Supplemental Mortgage Program
Document Checklist
for Split Mortgages
Full Underwriting Package
Standard Delivery
(Revised 4/2006)
(Please see referenced Multifamily Seller/Servicer
Guide sections for a full description of each item listed)
NOTE:
The checklist below is for a Split Mortgage
Guide
Section
Description
17.10(a)
Application
fee
17.10(b)
Copy of
written Quote, if applicable, or date and terms of the verbal Quote
the Borrower has selected
17.10(c)
Seller's
certification, including
Seller's compliance
with representations and warranties
Seller's determination
that neither the Borrower nor any Borrower Principal is named a "specially
designated national and blocked person" (SDN) on the current U.S.
Treasury Department Office of Foreign Assets Control (OFAC) list
17.10(d)
Mortgage
transaction narrative analysis (updated from preliminary, as necessary) [Must include characteristics of the proposed Mortgage (including risk factors and
Seller’s recommendation); descriptions of the Property, the Borrower and the
property manager; Property’s financial analysis; evaluation of balloon risk;
surrounding property uses and condition with neighboring facilities; market
analysis; history of the Borrower’s equity; review of third-party reports; loan
history if there is an existing mortgage on the Property; proposed sources
and uses of funds; tenancy characteristics; and cash equity at risk]
[See Section 17.2(h)]
17.10(e)
Borrower
Certificate (Form 1115) for each Borrower and Borrower Principal
17.10(f)
Certified
financial statements of Borrower and Borrower Principals [See Section 17.2(f)]
17.10(g)
Credit
reports [See Section 17.2(j)]
17.10(h)
Real Estate
Schedule (Form 1116) [See Section 17.2(k)]
17.10(i)
Wood-boring insect inspection report, if applicable
17.10(j)
Certified
rent schedule, dated within 30 days of package
submission [See Section 17.2(i)]
17.10(k)
Certified
historical property financial statements for the three preceding
completed fiscal years [See Section 17.2(f)]
17.10(l)
Certified current property financial statements for the current year-to-date fiscal year (dated within 30 days of package submission) [See Section 17.2(f)]
17.10(m)
Updated
Seller's pro forma property financial statements [See Section 17.2(f)]
17.10(n)
Inspection
and rent verification schedule
17.10(o)
Flood zone determination (FZD) meeting the requirements of Section 31.9
17.10(p)
Appraisal (See Chapter 12)
17.10(q)
Environmental
report (See Chapter 13)
17.10(r)
Engineering
report or engineering survey (See Chapter 14)
17.10(s)
Aerial
photographs, if applicable, labeled with an arrow indicating North and labeled to
indicate points of interest
17.10(t)
Proof of
zoning; damage restoration statement (See Section 8.5)
17.10(u)
Building
code documentation
17.10(v)
Access
easement and amenity and/or recreational facility easements,
both with analysis and recommendations, if applicable
(See Sections 8.8 and 8.9)
17.10(w)
Laundry
lease, if applicable [See Section 8.11(b)]
17.10(x)
Commercial
leases, if applicable [See Sections 8.2(b) and 8.11(a)]
17.10(y)
Management
plan or management agreement
17.10(z)
Ground
lease information, if applicable(See Chapter 30)
17.10(aa)
Registration
of rental units, if applicable
17.10(ab)
Personal
property exclusion list, if applicable
17.10(ac)
Seller's
mortgage loan application with Borrower, including authorization to
use property and transaction information
17.10(ad)
Borrower's
and/or guarantor's organizational documents (See Section 9.7)
17.10(ae)
Verification
of Collections (Form 1144), with the “last full month” dated
within 30 days of package submission
17.10(af)
Evidence
of insurance, Seller/Servicer Certification of
Insurance Coverage (Form 1133) and amount of required
insurance premium
17.10(ag)
Moisture Management Plan [See Section 8.3(a)], if available (If the
Moisture Management Plan is not yet available, it must be
submitted with the final delivery package.)
17.10(ah)
Real estate tax bill (most recent from Property’s local governing body)
17.10(ai)
Purchase agreement and purchase agreement analysis [See Section 17.2(m)]
17.10(aj)
Calculation of prepayment premium (updated), if applicable
17.10(ak)
Certified breakdown of construction costs, if Borrower built the Property and the Property is less than one year old
