Enact Documentation Requirements for Manually Underwritten Loans


What is in a Manually Underwritten Loan Package?
The following documentation is required for manually underwritten loans, loans that have not been submitted through a GSE automated underwriting system (AUS). Although the following is a representation of typically required documents, this is not an exhaustive list; an underwriter may request additional documentation to support the underwriting decision. Additionally, all documents still need to be analyzed and fully underwritten.
 LOAN INFORMATION
 •  1008 (Uniform Underwriting & Transmittal Summary)
 •  Uniform Residential Loan Application (revised effective 3/1/21)
    - Lender Loan Information Form
    - Borrower Information Form
    - Additional Borrower Information Form, if applicable
 CREDIT
 •  Residential Mortgage Credit Report
 •  Verification of Mortgage and/or Rent
 •  Credit Explanation Letter(s)
 •  Evidence of Payoffs & Tax Lien Satisfaction
 •  HUD–1/ Closing Disclosure (Sale of Previous Property)
 •  Related public records
 INCOME
 •  Pay Stubs indicating 30 days YTD earnings; and
 •  W–2s for two years; and
 •  Verbal Verification of Employment (VOE); or
 •  VOE indicating YTD; and
 •  2 years of earnings
 •  Retirement Income (Social Security and Pension) — copy of award letter or 1099 and 2 months bank statements
 •  Rental/Lease Agreements
 •  Signed IRS Form 4506–T
 TAX RETURNS for two years if applicable
 ASSETS
 •  Most recent two months Bank Statements
 •  Most recent two months or quarterly Brokerage/Retirement Statements (if needed for closing, proof of liquidation is required)
 •  Verification of Deposits (VOD)
 •  Cancelled check for Earnest Money Deposits
 •  Gift Letters and Proof of Receipt
 APPRAISAL
 •  Appraisal — Full URAR with all Addendums
 •  Final Inspection if applicable
 •  Condo/PUD Information
 SALES CONTRACT
 •  Executed Contract & Supporting Documents
 OTHER
 •  Divorce, Separation, Child Support Agreements
 •  Any Documents used to make Underwriting Decisions
 •  Loan AUS Findings/Feedback if applicable

This loan documentation summary is only an excerpt of Enact Mortgage Insurance underwriting guidelines and requirements and, therefore, does not reflect all guidelines and requirements that may be applicable for a loan. For a comprehensive set of guidelines, refer to our complete Underwriting Guidelines available at mi.genworth.com/cu. In case of differences with this document, the Underwriting Guidelines will govern. If you have questions, contact your Enact Regional Underwriter.

Questions? Call the ActionCenter® at 800-444-5664

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