Providing Information for Lenders

Qualified Mortgages

To protect their financial interests, most lenders want the home loans they give borrowers to have Qualified Mortgage status. This is a relatively recent designation, introduced by the Consumer Financial Protection Bureau in 2014, that means lenders can’t be forced to buy their loan back if a buyer defaults. Lenders need extensive proof of a borrower’s financial reliability to receive Qualified Mortgage protections, which explains why they ask you for so many records.

Documents and Information

Here’s a list of the common paperwork and personal info you should prepare to share with lenders:

• Credit report
• Recent financial account statements
• Employment history
• Recent pay stubs
• Recent tax returns
• List of assets
• Marital history, including terms of divorce (if relevant)
• Participation in a lawsuit (if relevant)
• Landlord’s contact info (if relevant)

If you need help preparing all of these documents or answering questions about relevant life events, let your loan officer know. They’ll work with you to make your mortgage process more manageable.