Borrower Bill of Rights Checklist

The mortgage lending landscape emphasizes transparency, digital verification, and strict borrower protection. A Borrower Bill of Rights ensures that you are treated fairly, provided with accurate information, and given time to make informed decisions.

📜 Borrower Bill of Rights Checklist (2026)

1. Right to Clear Loan Information (TRID)

• Loan Estimate: You have the right to receive a Loan Estimate within 3 business days of application. This document lists the APR, finance charges, total payments, and payment schedule.
• Closing Disclosure: You have the right to receive the final Closing Disclosure 3 business days before closing to compare with the initial estimate.
• No Surprise Fees: Lenders are prohibited from introducing new fees or substantially changing loan terms without issuing a new disclosure.

2. Right to Privacy and Data Protection

• Secure Document Handling: You have the right to have your personal financial information protected from unauthorized access.
• Opt-Out of Trigger Leads: You can opt-out of pre-screened credit offers at OptOutPrescreen.com and register on the National Do Not Call Registry to reduce unsolicited contact.

3. Right to Fair Lending and Communication

• No Discrimination: You have the right to fair treatment regardless of race, color, religion, national origin, sex, marital status, or age (ECOA).
• Language Accommodation: You have the right to clear explanation of loan documents.

4. Right to Choose and Negotiate

• Shop Lenders: You have the right to compare offers from multiple lenders. Credit inquiries within a 14–45 day window typically count as one for scoring purposes.
• Select Third-Party Services: You have the right to shop for certain closing services, such as title insurance.

5. Right to Fair Servicing and Loss Mitigation (If Needed)

• Foreclosure Prevention: If you fall behind, you have the right to be evaluated for loss mitigation options before foreclosure.
• Re-evaluation: If a Trial Payment Plan (TPP) is not successful, you may be re-evaluated for other retention options.

🛡️ Strategic Positioning: Know Your Numbers

Before applying, you have the right to understand your financial position. Obtaining your Middle Credit Score® is one of the most effective ways to position yourself for stronger mortgage outcomes.

• Eliminate Surprises: Mortgage lenders use the middle of your three credit scores to determine pricing. Knowing this in advance gives you control.
• Verify Accuracy: Confirm that your financial data is accurate before it is evaluated by underwriting systems.
• Strengthen Your Position: Entering the process informed can lead to smoother and more efficient loan approvals.

📂 2026 Mortgage Application Document Checklist

Organizing your documentation early can significantly reduce preapproval timelines.

Identity and Personal Information

• Valid Driver’s License or Passport (must not be expired)
• Social Security Number
• Proof of Residency (if needed)

Income and Employment Verification

• W-2 Employees: Last 30–60 days of pay stubs, 2 years of W-2s, and 2 years of tax returns
• Self-Employed: 2 years of personal and business tax returns, year-to-date P&L, and 1099s
• Other Income: Documentation for rental income, alimony, child support, or retirement income

Assets and Financial Reserves

• 2 months of bank statements for all accounts
• Retirement and investment account statements
• Gift letter (if applicable)

Existing Debt and Property

• List of current monthly debts
• Current mortgage statements (if applicable)
• Landlord contact information (if renting)

⚠️ 2026 Cautionary Checklist (Before Closing)

• Do not open new credit accounts
• Do not make large financed purchases
• Do not make large undocumented deposits
• Avoid changing employment unless necessary