Wright-Patt Closing QC Review_Revised 7-22-13
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Transcript of Wright-Patt Closing QC Review_Revised 7-22-13
Wright‐Patt Closing QC Review
Loan Summary
Institution: Loan Number: Property Address: Loan Purpose: Occupancy: Loan Amount: Appraised Value: Refinance Amount (Payoff): Scheduled Closing Date: Scheduled Loan Funding Date: Subordinate Financing: Cash to/from borrower:
Wright‐Patt Closing QC Review
Order Services
UW Final Approved DU Closer Final DU
Approve Eligible: Approve Eligible:
Loan Product: Does loan product match?
Appraisal Type: Does appraisal type match?
Cash to/from borrower:
Verified Assets:$ Is cash to or from borrower still within guidelines? Verified assets?
Early Check Fannie Mae Early check status a pass? MI Cert ordered? If yes, Monthly Premium amount $
Wright‐Patt Closing QC Review
Loan Summary Tab>Loan Data>Property Appraisal Address matches loan summary? Property Type: PUD/Condo Project Name: Appraised Value matches loan summary? Occupancy matches loan summary? Legal Description: Meets and Bounds (see exhibit A)
Lot and Block (match to title commit)
Wright‐Patt Closing QC Review
Edit 1003 Tab
Borrower(s) B 1: B 2: Marital Status: Marital Status: Employment VVOE (10 business days VVOE/30 SE VVOE)
B1: VVOE Date: Expires: Current Expired B2: VVOE Date: Expires: Current Expired
Liabilities 1st Mtge Payoff: 2nd Mtge Payoff: 2nd To Be Subordination
Payoff(s)
1st Mortgage payment due for: 2nd Mortgage payment due for: Are any other liabilities marked “paid by close”? Creditor Payoff Amount Creditor Payoff Amount Creditor Payoff Amount Creditor Payoff Amount
Wright‐Patt Closing QC Review
Path>Doc Prep>Verify Title Title Commitment:
Title Company name and address are entered correctly?
Tax Amount: Interest/Penalties: Paid Due Legal Description: Meets and Bounds (see exhibit A)
Lot and Block (match to title commit)
Legal description is entered correctly? Address matches Loan Summary? Vesting and marital status matches on title and 1003?
If no, is there a non‐borrowing spouse? Are all liens being paid off?
Is the parcel number entered correctly?
PUD/Condo project name entered and classified correctly?
Status Completed? CPL
Does borrower name match 1003 borrower(s)?
Does property address match loan summary? Does loan number match loan summary? Clear to Close (required if Title Company is Hallmark) Other:
Wright‐Patt Closing QC Review
Path>Doc Prep>Verify Borrower>Edit Borrower Information Does vesting or marital status need to be corrected? Borrower Alias: (must be completed if name variance) Is the non‐borrowing spouse entered? Is Borrower Membership Status marked Current Member?
Path>Doc Prep>Verify Property Information Property Type matches loan summary? Status Completed
Path>Doc Prep>Review Conditions All “prior to approval” conditions are completed/waived? All closer “At Closing Conditions” have been completed/waived? Status Completed?
Path>Doc Prep>Verify Fees & Impounds Escrows Waived? If yes, taxes are not required to be collected unless they are past due or there are penalties. Complete Fees>Closing Cost Details Closing Date Entered Correctly? Funding Date Entered Correctly?
Wright‐Patt Closing QC Review
Complete Fees>Closing Cost Details HUD Does borrower name match 1003? Does address match loan summary? Do all fees match closing cost details? Are all vendors listed accurately on fee screen? Are any courtesy payments reflected? Note: Only allowed on cash out refinance or borrower bringing funds to close if required by DU Does cash from/to borrower match DU findings? Are there any principal reductions? If yes, are there loan notes indicating approval by Wright‐Patt? Do any buckets exceed tolerance?
Tax Installment>Details Override amount matches taxes due from title commitment? Reserves/Impounds>Property Taxes>Details Is monthly escrow amount correct? Appraisal Invoice Amount Due:
Matches amount collected on fee screen? Loan Summary>Make Payment> Amount collected:
If manual, do loan notes confirm collection by Cindy Fisher? Lender credit matches amount collected? Exception: CU Select only credits the amount of the appraisal NOT the credit report
Wright‐Patt Closing QC Review
HOI Mortgagee Clause: Wright‐Patt Credit Union, Inc. Central Loan Administration & Reporting (Optional) ISAPA, ATIMA P.O. Box 202028, Florence, SC 29502 Loan Number matches loan summary? Expiration Date: (collect if due within 60 days) Premium Amount:
Homeowners Insurance>Details
Override Amount matches premium due? Vender Name is completed? Monthly amount is correct? Disbursement next due date marked correct? Path>Doc Prep>Disclosure Information Does loan signing date match loan summary and HUD? Does loan funding date match loan summary and HUD? Status completed? Path>Doc Prep All other statuses completed/waived?
Enter in loan notes: QC review complete: Action Required/Pass