Mortgage loan file checklist
Checklist template
Check this template against your local regulations and your own policies before you use it.
- Business
- Location
- Date
Loan file
For each loan, from the first meeting to settlement
| Done | Task | Notes | Initials |
|---|---|---|---|
| First meeting and fact find | |||
| Give the client your disclosure documents and credit guide, as your rules require | |||
| Complete the fact find, covering income, expenses, assets, debts and dependants | |||
| Record the client’s needs and objectives in their own words | |||
| Record their consent to obtain their credit report and share their information | |||
| Identification | |||
| Verify each borrower’s identity against original or certified documentsFollow your identification (KYC) procedure and the lender’s rules. | |||
| Keep copies of the documents, with who verified them and when | |||
| Documents and verification | |||
| Collect payslips, tax returns or business financials, as the loan needs | |||
| Collect bank statements showing savings, expenses and existing debts | |||
| Check living expenses against the bank statements, and note any differences | |||
| Get the credit report and explain any defaults or enquiries | |||
| Needs and product selection | |||
| Record the lenders and products you compared, and why | |||
| Record why the recommended loan suits the client’s needs and objectives | |||
| Give the client the product details and any comparison your rules require | |||
| Disclose your commissions and any fees in writing | |||
| Application and lodgment | |||
| Check the application matches the documents in the file | |||
| Have the client review and sign the application and declarations | |||
| Lodge the application and record the lodgment date | |||
| Approval and settlement | |||
| Record conditional and formal approval, and meet any conditions | |||
| Check the loan documents match the approval, and explain them to the client | |||
| Confirm settlement, and record the date and the loan details | |||
| File review | |||
| Check every document is in the file, signed and dated | |||
| Record the post-settlement contact and any ongoing review date | |||
| Have a second person review the file if your audit process requires it | |||
- Completed by
- Checked by (manager)
- Date
- Notes
