Appendix A — Residential Mortgage Checklist

Appendix ID: residential-mortgage-checklist

Borrower and identity

• [ ] Legal name matches identification and application
• [ ] Date of birth and contact information verified
• [ ] Current and previous addresses completed
• [ ] Government-issued photo identification verified
• [ ] Residency/status documents reviewed where applicable
• [ ] Marital status and matrimonial-home implications identified
• [ ] Dependants disclosed
• [ ] Power of attorney, trust or estate authority escalated to lawyer/lender
• [ ] Credit consent signed before credit inquiry

Income

• [ ] Employment type identified: salaried / hourly / variable / commissioned / contract / self-employed / retired
• [ ] Current employment letter obtained
• [ ] Recent paystubs obtained
• [ ] T4/T4A/T5 slips obtained as applicable
• [ ] NOAs and T1s obtained where required
• [ ] Probation, leave, return-to-work or employment change disclosed
• [ ] Overtime, bonus and commission history calculated
• [ ] Self-employed package completed where applicable
• [ ] Rental and support income documented
• [ ] Foreign income continuity and currency treatment reviewed
• [ ] Income used in ratios reconciles with source documents

Credit and liabilities

• [ ] Both borrower credit histories reviewed
• [ ] Credit score version treated as one input, not the whole decision
• [ ] Mortgage, HELOC, loan, lease and card balances disclosed
• [ ] Support obligations disclosed
• [ ] Co-signed debts and guarantees disclosed
• [ ] Collections, judgments, proposal or bankruptcy explained
• [ ] Recent inquiries investigated
• [ ] Mortgage/rent history obtained where required
• [ ] Debts to be paid at closing identified and lawyer-directed
• [ ] Post-closing liabilities recalculated

Down payment and closing funds

• [ ] Total down payment calculated
• [ ] Deposit receipt and trust evidence obtained
• [ ] Source of each fund identified
• [ ] Required statement period complete
• [ ] Large deposits and transfers explained
• [ ] Gift letter and donor evidence complete
• [ ] Borrowed funds disclosed and included in qualification
• [ ] RRSP/FHSA withdrawal evidence complete
• [ ] Sale proceeds calculated net of payout and costs
• [ ] Foreign funds translated, converted and traced
• [ ] Closing-cost reserve available
• [ ] Emergency reserve remains after closing

Property

• [ ] Correct civic address and legal description/PIN where available
• [ ] Property type and unit count confirmed
• [ ] Occupancy correctly classified
• [ ] MLS listing and APS reviewed together
• [ ] Appraisal/AVM/desktop/full report accepted
• [ ] Purchase price and incentives fully disclosed
• [ ] Legal units and rental use verified as required
• [ ] Condo status certificate reviewed by lawyer/lender where applicable
• [ ] Well, septic, rural access or leasehold issues identified
• [ ] Insurance availability and correct occupancy confirmed
• [ ] Repairs, environmental or zoning concerns disclosed

Transaction and product

• [ ] Purpose identified: purchase / renewal / switch / refinance / equity takeout
• [ ] Mortgage amount and net proceeds reconciled
• [ ] Lender category selected after complete analysis
• [ ] Insured / insurable / uninsured classification confirmed
• [ ] Rate, term, amortization and payment reviewed
• [ ] Prepayment and penalty features reviewed
• [ ] Fees and total cost disclosed
• [ ] Existing mortgage penalty/payout obtained where required
• [ ] Alternatives compared: refinance / HELOC / second / sale / delay
• [ ] Suitability rationale documented

Conditions and closing

• [ ] Commitment reviewed line by line
• [ ] Approval expiry and closing date compatible
• [ ] Every condition assigned to an owner and due date
• [ ] Appraisal condition accepted
• [ ] Income conditions accepted
• [ ] Down-payment/source conditions accepted
• [ ] Debt payout conditions accepted
• [ ] Lender and brokerage disclosures signed on time
• [ ] Lawyer retained and contact information provided
• [ ] Lawyer has lender instructions
• [ ] Insurance binder delivered
• [ ] Closing funds delivered through verified instructions
• [ ] Final employment/credit review passed
• [ ] No material undisclosed change before funding
• [ ] First payment date and account confirmed
• [ ] Final lawyer report and title-insurance policy retained

Residential underwriting summary

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