Minimum Document Requirements

AmMAC’s “Minimum Loan Package” outlined below helps us provide brokers with a more efficient loan submission process and turnaround times. Check out this checklist before you submit each loan to ensure consistently quick underwriting experience.

General

Maximum age for all general documents is 30 days at time of submission. All credit packages must be submitted via AmMAC’s website

  • 1003 – signed and dated by all borrowers and LO; must include full 2 year
    residence and employment history
  • Signed Borrower Certification and Authorization – all borrowers
  • Signed MLO agreement
  • Signed SSA authorization to release SSN forms– all borrowers
  • Signed SSN verification – all borrowers
  • Copies of driver’s license – all borrowers
  • Purchase agreement – signed by all parties, including all counter-offers
    and addendums
  • Broker GFE and itemized GFE, including evidence of delivery to borrower(s)
  • Notice of intent to proceed (w/GFE) – signed and dated by all borrowers
  • Anti-Steering and Pre-Payment Penalty Disclosure – signed and dated by all
    borrowers, see Additional AmMAC documents below
  • If there is secondary financing, an approval documenting the terms of the
    financing is required
  • Explanation letters for all credit inquiries shown on the credit report (must
    include whether inquiry resulted in a new credit and if so, terms)
  • Divorce decree/separation agreement2014 Equal Housing Opportunity www.ammac.com

Income

  • All Borrower/All Income Types
  • Most recent two pay stubs regardless of pay cycle
  • Last 2 year’s tax returns – all schedules (including W2, form 1120, 1120S, 1065
    & Schedule K-1’s, for any corporate or partnership income); no extensions past
    filing deadlines allowed
  • Signed 4506T – all borrowers; maximum age at submission is 30 days
  • In addition, if borrower fits any of the following categories; the additional
    documentation listed is also required:
  • Fixed (SS, Retirement, Pension, etc.)
  • Award letter(s)/distribution agreement (IRA, 401K – for any fixed income
    borrower(s), regardless of age)
  • Most recent monthly distribution statement; maximum age at submission is
    30 days
  • Bonus, Commission, Overtime or Tip Income
  • Year-end pay stub for last 2 years (for bonus, commission, overtime or
    tip income)
  • Schedule E Income
  • Bank statements for the most recent 3 months, where Schedule E income is
    deposited – all pages, all accounts (If account is different from personal bank
    statements already provided); maximum age at submission is 45 days (most
    recent one)
  • Copies of all leases/rental agreements for rental property; must be current at
    time of submission2014 Equal Housing Opportunity www.ammac.com
  • All business bank statements since last calendar/fiscal year-end, if 180 or more
    days have elapsed since the last calendar/fiscal year-end; maximum age at
    submission is 45 days (most recent one)
  • Interim cash basis, profit and loss statement and balance sheet, prepared by
    an accountant, covering the period since the last calendar/fiscal year-end
    (regardless of the # of days since calendar/fiscal year-end); maximum age at
    submission is 30 days
  • If prior year’s taxes are not filed and filling deadline has not passed – all
    business bank statements and balance sheet, prepared by an accountant,
    covering the calendar/fiscal year period not yet filed; maximum age at
    submission is 45 days (most recent one)
  • If prior year’s taxes are not filed and filling deadline has not passed – cash
    basis, profit and loss statement and balance sheet, prepared by an accountant,
    covering the calendar/fiscal year period not yet filed; maximum age at
    submission is 30 days
  • Most recent 3 months personal bank statements – all pages maximum time at
    submission is 45 days (most recent one)
  • Brokerage statements (if applicable) – two most recent, either monthly or quarterly
  • Retirement statements (IRA, 401K, pension, etc.) – two most recent
    title
  • Preliminary title report/title commitment; maximum age at submission is 30 days
    Title fee sheet or estimated HUD-1; maximum age at submission is 30 days

Self-Employed

  • All business bank statements since last calendar/fiscal year-end, if 180 or more
    days have elapsed since the last calendar/fiscal year-end; maximum age at
    submission is 45 days (most recent one)
  • Interim cash basis, profit and loss statement and balance sheet, prepared by
    an accountant, covering the period since the last calendar/fiscal year-end
    (regardless of the # of days since calendar/fiscal year-end); maximum age at
    submission is 30 days
  • If prior year’s taxes are not filed and filling deadline has not passed – all
    business bank statements and balance sheet, prepared by an accountant,
    covering the calendar/fiscal year period not yet filed; maximum age at
    submission is 45 days (most recent one)

Assets

  • Most recent 3 months personal bank statements – all pages maximum time at
    submission is 45 days (most recent one)
  • Brokerage statements (if applicable) – two most recent, either monthly or quarterly
  • Retirement statements (IRA, 401K, pension, etc.) – two most recent
    title
  • Preliminary title report/title commitment; maximum age at submission is 30 days
    Title fee sheet or estimated HUD-1; maximum age at submission is 30 days