u sed b y t he

lender and included in the Agency’s Smart Start prior

approval review package occur, a revised 1003 must

be forwarded to the Agency for an updated approval

Page 3

HMFA-‐99 ( SS)

NJHMFA S mart S tart U W S ubmission C hecklist 6 .1.16

Prior Approval Underwriting Submission Checklist Page 3

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