1. Verification of Loan Amount and Terms:
Ensuring that the loan amount and terms match the agreement between the lender and the borrower.
2. Review of Interest Rate and APR:
Confirm that the interest rate and Annual Percentage Rate (APR) align with the terms of the loan.
3. Confirmation of Borrower's Information:
Double-check that the borrower's personal and financial information is accurate and up-to-date.
4. Assessment of Property Appraisal:
Verifying the accuracy of the property's appraised value to assess its market worth.
5. Validation of Income and Employment Details:
Checking the borrower's income and employment details to ensure their ability to repay the loan.
6. Scrutiny of Credit Reports:
Review the borrower's credit reports to gauge their creditworthiness and identify any potential red flags.
7. Examination of Closing Disclosure and Loan Estimate:
Comparing the final Closing Disclosure with the initial Loan Estimate to ensure consistency in terms and costs.
8. Confirmation of Insurance Coverage:
Verifying that the borrower has obtained the required insurance coverage for the property.
9. Analysis of Loan Closing Documents:
Thoroughly review all loan closing documents to confirm their accuracy and completeness.
10. Compliance with Regulatory Guidelines:
Ensuring that the entire mortgage process adheres to relevant regulatory guidelines and legal requirements.
