ICC Mortgage Services

In the United States, the process by which a mortgage is secured by a borrower is called origination. This involves the borrower submitting a Loan application and documentation related to his/her financial history and/or credit history to the underwriter. Sometimes, a third party is involved, such as a mortgage broker. This entity takes the borrower's information and shops with a number of lenders. Since ICC Mortgage Services is a Direct Lender and not Mortgage Broker, expensive fees many times associated with Mortgage Brokers can be avoided.

Mortgages are often sold in the secondary market to larger investors by the originating mortgage company. Many of the guidelines that they follow are suited to satisfy investors. Some companies, called correspondent lenders, sell all or most of their closed loans to these investors, accepting some risks for issuing them. They often offer niche loans at higher prices that the investor does not wish to originate.

If the underwriter is not satisfied with the documentation provided by the borrower, additional documentation and conditions may be imposed, called stipulations. The meeting of such conditions can be a daunting experience for the consumer, but it is crucial for the lending institution to ensure the information being submitted is accurate and meets specific guidelines. This is done to give the lender a reasonable guarantee that the borrower can and will repay the loan. If a third party is involved in the loan, it will help the borrower to clear such conditions.

The following documents are typically required for traditional underwriter review. Over the past several years, use of "automated underwriting" statistical models has reduced the amount of documentation required from many borrowers. Such automated underwriting engines include Freddie Mac's "Loan Prospector" and Fannie Mae's "Desktop Underwriter". For borrowers who have excellent credit and very acceptable debt positions, there may be very llitle documentation required.

Credit Report
1003 — Uniform Residential Loan Application
1004 — Uniform Residential Appraisal Report
1005 — Verification Of Employment (VOE)
1006 — Verification Of Deposit (VOD)
1007 — Single Family Comparable Rent Schedule
1008 — Transmittal Summary
Copy of deed of current home
Federal Tax Returns (1040's) for last two years
Pay stubs
W2 Forms for the past two years
Asset Verification (Bank Statements)
Unexpired Government issued identification (Drivers License, Passport, Military I.D.)
Divorce Decree/Seperation Agreement (if applicable)
Verification of Mortgage (VOM) or Verification of Payment (VOP)
Borrower's Authorization
Purchase Sales Agreement
1084A and 1084B (Self-Employed Income Analysis) and 1088 (Comparative Income Analysis) - used if borrower is self-employed