1003 and Credit Report

Where do we update 1003 borrower information if different than initially received on the application

The 1003 Disclosure

PCL

Both

Check the items we would update on the physical 1003 Disclosure

Borrower Name

Borrower Social

Borrower Signature if missing

LO Signature if missing

Application Received Date

Employment History

Credit Report File Number

Which document, other than a Social Security Card, is used to validate a borrower's social security number

Paystubs

Tax Returns

W2s

Credit Report

Check all that would require documentation if marked yes on Declarations

Foreclosure History

Previous Bankruptcy Filed

Outstanding Judgments

Citizen

Permanent Resident Alien

Check all that we would update in PCL if shown to be different on the Photo ID

First Name

Last Name

Date of Birth

Generation (Jr, SR, III)

Credit Reports expire after how many days

120

150

The number featured on the Credit Report that we verify is accurate in AUS and PCL

Reference Number

File Number

Credit Loan Number

Credit Application Number

True or False: When the borrower Social is incorrect on the Credit Report a new credit pull is required

True

False

True or False: When the borrower Date of Birth is incorrect on the Credit Report a new credit pull is required

True

False

True or False: When the borrower last name is incorrect on the Credit Report a new credit pull is required

True

False

Document we request from Credit Plus to update a liability if more information is required by underwriting

Credit Update

Credit Supplement

Tradeline Update

Liability Addendum

Used to explain inquiries and derogatory accounts on credit report by borrower

Credit Explanation Letter

Credit Liability Letter

Derogatory Credit Letter

Credit Supplement

Credit Report Expirations are based on

Date Requested

Date Ordered

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