Correspondent Partner Guide - Wintrustmortgage.net

PARTNER GUIDE
A signed and dated final application (1003 for Conventional, FHA, and VA
loans, 92900 with addendums for FHA loans, and 1802 for VA loans) is
required in every loan package delivered for purchase. It is imperative
that the application reflects the final loan approval and all government
monitoring information be complete. The final 1003 must match the final
1008 and AUS findings. In addition, the loan officers’ signature must
appear on the initial and final 1003 along with their NMLS ID #.
Final Truth in Lending
All borrowers must sign the final truth‐in‐lending document. The final
truth‐in‐lending will be reviewed to confirm payment schedule is correct
according to product. Payment amount in payment schedule must
include any monthly mortgage insurance or MIP. Demand assumption
section must be completed. Form must indicate final and does not
indicate any estimated figures.
Marital Rights – Non Owner Spouses
Some states have enacted marital rights laws (i.e., community property,
dower/curtsey, or common law) that provide marital rights to certain
property regardless of how ownership is documented. In these states, an
individual who is not on the deed or title may have rights to real
property owned by their spouse. In addition, various states have enacted
homestead laws, which also provide rights to spouses. In common law
states, either spouse can own property without the knowledge, approval
or consent of the other, so a non‐titled spouse would not be required to
sign or receive any documents relating to the property. Non‐titled
spouses in community property and dower/curtsey states and states with
homestead rights are required to sign the Security Instrument (Deed of
Trust, Mortgage or Security Deed) to relinquish their rights to the lender
during the term of the mortgage loan. This requirement allows the
lender to foreclose in the event of default on the loan. In community
property states, the non‐titled spouse must receive and sign the notice
of Right to Cancel and because receipt of material disclosures must
precede receipt of the NORTC, must receive the final Truth in Lending
disclosure. The TIL does not have to be signed, but the fact that the nontitled
spouse received the TIL must be documented in some way. In
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