The following material might be helpful when formulating your bank’s own checklist or worksheet for conventional residential real estate loan transactions. This list was developed after reviewing several very different types of documents already in use by Nebraska bankers. In addition to collecting general information, the material attempts to cover the major legal and regulatory situations one might encounter. This should explain why the list is lengthy. There is no reason that your bank needs to adopt this material for use in its entirety. In some cases, your bank may not offer specific loan products or services that are covered in this list, e.g., adjustable rate loans. Therefore, you are encouraged to develop your own “working’document (or more “workable’document) the uniquiely fits the needs of your bank, and in doing so, you are invited to cut and past from this material.
GENERAL INFORMATION
Applicant’s (Buyer’s) Name: ________________________________________________
Name(s) for Trust Deed (if different): __________________________________________
Current Mailing Address and Telephone: _______________________________________
_______________________________________________________________________
Address of Property to be Purchased (if different): ________________________________
Legal Description of Property to be Purchased: ___________________________________ __________________________________________________________
Seller’s Name: ___________________________________________________________
Broker’s Name and Telephone: _______________________________________________
Closing Date: ____________________________________________________________
TIME OF APPLICATION
Required
Done
Date
1. Completed Application Form and Application Fee Received
_______
______
__/__/__
2. Copy of Purchase Agreement or Contract to Purchase ______ Copy of Building Plans/Specs/Plot (if applicable)
3. RESPA Settlement Booklet Costs given ______ ARM Booklet (if applicable) ______ ARM Disclosure (if applicable)
4. Credit Report
5. Request/Verification of Employment
6. Request/Verification of Deposits and Other Assets
7. Loan Denied ______ Denial Letter/Notice of Adverse Action Mailed
8. Good Faith Estimate of Settlement Costs to Applicant
9. RESPA Servicing Disclosure Statement/Transfer of Servicing Disclosure (if applicable)
10. Appraisal Ordered: _____ In-house _____ Independent Appraiser Name: _______________________________ Appraisal Received and Reviewed: _________________
11. Deliver Copy of Appraisal Report or give Notice of Right to Obtain Copy of Appraisal Report to Applicant
12. Preliminary Truth-in-Lending Disclosure and Estimated Closing Costs _____ Fixed Rate Loan _____ ARM Loan _____ Other
13. Affiliated Business Arrangement Disclosure (if applicable)
14. Standard Flood Hazard Determination ______ In Flood Zone ______ Not in Flood Zone ______ National Flood Insurance Notice to Borrower (if applicable) ______ Order Flood Insurance (if applicable)
15. Environmental Assessment Questionnaire and Disclosure (if applicable)
16. Loan Approved ______ Commitment Letter Mailed
17. Title Insurance/Title Opinion Ordered
18. Name of Company: _____________________________
19. Order Abstract (if applicable)
20. Private Mortgage Insurance Application (if applicable)
21. Assign Census Tract Number (if applicable)
PRIOR TO CLOSING
1. Title Commitment/Title Opinion Received -- Clear Title
2. Survey (if applicable)
3. Inspections: ______ Termite (if applicable) ______ Well/Septic Inspection (if applicable) ______ Other -- Specify: _____________________________
4. Prepare RESPA Settlement Statement (one business day prior to closing)
5. Prepare Note
6. Prepare Security Instrument: ______ Trust Deed ______ Mortgage
7. Private Mortgage Insurance Certificate
8. Evidence of flood insurance coverage (if applicable)
9. Evidence of hazard insurance coverage (binder) with bank as named loss-payee
10. Prepare Truth-in-Lending Statement
11. Prepare Real Estate Transfer Statement
12. Prepare Escrow Disclosure
13. Latent Filing Check for Liens/Security Interests
14. Obtain Lien Subordinations (if applicable)
CLOSING
1. Sign and date Trust Deed/Mortgage
2. Sign and date Note
3. Obtain copy of Deed
4. RESPA Settlement Statement delivered to/signed by Buyer and Seller
5. RESPA Initial Escrow Account Statement delivered to Borrower if not included in RESPA Settlement Statement (if applicable)
6. Final Truth-in-Lending Disclosures delivered to/signed by borrower ______ Fixed Rate ______ ARM
7. Obtain Deed from Seller for Filing
8. Special Assessments Paid (if applicable)
9. Existing Loan Paid
10. Proceeds to Seller Delivered
11. Real Estate Transfer Statement signed by Buyer
12. Form completed and signed (if applicable)
13. Final Title Insurance/Attorney Opinion Received
14. Title Insurance/Attorney Fee payment
15. Real Estate Tax Payment (if applicable)
16. Copies of documents to Buyer/Seller (when applicable)
POST CLOSING
1. Deed filed
2. Trust Deed/Mortgage filed
3. Real Estate Transfer Statement filed
4. Extend Abstract (if applicable)
5. Check that lien releases have been filed
6. Check that title is in buyer’s name and bank is named as first lienholder
7. Check that required insurance binders/certifications are in file
8. If an escrow account has been established after settlement and not a condition to the loan, the RESPA Initial Escrow Account Statement must be delivered to borrower
9. Review contents of Loan File for copies of Required Disclosures
10. Loan File in safekeeping
11. RESPA Notice of Assignment, Sale, or Transfer of Servicing Rights (if applicable)
ADDITIONS/EXCEPTIONS: _____________________________________________________________
_____________________________________________________________
Final Review by: _________________________________________ (Loan Officer)
Date: ________________
Final Review by: _________________________________________ (Bank Officer)