I took a mortgage application last week and the clients wanted to know why I needed so much information? My answer was that I want to shorten the turnaround time. Her response was, you must be kidding?
I went on to explain how the process works today and what it takes to shorten the time period. It is important to take an application that is totally complete, with all information needed and nothing left out. Also, extremely important is all the backup information.
Here is a partial list that may change slightly when the borrower(s) is self employed:
-30 days of pay stubs
-2 months of banks statements: if you have the hard copy we need ALL the pages. If getting the statements online, the statement must have the name of the institution, the borrower(s) complete name and complete account number
-retirement and investment accounts: last statement, if getting the statements online, the statement must have the name of the institution, the borrower(s) complete name and complete account number
-2 years of tax returns (which must be signed)
-2 years of W2′s
This article discusses additional suggestions to shorten the turnaround time for obtaining a mortgage: