Customer Checklist

The following documents are commonly required during the mortgage loan process.  Owl Tree Mortgage Company recommends that applicants review this list to expedite the transaction.

Note:  depending on the loan program that you select, some documents may not be required; conversely, additional documents may also be requested, depending upon your credit, income, and asset profile.

Paystubs

• Required on Full and Alternative Documentation loan programs for wage/salaried customers
• Should be current (less than 30 days old).
• Should include a complete 30 day period (i.e., 4 weekly checks, 2 bi-weekly checks).

W2s

• Required on Full and Alternative Documentation loan programs for wage/salaried customers
• Required for most recent two (2) tax years available.

Tax Returns

• Required on Full and Alternative Documentation loan programs for self-employed customers
• Required on Full and Alternative Documentation loan programs if other sources of income (rent, dividends, side-business, etc) are used to qualify for the loan.
• Provide most most recent two (2) tax years available.
• Should include all schedules and attachments (any documents submitted to the IRS should be included).
• For self-employed customers:  please call your tax preparer to advise them that you are involved in a mortgage transaction.  Your tax preparer may be required to provide documents or  information necessary to proceed with the loan process.  For example, accountants are often required to provide letters that verify the customer’s self-employed status.  Also, the accountant may be required to supply a year-to-date Profit & Loss statement.

Social Security / Pension documents

• Required on Full and Alternative Documentation loan programs, if the customer is using social security or pension income to qualify for the loan.
• Check stubs or direct deposit advice should  be current (less than 30 days old).
• Social security or pension award letter should be for the current year.

Rental Lease

• Required if customer is using rental income on an investment property to qualify for loan.
• May be required if customer is currently renting (as verification of rent).

Bank Statements

• Required on Full and Alternative Documentation loan programs
• Should be current (less than 30 days old).
• Supply all pages (i.e., if the statement is 6 pages, supply all 6 pages, and not just the front page).
• Should include a complete 60 day period (i.e., most recent two (2) months available).

Retirement / 401k documents

• Required on Full and Alternative Documentation loan programs
• Should be current (less than 30 days old).
• Supply all pages (i.e., if the statement is 6 pages, supply all 6 pages, and not just the front page).
• Should include a complete 60 day period (i.e., most recent two (2) months available), or else the most recent quarterly statement available.

Cancelled check copies

• May be required if mortgage history is not reporting to credit report.
• May be required if customer currently rents (as verification of rent).
• Should include twelve (12) month history, copies of checks (front & back).
• May substitute bank statement copy for check copy, if bank statement clearly identifies the check information.

Sales Contract

• Required on purchase transactions
• All pages should be complete; all applicable riders should be attached.
• Please provide name and telephone number of your realtor to help expedite the process.

Title Commitment

• Required on both purchase and refinance transactions
• Refinance – this is handled internally by Owl Tree Mortgage Company.
• Purchase – this is ordered by the seller (normally, the seller’s attorney). 
• Note:  the selection of title company by the seller is independent of Owl Tree Mortgage Company; the Company is not responsible for title-related charges to the customer.
• Caution:  If you are involved in a for-sale-by-owner transaction, please be sure that the seller has ordered title.

Insurance

• Required on both purchase and refinance transactions
• Single family detached homes – provide copy of declarations page and paid receipt.
• Condominium / townhome – if the property insurance is covered through a master insurance policy, the association will need to forward a certificate of insurance in the customer’s name that references the unit.
• The mortgagee clause will need to reflect the new lender – Owl Tree Mortgage Company will need the name and telephone number of your insurance agent, or the name and telephone number of your homeowners association contact.

Payoffs

• Required on refinance transactions.
• Please provide most recent monthly mortgage statements to help expedite payoff processing.
• Important:  please remember to include 2^nd mortgage liens (e.g., home equity lines) in your liabilities at the time of application; failure to provide information on 2^nd liens may delay loan processing.
• Payoff requests are handled internally by Owl Tree Mortgage Company.

Subordinations

• Required on refinance transactions, if the customer does not wish to payoff an existing lien.
• Important:  2^nd lien subordinations require the approval of your existing lender.  
• Owl Tree Mortgage Company is not responsible for additional costs and processing delays created by the customer’s decision to subordinate an existing lien.