THE PAPER SOURCE MORTGAGE TRANSACTION CHECKLIST
___ Completed Mortgage Worksheet
___ Signed Purchase Contract
___ Signed Seller’s Representations and Warranties (to be signed by note seller at closing)
___ Copy of Note
___ Copy of Mortgage, Deed of Trust or Contract/Agreement for Deed
(If purchasing a junior lien: ___ Copy of senior Note and Security Instrument)
___ Copy of Warranty or Grant Deed
___ Estoppel letter from senior lien holder (Not Desired By Some Investors)
___ Copy of Property Settlement Sheet (a.k.a. Closing Statement)
___ Settlement attorney’s or title company’s address and phone number
___ Copy of paid receipt or binder from hazard insurance co. showing mortgagee as additional insured
___ Copy of Mortgagee’s Title Insurance Policy if in effect
___ Payor’s name, current address, phone, Social Security No., prior address if recently moved
___ Credit Report on Payor
___ If green paper, payor’s signed FNMA credit application
___ Seller’s name, current address, phone
___ Verification of payment history/If serviced, name, address, phone of agency, acct. no., history
___ Tax and insurance escrows – complete record of amounts paid and balance in escrow
___ Note amortization schedule
___ B-Schedule (only if buying partial using B-Schedule Purchase Contract)
___ Directions and map to the property
___ At least 10 photos of the property and area (4 sides of improvement, views in all 6 directions)
___ Property appraisal including area median value for type of property
___ Address and detailed description of property improvements & neighborhood
___ Attorney’s Title Report (Search or Title Bring-down)
___ Assignment of Note and Security Instrument from Seller to purchaser with original signatures
___ Original Note endorsed to purchaser with Seller’s original signatures
___ Original Mortgage, Deed of Trust or Agreement/Contract for Deed___ Notice of Substitution of Additional Insured and Loss Payee signed by seller to hazard ins. co.
___ Notice of Substitiution of Insured and Loss Payee signed by seller to title ins. co.
___ Notice of Change of Mortgagee to purchaser’s name and address signed by seller to payor
SPECIAL CASE ITEMS:
___ If vacant land, plat map and parcel no.
___ If income property, net operating income statements, very comprehensive set of photos on property and surrounding area, seller’s tax returns, copies of leases, tenant credit apps.
___ If mobile home, copy of UCC-1, mobile home title, serial no. description (size, year, make/model)
___ Special case documents: Probate documents for estate sales, powers of attorney, executor certifications, divorce decrees, and any related legal documents regarding the ownership of the note
___ If seller is a corporation, copy of corporate resolutions showing who can sign documents for corp.
___ Copy of escrow instructions if appropriate
___ Seller’s Escrow Deposit
POST-CLOSING ITEMS:
___ Copy of recorded Assignment and Note showing clerk’s stamp, deed book and page number
___ Original Note and Deed of Trust (or Mortgage or Agreement /Contract For Deed)
___ Title Insurance
___ Notices sent via certified mail, return receipt, to hazard and title insurance co. and to Payor
(If purchasing a junior lien: ___ Notice of Default Request sent to senior lien holder)
