The Underwriting Checklist (UW Checklist) is the master tracking document for your loan. Every document required for closing is listed here, with its status (Received, Outstanding, N/A) and the party responsible for providing it. When everything says "Received," you close. When things say "Outstanding," you don't.
Our Freddie Mac refinance checklist had 47 line items across 6 categories. The first time you see one, it's overwhelming. By the end, you'll realize it's actually a roadmap—if you know how to read it.
The Four Parties
Every line item has a "Responsible Party" column. Know who's who:
| Code | Party | What They Do |
|---|---|---|
| L | Lender | The originator (e.g., your lender/servicer). They prepare loan docs, order searches. |
| LC | Lender's Counsel | The lender's law firm. They draft legal documents, review title. |
| B | Borrower | You. Entity docs, financials, questionnaires. |
| BC | Borrower's Counsel | Your attorney (if you have one). Reviews loan docs on your behalf. |
| TC | Title Company | Handles title insurance, escrow, closing. |
If it says "L" or "LC," you're waiting on them. If it says "B" or "B/BC," you're the blocker.
The Three Statuses
| Status | What It Means | Your Action |
|---|---|---|
| Received | Document is in hand and acceptable | None. You're done. |
| Outstanding | Document is missing or incomplete | Provide it (if B) or follow up (if L) |
| N/A | Not applicable to your deal | None. Doesn't apply. |
The goal is simple: turn every "Outstanding" into "Received" or "N/A." That's it.
The Six Categories
A typical Freddie Mac UW checklist is organized into these sections:
1. Lender Deliverables
Documents the lender prepares for you to sign or review.
- Application materials
- Commitment letter
- Rate lock confirmation
- Final loan documents
- Signature pages
Your role: Review and sign when they send them. Don't sit on signature pages.
2. Borrower Organizational Documents
Everything about your entity structure.
- Organizational chart
- Articles of Organization
- Operating Agreement (with all amendments)
- Good Standing Certificate (must be dated within 30 days of closing)
- EIN letter
- Resolutions authorizing the loan
The Good Standing trap: This certificate expires 30 days after issuance. If your closing gets delayed, you'll need to order a new one. Budget $25-50 and 3-5 business days.
3. Key Principal / Guarantor Documents
Personal information for anyone signing a guarantee.
- Notice address (where legal notices get sent)
- Residence address
- Email address
- Personal Financial Statement
4. Public Record Searches
Background checks ordered by the lender. These are on them, not you.
- UCC searches (liens on personal property)
- Bankruptcy searches
- Litigation searches
- Judgment & Tax Lien searches
Must be dated within 30 days of closing. If closing slips, these get re-ordered.
5. Title Insurance
Handled by the title company and lender's counsel.
- Loan title commitment
- Schedule B exception documents (easements, restrictions)
- Pro forma loan policy
- Insured closing letter
- Wire instructions
Title is often the longest pole in the tent. If there are title issues (old liens, boundary disputes), they can delay closing by weeks. Order title early.
6. Property-Related Materials
Physical and legal property documentation.
- Survey (dated within 360 days of closing)
- Zoning compliance evidence
- Commercial leases (if applicable)
- Tenant estoppels (for commercial tenants)
- HAP contracts (for Section 8)
- Regulatory agreements
The "Other Potential Legal Issues" Section
At the bottom of every UW checklist is a Yes/No table of deal-complicating factors:
| Issue | If "Yes" |
|---|---|
| Access Easement | Need easement agreement reviewed |
| Shared Amenities | Need shared facilities agreement |
| Ground Lease | Significant additional documentation |
| HAP Contract | Section 8 documentation required |
| Tax Abatement | Abatement agreement needed |
| LIHTC | Extensive affordable housing docs |
| Subordinate Financing | Intercreditor agreement required |
Ideally, this section is all "No." Each "Yes" adds complexity, documents, and time.
How to Use the Checklist
Week 1: Triage
Go through every line item. For each one:
- Do you have this document already? → Send it
- Do you need to create it? → Start now
- Is someone else responsible? → Note it and follow up
- Does it not apply? → Confirm with broker it's truly N/A
Week 2+: Daily Standups
Every day, review the "Outstanding" items. Ask yourself:
- Which ones can I resolve today?
- Which ones am I waiting on others for?
- Have I followed up on items others owe me?
Pre-Submission: Final Sweep
Before rate lock, every "B" item should be "Received." If anything is still Outstanding, you're not ready.
The Items That Delay Deals
Based on our experience, these are the most common blockers:
| Item | Why It Gets Stuck | Prevention |
|---|---|---|
| Good Standing Certificate | Ordered too early, expires before closing | Order 2-3 weeks before expected close |
| Operating Agreement Amendment | Needs SAE provisions for Freddie | Draft amendment early, get signatures |
| Survey | Takes 2-4 weeks to complete | Order immediately upon application |
| Insurance Certificate | Doesn't meet lender requirements | Get lender's exact requirements first |
| Payoff Letter | Current lender drags feet | Request early, follow up aggressively |
The Comments Column
Don't ignore the "Comments" column. This is where the lender tells you exactly what's wrong:
- "Need amendment for SAE provisions" — Your operating agreement is missing required language
- "Lender will order" — They're handling it, but it takes time
- "Required prior to rate lock" — This is blocking your rate lock, prioritize it
- "Date within 30 days of closing" — Timing-sensitive, don't order too early
The UW checklist is not paperwork. It's your closing roadmap. Master it, and you control your timeline.