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Click ‘Get Form’ to open the HUD 54118 MCR in the editor.
Begin by reviewing the 'Credit History Documents/Debts and Obligations' section. Ensure all required documents are attached, and check for any deficiencies that may affect HUD’s insurance risk.
Move to the 'Underwriting Analysis' section. Here, assess if any miscalculations or issues significantly increase HUD’s risk. Provide comments as necessary.
Proceed to 'Asset Verification Documents and Analysis'. Confirm that all asset verification documents are current and complete, noting any deficiencies.
In the 'Income Verification Documents and Analysis' section, ensure all income sources are documented correctly. Address any missing documentation promptly.
Finally, review the 'Application/Underwriting/Closing Documents' section for completeness. Make sure all signatures are present and that there are no discrepancies between documents.
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Previously, when a mortgagee rejected a borrowers application, the denial information was required to be entered into the Mortgage Credit Reject (MCR) screen in FHAC.
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