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
This is very helpful. Thanks for being so awesome.