LOAN SUBMISSION INSTRUCTIONS AND CHECKLIST
THE BASIC PACKAGE
FOR ALL LOANS OF ALL TYPES INCLUDING MORTGAGES WE NEED:
_____PFA LOAN/LEASE SUBMISSION COVER SHEET SHOWING YOUR NAME, CLIENTS NAME AND SUMMARY OF THE REQUEST. THIS SHOULD ALWAYS BE THE "TOP" SHEET OF YOUR SUBMISSION.
_____PFA INDIVIDUAL CREDIT APPLICATION ON THE INDIVIDUAL (EACH PARTNER IN A PARTNERSHIP) INCLUDING INCOME AND EXPENSE INFORMATION SHOWING HOW REPAYMENT WILL BE MADE.
_____PFA FINANCIAL STATEMENTS INCLUDING A SUMMARY OF ALL INDIVIDUAL ASSETS & LIABILITIES. ALSO INCLUDE THE BUSINESS FINANCIAL STATEMENT IF APPLICANT OWNS HIS OR HER OWN BUSINESS.
_____PFA SCHEDULES 1-4 AND SCHEDULES 5-10 PROVIDING A DETAILED DESCRIPTION OF THE INFORMATION SUMMARIZED ON THE APPLICATION AND FINANCIAL STATEMENTS.
_____TWO YEARS COMPLETE FEDERAL TAX RETURNS INCLUDING ALL PAGES AND SCHEDULES. YOU DO NOT NEED TO PROVIDE STATE TAX RETURNS - IF THE CURRENT RETURNS ARE NOT AVAILABLE. PROVIDE THE MOST RECENT 2 YEARS, A WRITTEN EXPLANATION AND COPY OF THE EXTENSION AGREEMENT.
_____PROOF OF CURRENT INCOME LEVEL FROM COPIES OF A RECENT PAYSTUB, CONTRACT OR SIGNED STATEMENT.
FOR BUSINESS LOANS AND COMMERCIAL MORTGAGES WE NEED THE ENTIRE ABOVE PLUS THE FOLLOWING ADDITIONAL INFORMATION:
____PFA BUSINESS CREDIT APPLICATION IN ADDITION TO THE INDIVIDUAL CREDIT APPLICATION ABOVE.
____TWO YEARS FEDERAL BUSINESS TAX RETURNS IN ADDITION TO PERSONAL RETURNS. EITHER PARTNERSHIP, CORPORATE OR SCHEDULE C RETURNS ATTACHED TO A SOLE PROPRIETORS PERSONAL TAX RETURNS. IF BUSINESS RETURNS AREN'T AVAILABLE PROVIDE A WRITTEN EXPLANATION AND COPY OF THE EXTENSION AGREEMENT.
NOTE: DISCOUNT MORTGAGE SUBMISSIONS ARE HANDLED DIFFERENTLY. SEE INFORMATION ON DISCOUNT MORTGAGES FOR SUBMISSION REQUIREMENTS.
