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Forms, Checklists, and Disclosures
Click on any of the documents/disclosures listed below to open, save or print them.
REGISTER YOUR LOAN HERE: Complete this form to register a loan application that has been officially originated (borrower(s) has signed and fully executed the 1003).
MONTHLY VOLUME BONUS FORM: Complete this agreement to establish or modify your volume bonus for "Borrower Paid" and warehouse transactions. This agreement may be revised on a monthly basis prior to originating any loans for the following month.
WAREHOUSE PAID APPROVAL REQUEST FORM: Complete this form for warehouse loans. You must receive a reply 'approval' prior to disclosing any figures to the borrower.
BORROWER PAID APPROVAL REQUEST FORM: Complete this form for Borrower Paid transactions. You must receive a reply 'approval' prior to disclosing any figures to the borrower.
The Reference Guide provides information relevant to Company loan origination requirements. Be sure to read this guide in it's entirety.
New 'Final GFE': Instructions
Mandatory Disclosures:
All the Disclosures listed below must be completely and correctly executed, and submitted to Corporate with the complete loan file after closing. Click the disclosure to open and print.
1 Affiliated Businesses
2 Anti Steering Instructions
3 Borrower Certification and Authorization
4 Borrower Signature Authorization
5 Credit Score Information Disclosure
6 Disclosure Notices
7 Equal Credit Opportunity Act Disclosure
8 Florida Lender Fee Disclosure(Letter)
9 Florida Mortgage Brokerage Fee Agreement
10 Good Faith Estimate (this is the preliminary GFE; Final GFE must be provided)
11 Government Consumer Handbook Disclosure
12 Hard Money Hold Harmless Disclosure (applicable to Hard Equity Loans Only)
13 Joint Origination Agreement/RESPA Disclosure
14 Loan Application - 1003
15 Mortgage Origination Agreement
16 Patriot Act Forms
17 PMI Disclosures
18 Privacy Policy Disclosure
19 Servicing Disclosure
20 Truth-in-Lending Disclosure
Click here for the "PERFECT FILE" Innovative Mortgage Company Required Disclosures/File Forms:
Commission Split Agreement
For loans with more than one Loan Associate/Originator.
Document Nation Invoice
Submit the storage/archiving invoice below to the title company and quote fee on GFE.
This is a Third Party Fee so title company must make check payable directly to Document
Nation.
Internal Conventional Audit Checklist
Internal FHA Audit Checklist
Internal VA Audit Checklist
Use these audit checklists for all files including withdrawn, denied, and closed loans.
Government Handbook Disclosure
See number "10" above under "Mandatory Disclosures".
HUD Employment Disclosure
Required on ALL FHA Loans and Reverse Mortgages (HUD Insured Loans Only)
Joint Origination Disclosure
For loans with more than one Loan Associate/Originator
Loan Registration Form
Complete for all new loan applications within 3-mail days of a valid loan application.
Additional LENDER PROVIDED Disclosures, if applicable
1. ARM Disclosure – Based on ARM Type (example, Libor, T-Bill, Neg AM)
2. Pre Payment Penalty Disclosure
3. Additional Wholesale Lender Required Disclosures
Final Disclosures (applicable to Closed, Denied, and Withdrawn)
1. Appraisal and invoice
2. Check from Title Company payable to Document Nation, provided in final closed
file.
3. Final Loan Application (1003)
4. Final HUD/Settlement Statement – fully executed by all parties
5. Insurance Binder
6. Lender Lock-In/Loan Commitment
7. Mortgage Document
8. Note Document
9. Sales contract (if applicable)
10. Survey (if applicable)
11. Title Insurance Binder
12. Underwriting approval/denial/withdraw (final and automated)
Click the links below to open any Government Handbook disclosures:
Required for all loans: Buying Your Home- Settlement Costs and Helpful Information.pdf
Adjustable Rate Loans Only: Consumer Handbook for ARMs.pdf
Home Equity Lines of Credit and Second Mortgages Only: Home Equity Lines of Credit.pdf
Click the files below to open any borrower/realtor related forms:
Pre-qualification Letter: Applicable to pre-qualifications.
Loan Approval Letter: This letter may only be issued in conjunction with an actual "Lender Loan Commitment". This letter must specify the lender procuring the loan approval and specify that the conditions of the "Loan Commitment" must be fulfilled for the approval to remain valid.
A complete list of Approved Contract Processors located throughout the
State of Florida may be found by selecting this link.
1. The Loan Processor is the primary facet of quality control for Innovative during processing. We count on the processor to alert Innovative immediately in the event that any quality control concerns arise. Such concerns would include:
a. Occupancy Issues
b. Documentation Issues
c. Identification Issues
d. Misinformation
e. Loan Fraud
2. Loan Originators are strictly prohibited from ordering, sending, delivering, and receiving ANY and ALL verifications, including but not limited to:
a. VODs
b. VOEs
c. VOMs
d. VOCs
e. VORs
f. Tax Transcripts (required on all files unless certified in underwriting findings as having been received and validated by the wholesale lender)
g. Any and all other verifications
3. Processors are responsible for ordering, sending, delivering, receiving and VALIDATING ANY and ALL verifications.
a. All verifications must be validated against supplied documentation
b. All verifications must be validated against appropriate external sources:
i. Financial Institution
ii. Employer
iii. Mortgage Holder
iv. Credit Source
v. Landlord
vi. State or Federal Website
vii. Alternative Websites (i.e. Whitepages)
4. Processors must immediately alert Innovative of any discrepancies with regard to documentation validation.
5. Processors must validate identification as stipulated in Innovative’s Reference Guide.
6. Processors must be licensed as required by State and Federal guidelines and statutes.
7. Processors must submit loans directly to wholesale lender. Originator is prohibited from submitting the loan to the lender.
8. Processors are responsible for requesting, receiving, validated and submitting all conditions to the lender.
9. Processors may not quote interest rates to borrowers under any circumstances. Processors may confirm the interest locked in or floating as provided by the mortgage originator.
10. During the probationary period for new processors, all loan files must be submitted to Innovative (via fax, email, or copy file) for auditing and review prior to submission to the lender. Innovative will review the loan file within 24-business hours and authorize submission subsequent to successful completion of the audit.
11. Failure to comply with any and all Innovative Corporate policies shall result in immediate suspension/termination of Contract Processor Approval and forfeiture of processing fee and mortgage originator commission.
Contract Processor Approval Process
Processor Agreement: Prospective Contract Processors must complete the following forms:
Processor Agreement
References Form
Credit Card Authorization Form: For payment of background check with credit card.
Resume: Include your personal resume.
ACH Form: For payment of background check with bank account.
Prospective Contract Processors should read and sign the Processor Agreement and fax it to 727-489-9504. Please include the completed References Form, Resume, and Credit Card/ACH form (as applicable or mail $50 Payable to Innovative Mortgage Services, Inc. for your background check). Background checks are completed for each individual processor that will be processing loans on behalf of Innovative Mortgage Services, Inc.. Prospective Contract Processors should have at least 2-years of experience.
All Processors and Processing Companies are to be compensated as 'Third Parties' to be paid at closing and must be quoted on the Good Faith Estimate as such. Innovative Mortgage waives all responsibility for collecting and paying any related processing fees.
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