User Guide for Pricing Engine

Transcription

1 User Guide for Pricing Engine Version 1.2 Effective Date: 02/27/2019

2 Contents 1.0 STEPS TO ACCESS SEEMYLOANSTATUS SUBMITTING LOCK REQUEST STEPS TO REQUEST LOCK ON A NEW LOAN STEPS TO REQUEST LOCK ON AN EXISTING LOAN IMPORTANT NOTES SUBMITTING LOCK EXTENSION REQUEST SUBMITTING LOCK CANCELLATION REQUEST

3 1.0 STEPS TO ACCESS SEEMYLOANSTATUS To access SeeMyLoanStatus (SMLS), open Internet Explorer and enter the URL in the address bar. Click on the Originator tab and select Price the Loan option from Login tab. Enter your SeeMyLoanStatus user ID and password and click on Submit button. 2

4 Once you are logged in to SeeMyLoanStatus, you will see below Page. 3

5 2.0 SUBMITTING LOCK REQUEST Given below is the step by step process on how to request for lock on a new loan file and an existing loan file. 2.1 STEPS TO REQUEST LOCK ON A NEW LOAN To create a new loan and request lock on it, Login to SMLS and fill in the details in Product Search section. Once done, click on Find Product button available at the bottom of the page. Note: a.) All the fields with asterisks (*) are mandatory. You are requested to complete all the fields (including the fields which are not mandatory) on this page to find the best product that could be offered to the customer. After you click on Find Product, all the products that meet your loan scenario will be displayed as shown below. Before selecting the product, verify all the adjustments and if required, opt for any additional optional adjustments listed for each product. 4

6 Click on View Price Grid link to view all the available rates offered for a particular product. 5

7 You may now select pricing for any available rates and the lock period from the Price Grid. Notes: o Pricing will only be shown for Lock Period days greater than minimum lock period i.e. time required to cover the turn time of receipt of appraisal plus 10 days closing process period. Available minimum lock period days will be shown at the bottom of the price grid. You may also enter an adjusted lock period (between 0 to 60 days) as per your requirement. 6

8 o You can only select the Lock Period between minimum allowed lock days and maximum available lock days (i.e. 60 days). If Lock Period is not selected in the allowed range, below validation popup will be displayed. If you want to make any change in the loan scenario you have entered for product search, you can click on Edit Search button, update the loan scenario and click on Find Products to view all the products that meet your loan scenario. 7

9 Once you have finalized the product, check the certification checkbox to confirm that you have been authorized by borrower to lock the loan and click on the Request Lock button against that product to place the lock request with Sun West Mortgage Company, Inc. If the lock request is placed in non-business hours, then a confirmation popup will be shown to authenticate that the lock will be placed at the price for selected rate with the next business day s first released rate-sheet, click on OK to proceed with the lock request. After you have placed the lock request for the selected product, a loan will be created in the system and an automated lock request will be sent to Lock Desk. You will receive a confirmation message with the loan number as shown below: 8

10 You will also receive an automated confirming that you have submitted the lock request to Lock Desk. Please note that this is NOT a lock confirmation. Lock confirmation will be ed to the authorized individual in your company in a separate . 9

11 2.2 STEPS TO REQUEST LOCK ON AN EXISTING LOAN To request lock for an existing loan with Sun West Mortgage Company, Inc., enter the loan number against Loan #: field on the login page of SeeMyLoanStatus, and click on submit. Click on Pricing / Request Lock link available in the navigation panel of SeeMyLoanStatus. 10

12 Update the details in Price the Loan page and click on Find Product Button. Please note that the following items are updated correctly before clicking on Find Product button: CLTV should be greater than or equal to LTV. On loans which have already been underwritten by Sun West, Property Type, Loan Type, Amortization Type, Note Rate and Loan Purpose cannot be changed through Pricing Engine. You should contact your Relationship Manager, listed on your approval sheet, for any change to these parameters. After you click on Find Products different products as per the eligibility criteria for the borrower will be displayed. Before selecting the product, verify all the adjustment and opt for any additional optional adjustment listed for each product. 11

13 Click on View Price Grid link to view all the available rates offered for a particular product as shown below: 12

14 You may select any available rates and the lock period from the Price Grid as shown below: Note: The price grid on the product search page will show pricing as per following criteria on loans where appraisal is required: a) If Appraisal is not yet ordered on the loan, then pricing will be shown only for those lock period days which are more than or equal to Appraisal TAT for the loan + 10 days. Whenever pricing is not shown for any lock period due to the above mentioned logic when the appraisal is not ordered then the following note will be displayed at the bottom of the Price Grid: PRICING IS UNAVAILABLE FOR REQUESTED TIME PERIOD OF THE LOCK AS SUCH TIME IS NOT SUFFICIENT TO COVER THE TURN TIME OF RECEIPT OF APPRAISAL (ESTIMATED XX DAYS) PLUS AN ADDITIONAL 10 DAYS TO ALLOW FOR CLOSING PROCESS. b) If appraisal has been ordered and Expected Appraisal Report Date is available but Appraisal is not yet received, then pricing will be shown only for those lock period days which do not expire before Expected Appraisal Report Date + 10 days. Whenever pricing is not shown for any lock period due to the above mentioned logic when the appraisal is ordered but not yet received then the following note will displayed at the bottom of the Price Grid: PRICING IS UNAVAILABLE FOR REQUESTED TIME PERIOD OF THE LOCK AS SUCH TIME IS NOT SUFFICIENT TO COVER THE TURN TIME OF RECEIPT OF 13

15 APPRAISAL PLUS AN ADDITIONAL 10 DAYS TO ALLOW FOR CLOSING PROCESS c) If Appraisal is received, pricing will be shown for all the lock periods available (15 days, 30 days, 45 days, 60 days). You may enter an adjusted lock period days between the minimum and maximum allowed lock period range as per your requirement. Once you have finalized the product and pricing, check the certification checkbox to confirm that you have been authorized by borrower to lock the loan and click on the Request Lock button against that product to place the lock request with Sun West Mortgage Company, Inc. 14

16 Lock Request details will reflect on the page as shown below and lock will be confirmed within 24 business hours of the request submission. You will also receive an automated confirming that you have submitted the lock request to Lock Desk. Please note that this is NOT a lock confirmation. Lock confirmation will be ed to the authorized individual in your company in a separate . 15

17 2.3 IMPORTANT NOTES Lock Desk timings are 6:00 AM PT to 8:00 PM PT. Lock requests submitted after business hours or during the weekend, holiday or non-business days will be priced to the first release of the rate sheet on the next business day. On Brokered loans, Sun West requires submission of 1003, GFE & TIL or Loan Estimate (for applications on or after 10/03/2015) prior to the lock request. If the documents were not submitted prior to the lock request, please note that your lock request is incomplete and will be placed on hold until missing documentation is received and reviewed by Sun West to be in RESPA/TILA or TRID compliance. Please notify for loans where any missing documentation is uploaded to broker inbox after lock request has been submitted. Pricing is subject to change until your lock request is confirmed. During price change, Pricing Engine will show the previous pricing however lock request cannot be placed. User should refer to the Special Instructions PRICING FOR THIS PROGRAM IS CURRENTLY BEING UPDATED. PLEASE CHECK AFTER SOME TIME. In such a case, User has to place the request after new pricing is available on the Pricing Engine. 16

18 3.0 SUBMITTING LOCK EXTENSION REQUEST To extend a lock for an existing locked loan with Sun West Mortgage Company, Inc., enter the loan number against Loan #: field in SeeMyLoanStatus, and open the loan. Click on Extend / Cancel Lock link available in the navigation panel of SeeMyLoanStatus as shown above: Price the Loan screen for a loan with existing lock will display as follows: 17

19 Enter the expected date till which you are requesting to extend the lock against Request Extension Date and click on Extend Lock button. Pricing Engine will calculate the extension cost and display a pop-up message indicating the number of days of extension requested and the associated cost for the extension of lock period. Click OK to proceed or Cancel if you do not wish to extend the lock period. 18

20 You will receive an automated confirming the submission of lock extension request. Revised Lock Confirmation will be ed to the authorized individual of your company in a separate . 19

21 4.0 SUBMITTING LOCK CANCELLATION REQUEST To cancel lock for an existing locked loan with Sun West Mortgage Company, Inc., enter the loan number against Loan #: field in SeeMyLoanStatus, and click on Magnifying Glass Icon. Click on Extend / Cancel Lock link available in the navigation panel as shown above. Price the Loan screen for a loan with existing lock will display as shown below: 21

22 Click on Submit to Cancel button to submit the lock cancellation request. Pricing Engine will display a pop-up message requesting confirmation of lock cancellation request. Click OK to proceed or Cancel if you do not wish to cancel the lock. 21

23 You will receive an automated confirming the cancellation of lock request. Lock Cancellation confirmation will be ed to the authorized individual of your company in a separate . 21