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Purchase and Sales Contract

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Purchase and Sales Contract Powered By Docstoc
					                                                                VA Processor and Closer Checklist

 Checklist must be completed prior to funding and scanned under MISC separator sheet. Checklist is not all inclusive; documentation will
  vary based on specific transaction. Compliance with Policy and Procedures as well as the VA loan production description is required.

Instructions:
1.    All documents with an asterisk (*) MUST be fully executed (i.e. signed and dated by the appropriate parties).
2.    The Purchase, Refinance - R/T & C/O, and IRRRL columns represent typical documentation required based on the transaction type.

  Loan#:




                                                                                                                                                                       Refinance - R/T & C/O
      Signature(s)




                                                                                                                                                            Purchase


                                                                                                                                                                                               IRRRL
 a                                Document                                                                            Notes
DISCLOSURES
       Active Duty Certification                                                        If applicable.                                                        x             x
       Verification of VA Benefit - Related Indebtedness (VA 26-                        If applicable. Only needed if veteran answers "yes" to any
     * 8937)                                                                            question on the VA Application Questionnaire.                         x             x                   x
       Counseling Checklist for Military Homebuyers (VA 26-0592;
     * VMP 379)                                                                         For active duty                                                       x             x                   x

        Report and Certification of Loan Disbursement (VA 26-1820)
         *                                                                              Nearest Living Relative                                               x             x                   x
        Debt Questionnaire (VA 26-0551)
         *                                                                              If URLA/1003 not used.                                                x             x
        Federal Collection Policy Notice (VA 26-0503)
         *                                                                                                                                                    x             x                   x
        Interest Rate and Discount Disclosure (Notice to Veteran
     * Applicants) (VMP 546)                                                             o Notice to Vet Applicant Doc o Separate doc                         x             x                   x
     * VA Option Notice (VA Escape Clause)                                               o Part of sales contract o Separate doc
        Premium Pricing Disclosure                                                                                                                            x             x                   x
        VA Rate Reduction Certification (Old vs. New) Refinance
        Transactions                                                                                                                                                        x                   x
        Notice to VA Loan Borrower (VMP-528)                                                                                                                  x             x                   x
        Loan program disclosures                                                        If applicable; must be fully completed                                x             x
APPLICATION
                                                                                        All pages must be present (page 1-4); must match related
                                                                                        documents and system data. For IRRRL, may use
                      Uniform Residential Loan Application (URLA-1003)                  abbreviated application form.                                         x             x                   x
                      Addendum to 1003, Pages 1 and 2                                   Must match related documents and system data; all applicable
                      (VA26-1802a / HUD 92900-A)                                        boxes must be completed                                               x             x
                                                                                        All pages must be present (pages 1-4); must match related
       Final Uniform Residential Loan Application (URLA-1003)
         *                                                                              documents and system data                                             x             x                   x
       Final Addendum to URLA-1003 Pages 1 & 2 (VA26-1802a /                            Must match related documents and system data; all applicable
     * HUD 92900-A)                                                                     boxes must be completed                                               x             x
APPRAISAL
     * Uniform Residential Appraisal Report (URAR)                                      Must match related documents and system data                          x             x
       URAR: Maps, Photos, Sketch                                                                                                                             x             x

         *            Statement of Limiting Conditions and Appraiser's Certification                                                                          x             x
                      Notice of Value and any special requirements or conditions
         *            applicable to property                                            If applicable                                                         x             x
                                                                                        Required if repairs are required on Appraisal/NOV.
                                                                                        Documentation required to clear is determined by UW. For
       Compliance Inspection Report
         *                                                                              Existing Construction loans.                                          x             x
       AVM or 2055 Exterior only to warrant value of property                           IRRRL's only                                                                                            x
PROCESSING / UNDERWRITING DOCUMENTATION
                                                                                        Original or ACE generated. No copies.
                                                                                        For Restoration of Entitlement, an 1880, previously issued
                      Certificate of Eligibility                                        COE, and evidence of payment in full of any prior loans (HUD-
                      (VA 26-8320/8320a for Reserves)                                   1) is required. See VA LPD for more information.                      x             x                   x
                      Request for a Certificate of Eligibility for VA Home Loan
                      Benefits                                                          If applicable. Required with prior HUD-1 if eligibility needs to
         *            (VA26-1880)                                                       be restored.                                                          x             x                   x
                      DD-214 Discharge Papers / Statement of Service                    Proof of service required                                             x             x
                      VA Case Number Assignment                                         Print out in file                                                     x             x                   x
                      CAIVRS confirmation code required for all borrowers               Print out in file                                                     x             x                   x
                      Automated Underwriting Findings                                   Must match related documents and system data                          x             x
                      Credit reports and credit related documents                       Must match 1003                                                       x             x
                      Asset verification                                                Must match 1003                                                       x             x
         *            Gift documentation                                                If applicable                                                         x             x
                      Verification of Employment and Income Documentation               Must match 1003                                                       x             x
                      Child care expense                                                If applicable                                                         x             x
         *            Purchase/Earnest Money Contract (Sales Contract)                  If applicable                                                         x
         *            VA Amendatory Clause                                               o Part of contract o Separate doc                                    x
         *            Loan Analysis (VA 26-6393)                                        Must match data on 1003                                               x             x
                      VA Common Lender Certification (TMO Document ML4D072-
         *            073)                                                              Lender representative to execute                                      x             x                   x
                      Interest Rate Reduction Refinancing Loan Worksheet (VA 26-
         *            8923)                                                             IRRRL's only                                                                                            x
                                                                                        Payoff must include interest through funding/disbursement date of
                                                                                        the loan. If HELOC payoff, must include evidence of borrowers
                      Mortgage Payoffs                                                  signed authorization to close the account.                                          x                   x
                                                                                        VA Prior Approval required if loan will be >30 days past due at
                      Mortgage Payoffs                                                  closing                                                                                                 x
                      Condominium - VA approved                                         Print out in file                                                     x             x                   x


                     da3130fe-2bde-497e-adf5-651e3739456a.xls                          1 of 3                                                        09-11-2009
                                                                                                                                                                           Refinance - R/T & C/O
     Signature(s)




                                                                                                                                                                Purchase


                                                                                                                                                                                                   IRRRL
 a                                            Document                                                                Notes
                     Mandatory HOA Assessment must be subordinate to the
                     mortgage                                                         Applies to any subject property with HOA                                    x             x                   x
CLOSING
     * Wood Destroying Insect Inspection Report (NPMA-33)                             If applicable; fully completed.                                             x             x
     * Power of Attorney                                                              Approved per Power of Attorney policy (8-801)                               x             x                   x
     * Alive and Well Statement                                                       If using a Power of Attorney; not required for IRRRL                        x             x                   x

                                                                                      VA Prior Approval required if loan will be >30 days past due at
                                                                                      closing. Return loan to underwriter if payoff statement reflects that
                     Mortgage Payoffs                                                 loan is past due and VA Prior Approval has not been obtained.                                                 x
                                                                                      Must match related documents and system data; must have
                                                                                      VA case number
                                                                                      Confirm there are not unallowable closing costs/fees charged
        *            HUD-1 Settlement Statement                                       to the borrower                                                             x             x                   x

        *            Escrow Agreement for Postponed Improvements (VA26-1849)          If applicable; must be fully completed                                      x             x                   x
                                                                                      Must be fully completed including borrower(s) and lender's
                                                                                      signatures. Lender's signature can be signed by any
        *            Report and Certification of Loan Disbursement (VA 26-1820)       individual authorized to sign on behalf of MLHL.                            x             x                   x

       Veteran(s) Name must exactly match COE and Note.                                                                                                           x             x                   x
NEW CONSTRUCTION
                                                                                      Provide copies to the appraiser. HUD-92541A must be
                     One of the following:                                            completed, signed and dated by the builder ONLY if the CABO
                     Builder Certification (HUD-9251) and Agreement to Execute        (1992 Model Energy Code) section is completed and MUST
                     Warranty of Completion of Construction (HUD-92541A)              have Solder and Flux (lead free water) Certification signed by
                       OR                                                             the builder. CABO Certification and Solder and Flux
        *            CABO Certification and Solder and Flux Certification             Certification must be signed by the builder                                 x
                     Builder Warranty of Completion of Construction (VA 26-1859)
        *            1-Year Builder Warranty                                          Must be completed, signed and dated by builder                              x
                     Termite Certification (HUD-NPCA-99-A) Subterranean termite
                     Soil Treatment Builder's Guarantee, and if wood treatment box
                     is checked on 99-A, need NPCA-99-B, New Construction
                     Subterranean Termite Soil Treatment Record                                                                                                   x
                     One of the following:
                     o VA Final Inspection (VA 26-1839) by VA fee inspector and
                     Ten Year Warranty
                        OR
                     o VA Final Inspection (V 26-1839) by VA fee inspector and
                     first and second stage inspection by local authority
                        OR
                     o VA Final Inspection (VA 26-1839) by VA fee inspector and
                     Certificate of Occupancy
                        OR
                     o Veteran's written statement indicating that he/she is aware
                     that VA did not inspect the property during the construction
        *            phase (Not Inspected Acknowledgment)                                                                                                         x




                     Closer's Signature                                                                                                                  Date




                    da3130fe-2bde-497e-adf5-651e3739456a.xls                         2 of 3                                                            09-11-2009
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Description: Purchase and Sales Contract document sample