Home Loan Process
Learn More About The Home Loan Process At North Island
Required Documentation for Home Loans
We have organized the required documentation to help facilitate your home loan process.
- Borrower's authorization form
- IRS form 4506-T: "Request for Transcript of Tax Return"
- Last two pay stubs for verification of income
- Copies of the last two years W2's
- Federal tax returns from the last two years with all schedules and attachments
- Schedule of real estate owned— with current rents, values, and mortgages (if applicable)
- Complete bank statements for the last two months
- Current IRA or 401(k) statements
- Copy of your last mortgage statement(s)
- Copy of note or loan agreement on current home equity line of credit or second mortgage if you are subordinating the loan
- Copy of hazard insurance declaration page
- Accepted offer to purchase (if purchase loan)
- Realtor contact information (if purchase loan)
- Name and phone number of HOA company (if property is a condominium)
The Appraisal Process
As a result of the Home Valuation Code of Conduct (HVCC) that was adopted in early 2009, a property appraisal can no longer be ordered by anyone directly involved in the origination of a mortgage application. This is done to ensure that any final value in the appraisal will not be improperly influenced by any parties involved in the origination of the loan.
North Island Credit Union will order, for both purchasing and refinancing properties, an appraisal through an independent appraisal management company.
Appraisals must be paid upfront by the member, via Visa®/MasterCard® or through direct withdrawal from the member's North Island checking or savings account.
A copy of the appraisal will be provided to you. No refunds will be given once the appraisal has been ordered.
In today's market, and at the underwriter's discretion, an Appraisal Review is common. An Appraisal Review, if required, must also be paid upfront and no refunds will be given once it has been ordered.
If you have a home loan or home equity line of credit with North Island Credit Union, you may be required to provide evidence of continuous insurance coverage.
Proving Proof of Insurance
North Island has partnered with Insurance Services (Allied Solutions) to track and verify insurance coverage. If you have received a letter from Insurance Services asking for verification of insurance, you may update your insurance information online.
You may also provide your proof insurance via telephone, fax, email, or regular mail using the contact information provided in your notification letter. For more information, please contact Insurance Services at (800)-653-8812.
Lien Holder Address
North Island Credit Union Insurance Verification Center
PO Box 687
Lake Forest, CA 92609-0687
FAX: (800) 713-0258, Control #4005
Lender Loss Payee Address
North Island Credit Union Its Successors and/or Assigns
P.O. Box 85833
San Diego, CA 92186-5833