Simulation 2

Simulation 2: Document Matching

Goal: Understand what each document supports in a real loan file.
Time box: 5–10 minutes

Documents (choose from A–G):

A) Paystub
B) W-2
C) Bank statement
D) Purchase contract
E) Homeowners Insurance (HOI) quote
F) Credit report
G) Form 1003 (URLA)

File Needs:

Verify the borrower has enough funds for down payment and closing.
Confirm insurance coverage and premium for underwriting/closing.
Check the borrower’s yearly income history (prior year).
Confirm the borrower’s loan application details (personal info, employment, assets, liabilities, loan info).
Check the borrower’s debts, credit score, and liability profile.
Confirm the property details and purchase terms (price, address, seller).
Confirm the borrower’s current monthly income being used for the file.

Bonus (optional):

Which document usually contains the most “summary” info but still needs to match supporting docs?
Which document helps you confirm funds, but may require reviewing more than 1 page/month?
Which item is most likely to cause delays if missing before underwriting?

Task

For each file need below, write the best document letter(s).

VA boundary: Your job is to verify and flag inconsistencies. The LO/Processor decides next steps.

Tip: Use your “Key Documents + What They’re For” tab as your reference while answering.

Write like this:

(You can use 1–2 letters if needed.)

Simulation 1

Simulation 2

Simulation 3

Answer Key + Next Step

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