The link I received only has a place for me to sign. Does my co-borrower also need to sign these forms?
Each borrower on the loan will receive a separate e-mail with a personalized link. If you have a co-borrower, they will need to sign the initial disclosures as well. Please have them look for their personalized e-mail to log-in and sign.
The “Uniform Residential Loan Application (URLA)” has some incorrect information – can you please correct it and re-send?
The initial disclosures are non-binding, so you can go ahead and sign them as-is. Please make note of any incorrect information and e-mail the changes needed to the Mortgage Analyst working on your file. They will make the changes for your final loan application.
You didn’t include all of my bank statements in the assets section of the “URLA”. Can you please add them?
We typically only list the accounts you will be using for your funds to close and any accounts needed to satisfy the reserve requirements. We only give the underwriter the documents needed to qualify you for the loan. We omit superfluous accounts so we don’t open the door for unnecessary documentation requests from the underwriter.
Why is the amount listed under retirement in the assets section of the “URLA” so much lower than the actual total balances of my accounts?
As mentioned above, we don’t always include all of your asset accounts on the loan application. Additionally, Fannie Mae requires that we only use 60% of the account balance for any retirement accounts being used to satisfy reserve requirements.
The credit card and installment balances on the “URLA” are incorrect. Can you please fix them?
The balances on the loan application are imported directly from your credit report. Credit companies are often 30-60 days behind in reporting information to the credit bureaus which is why the balances and monthly payments may not appear accurate. You can rest assured, however, that the numbers reporting have no negative impact on your ability to qualify for the loan.
The “URLA” says the property is built in 1975. This is incorrect.
“1975” is our system default. This year will be updated as soon as we receive the preliminary title report and your file goes through underwriting.
Am I required to have an impound account?
If you are purchasing the home with an FHA or VA loan, you are required to have an impound account. You are not required to have an impound account if you are purchasing with a Conventional loan so long as you are put a minimum of 10.01% down. Please let the Mortgage Analyst working on your file know if you prefer not to have an impound account.
On the “Notice of Right to Receive Copy of Appraisal/Valuation”, which statement should I check?
It is JVM’s policy to send our borrowers a copy of the appraisal report upon receipt, so you can actually check either statement. You will receive a copy of your appraisal report either way.
On the “CA Statement of Interest Addendum to Residential Mortgage Application”, do I need to write in my spouse or children?
You do not need to write in the name of your children. If you are legally married or in a Registered Domestic Partnership, please write in the name of your spouse unless your spouse will not be on title to the home. Please note, if your spouse will not be on title, they will need to sign an Interspousal Transfer Deed or “Quit-Claim Deed” relinquishing their rights to the property.
On the “California Rate Lock Agreement”, item #4 says we agree to pay a lock-in fee. We were told there is no charge to lock in the rate.
There is no charge to lock in your rate. You’ll notice that “N/A” is written in for the fee amount.
Why does the Initial Deposit Amount, shown on my loan terms disclosures, not match what we paid to escrow?
You may notice that the Earnest Money Deposit (EMD) amount does not match what you deposited exactly. This is because we use what is listed on page 1 of your purchase agreement. You’ll see this updated on the next round of disclosures.
Why is there a seller credit listed on the Loan Estimate if I don’t have a credit listed in my contract?
Our initial disclosures are generated prior to receiving the formal terms for your transaction. To be conservative, we always show 100% of the transfer tax as a buyer-paid item with a seller credit to offset the sum estimated to be the seller-paid portion.
We receive updated fees from escrow confirming any seller-paid fees prior to sending your updated disclosures later in the process (this form is called your Closing Disclosure). With this updated Closing Disclosure we are no longer showing these line items as buyer-paid items with a credit to offset, they are shown directly as a seller paid obligation, thus the seller credit drops off.
