Answer Key + Next Step

How to score (4 points max):
Give yourself 1 point per valid flag you identified (any 4 valid flags count for full points).
If you flagged something different but still reasonable, count it.

Example valid flags you can count (choose any 4):

1. FLAG: DOB mismatch. Application shows 02/14/1994 but ID shows 02/04/1994
   WHY: DOB must match ID and borrower docs for identity verification and file accuracy.
   ASK/VERIFY: Confirm correct DOB and update the application.

2. FLAG: Address is incomplete on the application. Application has no unit, but ID and bank statement show “Apt 2”
   WHY: Address format must match supporting docs and full address history is needed for the file.
   ASK/VERIFY: Confirm the complete current address and update application to include Apt 2 if correct.

3. FLAG: Residency timeline may be incomplete. Time at current address is only 6 months and no prior address is provided
   WHY: Loan files usually need prior address history when current address is less than the required period.
   ASK/VERIFY: Request/confirm prior address history to complete the timeline.

4. FLAG: Employment start date mismatch. Application shows 06/2024 but paystub shows 05/2024
   WHY: Employment dates must be consistent across file notes and income docs.
   ASK/VERIFY: Confirm true start date and update the application/file notes.

5. FLAG: Monthly income mismatch. Application shows $4,500 but paystub shows $4,200 gross monthly equivalent
   WHY: Income used for qualifying must match source docs or be explained by calculation.
   ASK/VERIFY: Confirm correct qualifying monthly income and how it was calculated (gross + pay frequency).

6. FLAG: Name formatting differs across docs. Application/ID show “Maria Jane Sample” but paystub shows “Maria J. Sample”
   WHY: Even small name differences can trigger verification questions and should be consistent in the file.
   ASK/VERIFY: Confirm same borrower and preferred name format for the file.

7. FLAG: Marital status is blank on the application
   WHY: Missing required borrower info can delay submission and underwriting review.
   ASK/VERIFY: Confirm marital status and update the application.

Main items (1–7):

1. C (Bank statement)

2. E (Homeowners Insurance HOI quote)

3. B (W-2)

4. G (Form 1003 / URLA)

5. F (Credit report)

6. D (Purchase contract)

7. A (Paystub)

Bonus (optional) (8–10):

8. G (1003/URLA)

9. C (Bank statement)

10. D / E / F (Any missing required doc can delay UW; most common “stopper” before submission is D purchase contract or E HOI quote, then F credit report)

Scenario A

• Stage: Loan Setup

• VA next action: Organize the received docs, make a missing-items list, then request the missing paystubs, bank statements, photo ID, and prior address history.

• What to flag: File is incomplete for review (missing income/asset/ID items) and borrower has only 6 months address history with no prior address provided.

• Bonus message (1–2 lines):
  Hi [Borrower], thank you. To complete your file, please send your 2 most recent paystubs, 2 months bank statements (all pages), and a copy of your photo ID. Also confirm your prior address before your current one.

Scenario B

• Stage: Loan Registration

• VA next action: Enter/update the loan in the LOS/lender portal, confirm 1003 fields are complete, collect signed initial disclosures/eConsent (if needed), run AUS (DU/LPA), and prep the upload package for submission.

• What to flag: Not ready to submit yet due to missing signed disclosures/eConsent and missing AUS findings, and any incomplete/blank 1003 fields will cause submission issues.

• Bonus message (1–2 lines):
  Update: Loan is being prepped for submission. Pending items are completed 1003 fields, signed initial disclosures (and eConsent if required), and AUS run (DU/LPA). Once complete, I will upload and prep for underwriting submission.

Scenario C

• Stage: Loan Processing

• VA next action: Review the condition list, request the updated bank statements and paystub, obtain HOI binder, collect LOE for the large deposit, track due dates, and prep a clean resubmission package/summary.

• What to flag: Conditions deadline is approaching and key condition items are still missing (HOI binder, updated assets/income docs, large deposit LOE), which can delay CTC if not received on time.

• Bonus message (1–2 lines):
  Hi [Borrower], following up on the underwriting conditions. Please send your updated bank statements, updated paystub, HOI binder, and a short LOE for the large deposit as soon as you can so we can meet the deadline.