Getting documents matched to the loan
A loan processor may be working fifty files at once. The loan number and the property address are the two things they search by, so both go on the cover in large type. If you are sending to a title or escrow company, add their file number as well; it is usually different from the lender's loan number.
When underwriting sends a conditions list, use the same names in your message (for example: condition 4, updated bank statement; condition 7, letter of explanation). It saves a round of back and forth.
Who to address it to
Address loan conditions to the processor, not the loan officer, unless you have been told otherwise: the processor is the one who clears conditions and sends the file back to underwriting. Signed closing documents and payoff requests go to the escrow or title officer, and anything about the appraisal goes through the lender. If you are not sure, ask who should receive it and get their direct fax number, since many lenders route a shared line through a scanning center that takes longer to index.
What lenders usually ask for
- The signed purchase contract and any addenda.
- Recent pay stubs and two years of W-2s or tax returns.
- Two months of complete bank statements, every page, even the blank ones.
- Signed disclosures and a copy of a photo ID.
- Proof of homeowners insurance and any letters of explanation.
Send complete statements. A missing page 3 of 4 is one of the most common reasons a condition is sent back.
A word on wire fraud
Real estate closings are a top target for wire fraud. Never act on wiring instructions that arrive by fax or email alone, and never change them because a message says so. Call your escrow officer or lender on a number you already know, not one in the message, to confirm before sending money.
Bank statements and tax returns contain nonpublic personal information, so the confidentiality notice is on by default on this template.
Frequently asked questions
What goes on a mortgage fax cover sheet?
Your contact details, the loan officer or processor's name and fax number, the loan number, the borrowers' names, the property address, the page count, and a list of the documents or conditions you are sending.
Is it safe to fax bank statements to a lender?
Fax is still widely used by lenders and title companies. Confirm the fax number with your loan officer first, include a confidentiality notice, and send through a service that encrypts the upload. Faxio uploads your document over an encrypted connection.
Can I fax loan documents from my phone?
Yes. Take photos of the pages or pick the PDFs, fill in this cover sheet, and choose Fax it now. Photos are turned into a PDF and the cover is added as page one.
