In the previous section, we covered the borrower’s “needs list,” the documents and information you provide directly to the lender so they can process, underwrite and approve your DSCR Loan. Those are borrower-supplied items, generally within your control to get submitted smoothly, accurately and timely.
Now, we’ll turn to the documents that are ordered by the lender themselves. These are not things you fill out and send in (though you may still need to coordinate access, answer questions, or pay certain fees). Instead, they are documents and reports that the DSCR Lender orders from third parties, appraisers, title companies, loan document providers and other vendors as part of the underwriting and closing process.
Most of these items are ordered in parallel with the borrower “needs list” collection. While you’re gathering your bank statements and other requested documents, the DSCR Lender is often already moving forward on the appraisal, title search and other critical items. This is why understanding the lender’s side of the process is just as important as knowing your own role: if you can anticipate their steps, you can prepare to smooth the path instead of reacting to last-minute requests.
Similar to the core set of documents on the borrower needs lists that are needed for every single DSCR Loan, there is a similar "core" set of documents needed on every DSCR transaction that are ordered by the lender on their version of the "needs list." Note that items such as credit reports and background reports are typically ordered earlier on in the process and aren't covered here. These "core" lender-ordered documents are:
Similarly, there are a set of documents that are ordered by the lender on only a portion of applicable DSCR Loans, depending on factors such as the type of property being financed, how the property is being leased (or planned to be leased) or whether the property sits in a flood zone. These conditionally required lender-ordered documents include:
Beyond the “big three” (appraisal, collateral desk analysis, and title work) plus payoff statements and condo questionnaires, DSCR Lenders may also require additional third-party reports to complete their due diligence. These reports are designed to verify property-specific risks or compliance factors that aren’t fully addressed by the core valuation and title process, such as flood zone status or niche market research for STRs. While many of these reports are low-cost and quick to obtain, they play a critical role in confirming that the collateral meets investor guidelines and that the loan can be sold in the secondary market without future disputes.
Every DSCR loan requires a formal flood zone determination, a standardized, third-party report ordered by the lender to confirm whether the property is located in a FEMA-designated Special Flood Hazard Area (SFHA). Unlike simply checking FEMA’s online flood maps yourself, this determination must come from a certified vendor and include a “flood zone certificate” that can be relied on for compliance and insurance purposes.
DSCR Lenders typically order the flood zone determination at the same time as the credit report early in the application process. The cost is minimal (often under $20) and is usually only charged to you at closing if the loan funds, meaning there’s no upfront payment required in most cases. If the determination shows the property is in a flood zone, the property will be required to carry flood insurance that meets the lender’s minimum coverage standards before the loan can close. If not, no flood insurance is needed and the documentation stops here. Although it is important to note that in cases where the flood certificate shows that the property has not been mapped by FEMA and therefore has no flood zone assigned to it, there may still be flood insurance required (up to DSCR Lender discretion).
Many DSCR Lenders now accept short term rental income projections from AirDNA, a leading data source for vacation rentals and Airbnbs, to help underwrite market rent in some cases when the property is going to be used as an STR. While AirDNA offers limited free tools for investors to view basic projections, accessing a full downloadable “Rentalizer report” with all the detailed metrics lenders rely on requires a paid subscription, which can be costly. In most cases, if a DSCR lender uses AirDNA data, they will run the report themselves as part of their corporate subscription, making it a lender-generated, behind-the-scenes step rather than a borrower-provided document on your needs list.
Q: Do I need my own AirDNA subscription to get a DSCR loan that uses AirDNA data?
A: No. If your DSCR lender accepts AirDNA short-term rental projections, they’ll typically run the report themselves using their corporate AirDNA subscription and include it in your loan file. While AirDNA offers free basic tools and paid subscriptions for investors who want to research properties on their own, you are not required to purchase a subscription for your loan to close.
To keep your DSCR Loan on track, move quickly on any lender-ordered items. Pay third-party fees as soon as they’re invoiced so appraisals, condo questionnaires, and other reports can be ordered without delay. Coordinate early with property managers, HOAs, and tenants to ensure timely access for appraisers or inspectors. Expect occasional follow-up requests, such as clearing title issues or providing details on recent renovations and handle them promptly. Remember that your own “needs list” and the lender’s ordered reports often run in parallel, so delays on either side can push back the date of closing.
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