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APPL#170, Divorce Decree with all attachmentsDivorce decree must be provided with all attachments
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PROP#500, Appraisal Waiver eligible - if elected, provide PIW Disclosure signed by borrower.Appraisal Waiver eligible - if elected, provide PIW Disclosure signed by borrower.
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PROP#545, If subject is an attached PUD unit, provide - (1) HOA Certification Letter; (2) confirm if HOA master insurance includes the subject unit.If subject is an attached PUD unit, provide - (1) HOA Certification Letter; (2) confirm if HOA master insurance includes the subject unit.
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CREDIT#225, LOE for employment variances reported on credit reportLOE for employment variances reported on credit report
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TITLE#660, Title E&O / Wire Instruction / CPLCleared by funder
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Cond#141 - Social Security CardThis condition is issued when WMB cannot verify the borrower's social security number or the borrower's social security card is missing in the file. This condition may also be issued when there are social security number variations/discrepancies reporting on the borrower's credit report. To Resolve - upload Social Security Card
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ASSET#412, Gift letterGift Letter, with donor's source bank name and account number.
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PROP#512, Appraisal Desk Review required due to SSR score higher than 2.5. Credit card authorization required - will be ordered internally.Appraisal Desk Review required due to SSR score higher than 2.5. Credit card authorization required - will be ordered internally.
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Cond#143 - Green Card front and backThis condition is issued when the borrower's citizenship status on the 1003 is indicated as "Permanent Resident Alien". At least 90 days of effective date must remain on the Green Card from the funding date, or the borrower must provide a proof of extension either in I-797 or I-551 stamp on passport. The extension must be valid up to the funding date. To Resolve - upload (1) Green Card front and back (2) if applicable, proof of Green Card extension (I-797 or I-551 stamp on passport)
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CREDIT#251, Solar Panel related - copy of contract showing financing terms.Solar Panel related - copy of contract showing financing terms.
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INCOME#310, Business License - (1) last 2 yrs (2) current yearBusiness License - (1) last 2 yrs (2) current year
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CREDIT#206, Credit supplementThe underwriter conditions that tradeline(s) to be paid it off or closed with zero balance.
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CREDIT#206, Credit supplementThe underwriter will condition
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REO#371, For rental property, copies of current - (1) mtg. stmnt.; (2) insurance decl. page showing yearly premium amount; (3) HOA stmnt. if applicable; (4) rental agreement.For other rental properties
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PURCH#600, Fully executed Purchase ContractFully executed Purchase Contract, including Counters, Addendas, and all applicable RE Disclosures.
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TITLE#659, Title to confirm APN segregation dateBrand new house
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CREDIT#246, Subordination - (1) Jr. lien Note or HELOC Agreement (2) Subordination AgreementSubordination - (1) Jr. lien Note or HELOC Agreement (2) Subordination Agreement
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INCOME#325, CPA/Tax-Preparer Letter -CPA/Tax-Preparer Letter -
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CREDIT#240, VOM or Credit Supplement for -VOM or Credit Supplement for -
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CREDIT#230, Rent-Free Letter from relativeRent-Free Letter from relative
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PURCH#601, RPA -Any condition related with RPA will be used
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ESCROW#931, Updated Settlement Stmnt. (certified copy)Updated Settlement Stmnt. (certified copy)
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TITLE#640, Preliminary Title Report1) subject address and APN# 2) Legal description 3) Subject to 4) Liens - PACE (solar loan from government) - Solar - 2nd lien
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CREDIT#224, LOE for credit derogs/disputes reported on credit reportLOE for credit derogs/disputes reported on credit report
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INCOME#314, Borrower-signed P&L - (1) last 2 yrs (2) YTDBorrower-signed P&L - (1) last 2 yrs (2) YTD
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TITLE#662, Power of AttorneyPOA elected - (1) certified copy of executed POA; (2) Title company to acknowledge that they have reviewed and approved POA; (3) borrower's LOE incl. reason for POA and the relationship between borrower and the appointed; (4) prior-to-funding, copy of ID for the appointed and Patriot Act form completely filled out.
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INCOME#304, Updated/most-recent pay stubs for - BORROWERUpdated/most-recent pay stubs for - BORROWER
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INCOME#356, Public listingPublic listing
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ESCROW#934, Payoff Demand, good through funding date (certified copy)Payoff Demand, good through funding date (certified copy)
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Cond#135 - Fully executed Final URLA (1003)This condition is issued when the Final URLA (1003) is missing borrower's or loan officer's signatures/initials To Resolve - upload fully executed Final 1003 with both borrower and loan officer's signatures/initials
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ESCROW#921, Master's ss with all closing fundsMaster's ss with all closing funds
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PROP#522, Termite Report & Clearance OR Buyer's Inspection WaiverTermite Report & Clearance OR Buyer's Inspection Waiver
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ASSET#406, EMD receipt, source, and clearanceThe underwriter will review that EMD receipt from escrow and source of EMD amount from borrower(s) asset account(s)
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DISCL#111, WMB form - (1) E-consent (2) Borrower's Cert. & Auth.Credit report
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TITLE#671, Title vesting under an entityTitle vesting under an entity - (1) Entity Articles of Organization and Operating agreements; (2) corporate documents that contain a list of owners/partners with title/position; (3) IRS issued TIN/EIN; (4) Certificate of Authorization for the person(s) executing all documents on behalf of the entity, or, Corporate Resolution to enter loan contract.NOTE: Subject loan requires all owners/members of the entity to provide personal guaranties. All owners/members must fill out loan application in the capacity of guarantor.
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ESCROW#913, All Deeds to be recorded (certified copy)All Deeds to be recorded (certified copy)
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PROP#515, 2nd Appraisal Report required due to Loan Amount being $1.5 mil and higher.2nd Appraisal Report required due to Loan Amount being $1.5 mil and higher.
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Cond#166, Cash-Out Purpose LetterThis condition is issued when the borrower applies for a cash-out refinance. Borrower must explain the purpose or the intended use of the net cash-out proceeds. Additional conditions may apply if the borrower intends to obtain new liability with the cash-out proceeds (such as new mortgage, new auto loan, etc.).
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ESCROW#912, Lender's Rate and Term Amendment (certified)Lender's Rate and Term Amendment (certified)
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Cond#162 - Occupancy Attestation - (1) WMB Occupancy Attestation form, indicating subject as NOO (2) strong motivation letter to support borrower's intention to rent out the subject property.This condition is issued when the borrower applies for a DSCR loan or a business-purpose loan. File must contain borrower's attestation confirming borrower's intended use of the subject property as an investment property. Also, when there is a concern regarding borrower's proposed occupancy (due to not currently owning a primary residence, etc.), WMB may require the borrower to provide a detailed motivation letter supporting the borrower's intent to utilize the subject property as an investment property. To Resolve - upload (1) completed WMB occupancy attestation form (2) detailed occupancy motivation letter (generic LOE format signed by the borrower ALLOWED. No specific WMB form requirement)
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Cond#100 - File is on hold/suspended due to not enough information provided for UW reviewThis condition is issued when not enough information is provided to WMB to make an underwriting decision. Also, this condition may be issued due to various red flags discovered during the review such as straw transaction, bailout transaction, occupancy issue, employment/income issue, etc. To Resolve - upload (1) detailed LOE (2) supporting documents, if applicable
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REO#362, For subject property - copy of existing rental agreements, OR, fully executed Tenant Estoppel.For DSCR programs
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ESCROW#911, Fully executed Escrow Instruction and Vesting Amendment (certified copy)Fully executed Escrow Instruction and Vesting Amendment (certified copy)
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ESCROW#933, Payoff Demand for all mtgs.Payoff Demand for all mtgs.
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INSUR#704, Flood InsuranceFlood Insurance required - (1) building coverage must be at least $250,000 or replacement cost, whichever is lower; (2) invoice for the premium; Flood Insurance related disclosures fully executed - must be signed by borrower at least 10 days prior to loan funding).
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CREDIT#221, LOE for SSN varianceVerifying social security number
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INSUR#700, [Loss Payee] - Fidelity Lending Solutions, Inc. ISAOA 2650 E. Imperial Hwy. Suite 110, Brea, CA 92821This condition is a note for EOI's 1st mortgagee
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Cond#140 - Drive LicenseThis condition is issued when the Driver License is missing in the file or provided Driver License has expired. To Resolve - upload unexpired Driver License
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ESCROW#920, Updated Master Settlement StmntUpdated Master Settlement Stmnt
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Cond#130 - Initial URLA (1003) missingThis condition is issued when not enough information is provided on the Initial URLA (1003) or when the fully executed Initial URLA (1003) is missing To Resolve - upload (1) updated Initial 1003 with missing information OR (2) fully executed Initial 1003 with both borrower and loan officer's signatures
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INSUR#701, EOI with Replacement Cost EstimateEvidence of insurance for primary residence
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ASSET#430, Business asset/funds being usedBusiness asset/funds being used (1) proof document showing borrower owns 100% of the business (2) CPA Letter to confirm borrower has full access to business funds and use of the funds will not have negative impact on the ongoing business operations (3) if using to satisfy reserve requirement, funds must be transferred into personal account prior to CTC
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PROP#542, Condo Project Full Review - (1) HOA Questionnaire (2) CC&R (3) Articles of Incorporation (4) By-laws (5) Budget (6) Reserves StudyCondo Project Full Review - (1) HOA Questionnaire (2) CC&R (3) Articles of Incorporation (4) By-laws (5) Budget (6) Reserves Study
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ASSET#405, Full Account Access LetterAccess letter must be indicated (1) bank(s) name, (2) account number(s), and (3) relationship between joint owners of the account(s)
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TITLE#651, Property Tax Cert/RollCheck tax rate for each county and tax season
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CREDIT#241, 12 mo. mtg rating - VOM or mtg stmts12 mo. mtg rating - VOM or mtg stmts
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INCOME#322, CPA-signed P&L - (1) 2021 (2) YTDCPA-signed P&L - (1) 2021 (2) YTD
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ESCROW#914, Foreign National borrower - fully executed IRS Form W-8 (BEN).Foreign National borrower - fully executed IRS Form W-8 (BEN).
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INCOME#382, For the borrowing entity - (1) copy of operating agreement, and any and all amendments, supplements and/or modifications thereto, certified by the appropriate manager or member; (2) complete current list of members certified by manager or member; (3) certificate of good standing; (4) last filed Statement of Information copy; (5) document showing EIN.For the borrowing entity - (1) copy of operating agreement, and any and all amendments, supplements and/or modifications thereto, certified by the appropriate manager or member; (2) complete current list of members certified by manager or member; (3) certificate of good standing; (4) last filed Statement of Information copy; (5) document showing EIN.
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REO#361, For subject property - (1) copy of current rental agreement.rental income check
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Cond#111 - WMB form (1) E-consent (2) Borrower's Cert. & AuthThis condition is issued when fully executed and correctly dated WMB's e-consent form and WMB's borrower's cert & auth form are missing. WMB must pull a lender back up credit report (on all programs that require credit report). In order to do so, WMB must have borrower's consent. To Resolve - (1) download WMB's e-consent form and WMB's borrower's cert & auth form (2) advise borrower to sign and date both forms (must be dated on or prior to the submission date) (3) upload fully executed forms to the web portal
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CREDIT#220, Wet-signed SSA-89SSA-89 must be required below: 1) credit agency name and address 2) lender company name and address 3) borrower name, address, SS# and DOB 4) borrower's wet-signature and signed date
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CREDIT#211, PCCRFunder will pull the PCCR before funding to avoid the additional liability
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DISCL#112, Initial Disclosure Package signed by borrower(s).If file was moved to initial UW without e-disclosure
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PROP#530, Borrower's Acknowledgment Letter, confirming the lesser appraisal value and intent to proceed with the transaction.Borrower's Acknowledgment Letter, confirming the lesser appraisal value and intent to proceed with the transaction.
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ESCROW#924, Seller signed ss and seller CD with forwarding address (certified)Seller signed ssand seller CD with forwarding address (certified)
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PROP#520, Flood Cert.Flood Cert.
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INCOME#306, W-2's for - BORROWERW-2's for - BORROWER
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CREDIT#200, Credit reportThe underwriter usually conditions that new credit report regarding incorrect borrower's info. such as SS#, DOB, or Current residence.
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PROP#524, Appraisal 1004D/442 for "subject to" repairs or completition.Appraisal 1004D/442 for "subject to" repairs or completition.
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PROP#543, Limited Condo Project Review - HOA QuestionnaireLimited Condo Project Review - HOA Questionnaire
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INSUR#702, EOI with Replacement Cost Estimate - must include landlord coverageEvidence of insurance for investment (NOO)
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ASSET#401, Asset documentsThis condition will be used for closing funds, down-payment, or reserves.
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INCOME#323, CPA-signed Letter confirming - (1) % ownership (2) CPA prepared last 2 yrs business tax returns (3) location of business (4) CPA license #CPA-signed Letter confirming - (1) % ownership (2) CPA prepared last 2 yrs business tax returns (3) location of business (4) CPA license #
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INCOME#320, P&L for - (1) current year YTD; (2) signed by borrower; (3) biz bank acct. last 3 mos stmnts to support P&L; (4) IF last year tax is not filed yet, also provide P&L for entire last year.P&L for - (1) current year YTD; (2) signed by borrower; (3) biz bank acct. last 3 mos stmnts to support P&L; (4) IF last year tax is not filed yet, also provide P&L for entire last year.
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ESCROW#932, Copies of all Closing Funds with Receipts (certified copy) - must include wire details page, showing sender's bank and account number.Copies of all Closing Funds with Receipts (certified copy) - must include wire details page, showing sender's bank and account number.
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PROP#502, Appraisal Report with Rental Survey (1007 for SFR/Condo)Appraisal Report with Rental Survey (1007 for SFR/Condo)
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INSUR#711, HOA Master EOI with updated Loss PayeeThis condition is for condo
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CREDIT#201, Credit referenceFor credit reference, provide one of followings: (1) U.S. credit report; OR, (2) international credit report; OR, (3) credit reference letter from financial institution/bank, either domestic or foreign. Letter must clearly show institution name, address, contact phone number, and contact person.
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INCOME#351, Wet-signed 4506-C for W-2/1040/1120(s)/1065 transcriptsWet-signed 4506-C for W-2/1040/1120(s)/1065 transcripts
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Cond#144 - EAD Card front and backThis condition is issued when the borrower's citizenship status on the 1003 is indicated as "Non-Permanent Resident Alien". At least 90 days of effective date must remain on the Employment Authorization Card from the funding date, or the borrower must provide a proof of extension in I-797C form Eligible VISA types : E-1, E-2, E-3, G-1, G-2, G-3, G-4, H1-B, H1-C, H-2, H-3, H-4, L-1A, L-1B, L-2, O-1A, O-1B, TN-1 and TN-2 Eligible EAD categories : A03-08, A13-20, C02, C03B, C03C, C04, C06-09, C12, C16, C20, C22, C24, C33 A13, A16, A19, C09, C20, C22, C24 - Case-by-case basis C33 (DACA) - Only eligible for Fannie Mae and FHA To Resolve - upload (1) EAD card front and back OR valid VISA (2) if applicable, proof of EAD extension (I-797C form)
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INCOME#380, Article of Incorporation (Corp) or Articles of Organization (LLC) and all amendment thereto with appropriate filing stamps.Article of Incorporation (Corp) or Articles of Organization (LLC) and all amendment thereto with appropriate filing stamps.
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Cond#145 - Foreign National - (1) Passport (2) VISA or I-94This condition is issued when the borrower's citizenship status on the 1003 is indicated as "Non-Resident Alien". Unexpired Passport and Valid VISA must be provided. Also, I-94 may have to be provided for certain loan programs. Eligible VISA Types : B-1, B-2, C-1, C-2, C-3, C-4, Q-1, Q-2, R-2, TD, U-3 To Resolve - upload (1) unexpired Passport (2) valid VISA (3) I-94
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PROP#501, Appraisal ReportAppraisal Report
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TITLE#663, Seller OrganizationFor Seller Organization (corp., LLC, partnership) - organization entity related documents and Authorized Signers List.
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INCOME#317, Last 1 year filed 1065 tax return, signed by borrower.Last 1 year filed 1065 tax return, signed by borrower.
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PROP#532, Appraisal is being transferredAppraisal is being transferred - (1) Appraisal Transfer Letter from transferring Lender; (2) the transferring lender Certificate of Appraiser Independence letter that was issued with the original appraisal; (3) XML format of full appraisal with UCDP/SSR; (4) copy of LE that was disclosed with appraisal fee (with signed Notice of Intent to Proceed signed by borrower prior to ordering the original appraisal); *NOTE* If any modifications, corrections or material changes are required to the appraisal, the original appraiser must cooperate. If the appraiser fails to cooperate with any requests, a new appraisal must be obtained. Original report may not be more than 120 days old by the date of funding of subject transaction.
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PROP#514, Appraisal Desk Review required due to Loan Amount between $1.0 mil. to $1.5 mil. Credit card authorization required - will be ordered internally.Appraisal Desk Review required due to Loan Amount between $1.0 mil. to $1.5 mil. Credit card authorization required - will be ordered internally.
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ESCROW#910, Escrow Instruction and Vesting AmendmentEscrow Instruction and Vesting Amendment
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PROP#503, Appraisal XML file, UCDP/SSR, AIR Cert., Invoice, and Proof of Delivery to borrower.Appraisal XML file, UCDP/SSR, AIR Cert., Invoice, and Proof of Delivery to borrower.
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ESCROW#923, Buyer signed ss (certified)Buyer signed ss (certified)
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ESCROW#922, Escrow receipt (certified) and wire detail showing sender's acct number for all closing fundsEscrow receipt (certified) and wire detail showing sender's acct number for all closing funds
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TITLE#653/654, Ceritified copy of Trust Cert. for borrower and seller1) Trust cert. name 2) Authorization for purchase agreement execute 3) wet sign 4) signed date 5) vesting
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Cond#142 - Proof of U.S. citizenship - U.S. passport or certificate of naturalization.This condition is issued when WMB cannot determine the borrower's US citizenship status. This condition is also issued when the borrower's social security number issue date EITHER cannot be verified or has been issued less than 10 years per credit report. To Resolve - upload (1) U.S. passport OR (2) Citizenship Cert
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REO#370, For borrower's PRIMARY home, copies of current - (1) mtg. stmnts for all existing liens; (2) insurance decl. page showing annual premium amount; (3) HOA stmnt. if applicable.For subject property
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PURCH#602, Purchase Contract -Purchase Contract - (1) page 1, #3.E(3) to be check-marked with "Investment"; (2) page 16, provide all contact info incl. address, email add., and text# for all R.E. agents; (3) page 16, ESCROW HOLDER ACK. to be completely filled out; (4) counters/addendum; (4) missing disclosures incl. AD, BIA, SBSA, etc.
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INCOME#301, WrittenVOE for - BORROWERWrittenVOE for - BORROWER
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INCOME#311, Last 1 year filed 1040 tax return (with Sch.E for rental income), signed by borrower.Last 1 year filed 1040 tax return (with Sch.E for rental income), signed by borrower.
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CREDIT#231, VOR for current residenceVOR for current residence
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CREDIT#222, LOE for all credit inquiriesChecking all inquires of mortgage rate shopping, credit card, or government grant.
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CREDIT#223, LOE for address variancesChecking undisclosed properties or occupancy issue.
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MI#780, Subject loan requires mortgage insurance. Loan approval is subject to MI approval.Mortgage insurance required
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INCOME#315, Last 1 year filed 1120/1120-S tax return, signed by borrower.Last 1 year filed 1120/1120-S tax return, signed by borrower.
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ASSET#440, Foreign National Borrower assetForeign National borrower - must provide/have a bank acct. in the U.S. for ACH payment setup. ACH setup form to be filled out with loan closing docs.
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Turn time12-48 hours
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Is the rural property eligible for the DSCR program?The investor did not decline due to uniqueness of the structure but because the property is located in a rural/underserved area per CFPB. CFPB is the one who provides this info, so it holds significant authority when initially determining if the property is located in a rural area.
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Can the origination fee to be increased?No
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What is the seasoning requirement for a cash-out refinance?The property must have been purchased (or acquired) by the borrower at least six months prior to the disbursement date of the new mortgage loan except for the Fannie Mae guidelines B2-1.3-03, Cash-Out Refinance Transactions For EDSCR or EzDSCR programs, There is no seasoning requirement for cash-out per our guideline as long as the borrower is on the title before the cash-out. However, an underwriter will thoroughly search to make sure that the transaction isn’t – (1) a bailout; OR (2) a straw transaction.
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Delayed Financing / Value SeasoningDelayed Financing / Value Seasoning
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