1. MISMO 3.4 / 1003 & Business-Purpose Occupancy Certification Owner: Originating Broker / LOA (ARIVE Export) Status Code Required Stacking Document Underwriting / Clear-to-Close Rule Cleared DOC-101 ARIVE MISMO 3.4 XML + Signed URLA 1003 (Section VIII Business-Purpose Investment Marked) Never submit as Primary/Second Home on DSCR shelves Cleared DOC-102 Signed Non-Owner Occupancy & Business-Purpose Affidavit (24 CFR 226.3(a)(1) Exempt) Required at initial underwriting submission Pending DOC-103 Tri-Merge Credit Authorization & Explanation of Derogatory / Mortgage Lates (0x30x12) Verify middle FICO across all ≥20%–25% sponsors
2. Borrowing Entity & Vesting Stacking Package (SPE LLC / Series LLC / Trust) Owner: Borrower / Corporate Counsel / Contract Processor Status Code Required Stacking Document Underwriting / Clear-to-Close Rule Cleared DOC-201 Articles of Organization / Certificate of Formation (Filed with Secretary of State) Foreign qualification required if LLC formed out-of-state Pending DOC-202 Fully Executed Operating Agreement + Ownership Percentage Schedule (100% Accounted) Must match 1003 sponsor percentages exactly Pending DOC-203 IRS EIN Confirmation Letter (Form CP-575 or 147C) — Not W-9 Alone on Loans >$1M Name on CP-575 must match Articles & Title Commitment Pending DOC-204 Certificate of Good Standing / Fact (<60–90 Days From Closing) Pull fresh certificate upon Conditional Approval
3. Appraisal, Form 1007 / 1025 Rent Schedule & STR AirDNA Package Owner: Approved Investor AMC / Desk Underwriter Status Code Required Stacking Document Underwriting / Clear-to-Close Rule Cleared DOC-301 Full Interior/Exterior Appraisal (Form 1004 + Form 1007 Single-Family or Form 1025 2–4 Unit) Must be ordered through an approved wholesale AMC Pending DOC-302 Executed Lease Agreement(s) or Short-Term Rental AirDNA / 12-Month Airbnb/VRBO T-12 Ledger Unleased purchase uses 100% Form 1007 market rent Pending DOC-303 Secondary Desk Review / CDA / ARR Valuation Clearance (<10% Variance Rule) If CDA variance >10%, order 2nd full appraisal or rebuttal
4. Hazard, 6–12 Mo Rent-Loss & RCV / Wind / Flood Insurance Binder Owner: Commercial / Investor Insurance Agent + Processor Status Code Required Stacking Document Underwriting / Clear-to-Close Rule Pending DOC-401 Dwelling / Commercial Property Hazard Binder at 100% Replacement Cost Value (RCV) Co-insurance clauses must be waived or ≥80% RCV satisfied Pending DOC-402 6–12 Months Business Income / Loss-of-Rents Coverage Endorsement Mandatory on most institutional DSCR & 5–25u shelves Pending DOC-403 Correct Wholesale Lender Loss-Payee / Mortgagee Clause + Paid Year-1 Invoice Receipt Verify ISAOA/ATIMA clause matches final closing lender
5. Title Commitment, 24-Month Chain of Title & ALTA Endorsements Owner: Investor LLC Title & Escrow Officer Status Code Required Stacking Document Underwriting / Clear-to-Close Rule Pending DOC-501 Preliminary Title Commitment (Schedule A Vesting in SPE LLC + Schedule B-I Requirements) Verify 24-month chain of title for seasoning on refis Pending DOC-502 Closing Protection Letter (CPL), Wire Instructions, E&O Insurance & Preliminary Settlement Statement Exact LLC name & lender loss-payee address required Pending DOC-503 Required ALTA Endorsements (ALTA 8.1 Environmental, ALTA 9 Comprehensive, PUD/Condo 4/5) Request Series LLC or Land Trust endorsement early
6. Down Payment, Closing Cash & 3–6 Mo PITIA Reserves Verification Owner: Originating Broker / Sponsor Status Code Required Stacking Document Underwriting / Clear-to-Close Rule Pending DOC-601 2 Months Complete Bank / Brokerage Statements (All Pages, No Redactions) Business or personal sponsor accounts accepted Pending DOC-602 Earnest Money Deposit (EMD) Wire Receipt & Paper Trail Clearing Bank Statement Required on all purchase transactions Pending DOC-603 Payoff Demand Statement(s) + Rehab Scope of Work / HUD-1 (For Refi & Delayed Financing) Payoff good-through date must cover funding + 5 days
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