Loan processing is when the mortgage loan application and accompanying documentation is packaged together and prepared for underwriting review. A loan originator or loan processor must prepare a loan package to submit to underwriting in order that loan approval can be obtained. If a loan is to be resold on the secondary mortgage market to Fannie Mae or Freddie Mac, or is to be used for the issuance of government-backed securities, the lender will be extremely particular as to the loan application packet. The loan originator or processor should submit the completed loan package to the underwriter by including all of the required forms and other documents arranged or stacked in the proper order.

The following is a list of items to be included in the loan package. These items are typically presented or stacked in the order given below:

• Submission Sheet
• Uniform underwriting and Transmittal Summary
• Cover Letter
• Loan Application Form
• Credit Report
• Mortgage or Landlord Rating
• Income Verification
• Down Payment Verification
• Contracts
• Preliminary Title Report
• Appraisal
• Additional Disclosures
• Lock-In Forms and Confirmation Letters
• Lender Appraisal Sheets