Loan Documentation
Newrez Approved Correspondent Clients: In order for Newrez to review and purchase your loans in a timely manner, please ensure that all required loan documentation is uploaded with the credit and closing package, including conditions or trailing documentation that have been obtained prior to and following loan closing. Many times, those conditions may not be attached to credit file that is uploaded to Newrez.
Documents that are relied upon to make an underwriting decision must be in the loan file at time of submission to Newrez. Recent suspense trends identified the following documents were missing in the initial submission purchase package:
- Income – general income verification of employment, W2s, and recent paystubs, for self-employed borrowers, verification of the business, tax returns and requirements of profit/loss and bank statements if applicable.
- Assets – bank statements to support funds to close or for reserves, source of large deposit, gift letter, receipt of gift, or the Closing Disclosure to support net proceeds.
- Credit – miscellaneous credit documentation, such as proof that judgments or past due balances were satisfied; or documentation supporting omission of a liability, and satisfactory mortgage payment history.
- Other – Flood Cert, HOI, Engineers Cert, Alta 7.