Mortgage Loan in processing.....

[Mike2]

Hey HK2017,

Can you please help me understand this process?  Getting prepared for whats needed.  The following questions I did not understand:

1. What is LDP/GSA searches on all parties?

2. What is IRS TRV's?

3. Written verification of bonus income?  Why?

4. Source all deposits over 50% qualifying income?

5. What is TRID regulations?

Your reesponse will be greatly appreciated..

[me12345]

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@Mike2 wrote:

Hey HK2017,

Can you please help me understand this process?  Getting prepared for whats needed.  The following questions I did not understand:

1. What is LDP/GSA searches on all parties?  This is a system that EVERYONE associated with purchase transaction gets their name run through a Government verification check to if their name comes up, if it does they cannot be a party to the transaction.

2. What is IRS TRV's?  Tax Return Verification from the IRS

3. Written verification of bonus income?  Why?  Some Underwriters want more documentation

4. Source all deposits over 50% qualifying income? All large deposits must be sourced

5. What is TRID regulations?  Government compliance laws, making sure that the regulations are being followed

Some of these items should have been done in Processing, long before it get to an Underwriter that has to "Condition" for it...

Thanks,

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