Frequently Asked Questions
What are the required items that must be included when submitting an application packet?
To adhere to RESPA requirements, you must include the following items with each submitted application:
- Loan Submission Form (with all of the sections completed, all of the questions addressed, and signed and dated by the originator)
- 1003 (with the terms of the second mortgage)
- Flood hazard determination
- Income verification
- Signed Applicant’s Authorization
If I have a recent flood zone search, can I submit that rather than pulling a new search?
No. You must perform and send us a new search with every application you submit.
How do I know that First American Bank has received my application submission?
You will receive a phone call and an email from one of our liaisons. If the application was pre-approved, the email will include a pre-approval letter with a list of any remaining documents that are needed to process the application. If the application is declined, the liaison will call and notify you of the decision.
Will my clients be contacted by a representative of First American Bank as part of the approval process?
Yes. Once the application is pre-approved, a liaison will call your client to introduce themselves and ask for any documents that are still needed.
Why are my clients being asked for income documents when I have already provided them?
First American Bank always requires some type of independent income verification directly from the applicant, even though we require income from a third party.
What is the status of the application I submitted?
The liaison will work with you and your customer to obtain any documents needed. If at any time you want an update on the application, please contact your liaison.
Can my client close with a POA?
Yes, on title company transactions only. Prior to closing you must provide First American Bank the POA to be reviewed. We also require title insurance to be purchased on the transaction. The costs will be passed on to the client.
Has my application been approved yet?
You will be notified by a liaison that the loan has been approved. If it’s a stand-alone we will contact the applicant to schedule the closing. If it’s a simultaneous closing we will work with you to get the closing details.
The application I submitted is approved and has closed, when will I be compensated?
At the beginning of every month we will deliver a check for all the applications that you submitted which closed and funded in the previous month.