Loan Originator Workflow. General Overview

Transcription

1 Loan Originator Workflow General Overview Responsibilities Obtaining a complete and accurate loan application. Completing all required fields within Point including but not limited to Company or Personal Lead and Estimated Close Date Contacting the Disclosure Desk in order for the disclosures to be delivered to the borrower(s) within the appropriate time period. Providing all parties including the borrower, Transaction Coordinator, Processor, Referral source and Branch Manager, with accurate information and realistic expectations. Compliant Origination We define loan origination as the process by which a prospective borrower applies for a new home loan and a mortgage expert processes that application. Origination generally includes all of the steps from taking the loan application through disbursal of funds. The goal of the Loan Originator is to move the borrower s file from Application to Funding as quickly and efficiently as possible. This document will provide a workflow for Loan Originators to maintain compliance and submit loans in a timely manner. System Overview Mortgage Solutions Financial Loan Originators (LO) will primary work in 4 separate systems. - Calyx Point: Loan Origination System (LOS) - Automated Underwriting System (AUS): Desktop Underwriter (DU) and Loan Prospector (LP) - IDS: Document Preparation System including Initial Disclosures and Closing Documents - Datatrac Web: Web portal used by Loan Originators to obtain pricing (Optimal Blue (OB), request a lock, and connect loan files to Datatrac, our internal system of record through which loans are processed, underwritten, and funded. Leads are converted to loan applications at the time of origination. Loan Originators create an initial record in Calyx Point. The LO will obtain authorization to retrieve the borrower s credit upon entering initial borrower information such as but not limited to; name, address, date of birth (DOB), social security number (SS#), phone number and e- mail address. Upon obtaining credit, discussing the borrower s goals and evaluating their ability to repay the debt for which they are applying, the LO will move the loan Page 1 of 10

2 application through the workflow defined herein. This process will include submitting the application for automated underwriting via DU or LP, IDS for disclosure via the Disclosure Desk, and Datatrac Web for pricing, requesting a lock and file status. Loan Tracking Lead to Application An application is defined as the submission of six pieces of information: (1) the consumer s name, (2) the consumer s income, (3) the consumer s Social Security number to obtain a credit report (or other unique identifier if the consumer has no Social Security number), (4) the property address, (5) an estimate of the value of the property, and (6) the mortgage loan amount sought. Upon receipt of the six pieces of information, the file s status should be changed from Prospect to Application. This change takes place on the Track Status Screen. Check the Application Status and the current date will automatically be entered as the Application Date for the file. Borrower Master Templates All files are created in Calyx Point. The initial lead should be created as a Prospect, as a New Blank File. Use the auto file naming. Do not save with a custom name. 1 Once the lead is converted to an application, the file must be saved as a Borrower. After the application is saved in the Borrower folder, import the appropriate Borrower Master Template. Applying the appropriate Borrower Master Template will ensure specific information required for the loan program pre-populates in the file without manual data entry. Examples of the information that is pre-populated includes but is not limited to: property information on the Truth in Lending, Branch Specific HUD ID (address and phone), VA Lender ID, FHA MIP, and VA Funding Fee (MIP and Funding Fee are set at basic amounts and must be adjusted by the LO according to LTV and transaction type). Web Leads and files imported from Originator websites should be first imported as a Prospect followed by the aforementioned instruction to convert it to an application. When completing the loan application and all other screens, pay close attention to the toolbar on the bottom of the screens. Pertinent information may be required here. 1 Files saved using a Custom Name my override an existing file with the same name. For example: a file saved as Smith will overwrite another loan with the same name. Auto-file naming creates a unique loan ID. Page 2 of 10

3 Additional Templates Portions of the Good Faith Estimate and Truth in Lending are populated by using the Closing Cost Scenario and Loan Program Templates. These templates will save a tremendous amount of time and can also help enhance compliance. Closing Cost Scenario Templates are Mortgage Solutions Financial defined Fee Worksheets based on loan program. Loan Program Templates are Mortgage Solutions Financial defined presets for Truth in Lending. They are based on loan program. By using both the Closing Cost Scenario and Loan Program Templates the LO ensures that the loan data and fees for a specific loan program are accurately entered for disclosure. Ordering Credit A credit report should be ordered in Calxy Point via the Services Menu. By ordering through Point, a number of things will happen; the liabilities and credit scores will populate to the loan file, the credit order and receive date will be tracked in the Track Status Basic Documents Section and a copy of the Credit Report will be stored in the eloan Document Management System. Disclosure Desk Initial Disclosures 1. Originator creates new loan in Point a. In order to save new loan in Point, Originator must have all 6 RESPA fields complete 2. Originator uploads and registers the loan in DT. a. Originator can t obtain a new loan number without registering the loan in DT 3. Originator generates initial disclosures package by uploading information from Calyx Point to IDS. 4. Originator s DisclosureDesk@msfhome.com. (Subject: Loan number - Last Name - Initial Disclosures). Originator must clearly indicate whether the application will be disclosed for esignature or In-person. 5. Disclosure desk reviews package in IDS as compared to Datatrac (DT), enters application date into DT, and sends out package through IDS fulfillment center or delivers to LO via for in-person disclosure. Disclosures sent to the borrower(s) for esignature that are not acted upon within 24hrs of delivery will automatically be sent via USPS through the IDS fulfillment center. Page 3 of 10

4 Change of Circumstances Loan changes requiring a Change of Circumstance (COC) including but not limited to pricing, loan amount and value will be submitted by the LO to Disclosure Desk for redisclosure to the borrower(s). Changes to pricing for locked loans will be initiated by the LO via to Locks@MSFHome.com. The LO will complete the COC screen in Calyx Point and generate the COC documents in IDS. After the COC docs are generated the LO will notify the Disclosure Desk via DisclosureDesk@MSFHome.com. Disclosure of loans going from Float to Lock or Lock changes should be sent to the Disclosure Desk only after the Lock Confirmation is received. Other Mortgage Solutions Financial (MSF) Loan Originators will adhere to regulatory time frames and definitions, in addition to those set forth by MSF, at all times. Minimum Submission Requirements The Minimum Submission Requirements are a series of worksheets that contain a list of required documents for submission to processing. These requirements are transaction and product specific. The MSF minimum submission requirements can be found on Retail Resources. Minimum Submission Requirements are intended to ensure quality. The first page of every loan submission from the LO should be the Processor LOE (completed in detail). The second page of every loan submission from the LO should be the Minimum Submission Checklist (completed in detail). Loan submissions that do not contain the minimum required documentation will not be accepted in processing. They will be returned to the LO by the MSF Processing Manager. Upon re-submission they will be treated as new business for the day they are received. All files will be assigned on a first-in first-out basis and must be received by the MSF Processing Manager before 3pm MST. Submissions received after 3pm MST will considered the next business day. DataTrac Web All loan files must be Registered in DataTrac Web. This is completed by exporting a FNMA 3.2 file from Calyx Point and uploading it into DataTrac Web. The originator should update the Lender Case # field in Calyx Point to reflect the DataTrac Web Loan Number. Page 4 of 10

5 Now that the loan is registered and all required documents to get the file into the Processing Department have been obtained, change the file s status to Submitted to Processing in the Track Status screen. Once the file is in Processing, the Loan Originator will no longer have access to certain areas of the file. However, the Originator may continue to make notes in the Conversation Log and add documents received from the borrower to the eloan Document Management System. Detailed Step-by-Step Instruction Compliance is the most talked about topic in the mortgage industry. Following this recommended workflow will assist in ensuring future compliance with mortgage industry regulations and help to mitigate the compliance burden on the Originator. All of the following 6 pieces of information are required to constitute an application: Borrower s name Borrower s monthly income Borrower s social security number Subject property address Estimate of subject property s value Loan amount Note: If you do not have all 6 items listed above, you do not have an application and should not disclose. Once a GFE is disclosed we are bound to the fees / charges disclosed. Page 5 of 10

6 The following disclosures must be provided at application: Borrower s Certification / Authorization: If verbal authorization is received you must place a note in the Calyx Point conversation log indicating as such Patriot Act Disclosure: One for the borrower to sign and one for the originator to complete with the identification provided by the borrower that certifies it is, true and accurate T: Requires wet signature from borrower ~ be sure to review your AUS findings on HARP a 4506-T may not be required ~ not required on FHA Streamlines & VA IRRRLs Privacy Policy Consumer Information Sheet Up Front Disclosure Letter Colorado Net Tangible Benefit Disclosure (CO loans only) FHA Loans Only o HUD Addendum o Informed Consumer Choice o Important Notice to Homebuyers o Notice to Homebuyer (Assumption Notice) o For Your Protection, Get a Home Inspection (Purchase only) o Amendatory Clause & Real Estate Certification (Purchase only) VA Loans Only o HUD Addendum o Counseling Checklist for Military Homebuyers (Active duty borrowers only) o Request for Certificate of Eligibility (Form 1880) o Notice to VA Applicant o Amendatory Clause (Purchase transactions only) o Child Care Statement (Required when children 10yrs or younger are listed on application) o Reservist/National Guard Declaration o Veteran s Nearest Living Relative o Verification of VA Benefits (Form ) ARM Loans Only o ARM Disclosure o Consumer Handbook on Adjustable Rate Mortgages (CHARM) Booklet Page 6 of 10

7 The following must be issued no later than 3 business days after the originator receives an application or information sufficient to complete an application. (TBD submissions should not include a GFE or TIL). Truth-in-Lending Disclosure (TIL) Good Faith Estimate (GFE) Settlement Service Providers List Settlement Cost Booklet Servicing Transfer Disclosure (be sure the document is dated properly) ECOA Notice (be sure to check appropriate boxes in top section) PMI Disclosure (Conventional loans when PMI is required ONLY) Escrow Waiver Disclosure (ONLY if waiving escrows) Informed Consumer Choice Notice (FHA loans only) Colorado 3 rd Party Fees Disclosure (CO loans only) Notice of Action Taken (NOA) / Cancelation of Files (Adverse Action) All loans files must be uploaded into DataTrac Web and have action taken with 3 business days of the application date. Initial Disclosure must be made or a completed Notice of Action Taken must be sent and the file status updated. Refer to 2013 QC ECOA Pipeline Policy located on Retail Resources Note: Calyx will not allow a Loan File to be Saved if the HMDA information is not complete. TBD Purchase: Disclosures such as but limited to the GFE and TIL cannot be provided for TBD purchase transactions. Please see Retail Pipeline P & P located on the company Retail Resources site for additional guidance and pipeline management requirements. Start file as a Prospect ~ you must apply a borrower master template once the lead is converted to an application and saved to the borrower folder. Save file using Auto-name function o Manage database o Quickly adverse non-qualified leads o Delineation between Prospect [Lead] and Borrower [qualifying candidate] Page 7 of 10

8 Import Borrower Master Template In the opened Borrower File select File from the main toolbar hover your mouse over Import From and select Borrower Master File from the side toolbar. The Import Data from Borrower Master File window will appear. In this window scroll through options and select applicable Master Template and click OK. An additional Import Date from Borrower Master File window will appear and state, Data Imported Click OK. Complete 1003 ~ establish initial risk eligibility (All fields 1003 must be 100% complete) 1 In order to obtain credit you must have a verbal authorization or a signed borrower s authorization. o If verbal authorization is obtained you must place a comment stating as such in the conversation log and Pull credit Click Services on main toolbar select Credit Reports, and then Request Credit. You will then see the Credit Report Request page. Make sure Kroll Factual Data is selected as the Credit Agency. Individual Report should be Bureau Express. The checkboxes for Equifax, Experian, and Trans Union are checked. Then select your Request Type, for an initial credit pull you will click on the radio button for Order New Report. Then click on Submit. Run AUS (it is imperative that complete and accurate information is input in to your 1003 prior to running AUS.) 2 Click Interfaces on main toolbar select Fannie Mae Desktop Underwriter. You will then see the DU introduction page. Click the Skip this introduction page in the future if you have not already done this - then Click Submit. You will then be prompted for your DU username and password. Be sure to click the Save Password button so that you do not have to enter this information each time you access this portion of the system. Click OK and you will be redirected to the Submit Loan: Select Credit and Underwriting Options page. Select Underwriting Only then click Next. On the next page select Desktop Underwriter from the available dropdown list and click Submit. You should now be on the Loan Information page with the underwriting recommendation decision. Click on the link located the Underwriting Recommendation section to review your loan findings. Review the findings in detail to indentify and potential red flags and requirements for loan documentation such as Income, Assets, Appraisal, and Credit. Exit the DU interface by clicking Forms on the main toolbar then select Prospect Page 8 of 10

9 Information. The system will refresh and you will be asked to Return to Point and Download the changes Click Yes 2 Application and all disclosures required at time of application must be completed and signed by all parties the same day as AUS is run. Page 9 of 10

10 Note: AUS findings obtained through Calyx Point do not constitute a final evaluation. DataTrac is our system of record and only findings run through DataTrac and validated in underwriting will be used to determine the loan decision. Should there be any discrepancies between findings run through Calyx Point and those run through DataTrac the DataTrac findings will be used to make an underwriting decision on the loan. Review all of the following for accuracy 1003 all pages, including but limited to program specific fields, liabilities, income, & expenses section Initial Fees Worksheet GFE Truth-in-Lending HUD/VA Addendum if applicable Upload Borrower File ~ DataTrac Web/ Lock Your Loan Save your file in Calyx Export your file from Calyx as a FNMA 3.2 file by clicking File on the main toolbar in your borrower file. Locate Export To hover over Export To and select Fannie Mae DO/DU (Local). The Export 1003 Data to Fannie DO/DU window will appear. In this window select My Computer from left side navigation pane. Next, select your U: drive which is identified as follows: FirstName.LastName on ms\msnet\home (U:). Click Open. Next, click in the File name: drop down window and rename your file using the borrower s last name followed by first name. Click Save this will save your FNMA 3.2 file in your general U: drive for easy access. From your Citrix Application menu open DataTrac Web Optimal Blue and login Click on the Pipeline tab Select Upload Loan Select FannieMae DU from the File Format dropdown list Click Browse to locate the FNMA 3.2 file that you exported in the previous steps Select applicable loan program from the Loan Program dropdown list Select the appropriate Originator Type from the dropdown list i.e. Branch or Lender (B). Lender (B) = Brokered Loans Check to insure your name and address are correct in the Contact Information Add any applicable Comments or special instructions Click Submit File the system will refresh and you will receive confirmation that your file has been successfully uploaded. Page 10 of 10

11 Write down your loan number. You will need it to complete the Lender Case # field in Calyx. At this point you can Request your lock via Optimal Blue should you so choose. Disclose ~ IDS Once all of your loan information is entered and you are ready to disclose, please follow the procedure listed below to get your file into IDS and submitted to the Disclosure Desk. To choose your loan program in Point do the following: Choose Services from the top menu Choose Initial Disclosures Choose Select Product The Select Product menu will appear. o If this is your first time use, click Update Products - you will be prompted for Login Info - Choose IDS, Inc from the drop down and then leave Account # and Branch ID blank and then enter your IDS login for User ID and your Password - Check Save Password - click submit and it will populate the list of Investors) o When the menu pops up and the list of investors appears, go down the list to Standard and click the + to expand it, highlight the program that you need (under the Standard section) and then hit Select Product. Once you do, the product will be selected in the system and will drop you back out Choose Interfaces from the top menu Choose Closing Documents Choose "ids Doc Web" Click Ok The next screen is the Closing Docs Interface screen. Click the Launch IDS Doc Web Button. This will launch the IDS interface where you can login and proceed as per the video. To watch the instructional video go to: Login using your assigned username and password. Once you are logged in you will see a link that says, click here to view the System Overview for Loan Officers. Initial Disclosures 1. Originator generates initial disclosures package by uploading information from Calyx Point to IDS as described above. 2. Originator s DisclosureDesk@msfhome.com. (Subject: Loan number - Last Name - Initial Disclosures). Originator must clearly indicate whether the application will be disclosed for esignature or In-person. Page 11 of 10

12 3. Disclosure desk reviews package in IDS as compared to Datatrac (DT), enters application date into DT, and sends out package through IDS fulfillment center or delivers to LO via for in-person disclosure. Disclosures sent to the borrower(s) for esignature that are not acted upon within 24hrs of delivery will automatically be sent via USPS through the IDS fulfillment center. Change of Circumstance Loan changes requiring a Change of Circumstance (COC) including but not limited to pricing, loan amount and value will be submitted by the LO to Disclosure Desk for redisclosure to the borrower(s). Changes to pricing for locked loans will be initiated by the LO via to Locks@MSFHome.com. The LO will complete the COC screen in Calyx Point and generate the COC documents in IDS. After the COC docs are generated the LO will notify the Disclosure Desk via DisclosureDesk@MSFHome.com. Disclosure of loans going from Float to Lock or Lock changes should be sent to the Disclosure Desk only after the Lock Confirmation is received. Loan Submission - Processing Stack complete loan file using section dividers accordingly to separate each section such as Application, Credit, Income, Assets, Property, and Disclosures. Scan stacked loan package to yourself and save the entire file to your Loan Submissions folder on your U:drive 3. Save the file with the following format: BorrowerLastName_LoanNumber.PDF complete loan submission package containing all minimum submission requirement, to Branch Manager Update the Status in Calyx to Sent to Processing Your file will be reviewed by your Branch Manager for program accuracy and completeness. The Branch Manager will submit the file for processing to the Processing Manager via . Your Processor will review your file for completeness with 48 hours of receipt. All files submitted to the Processing Manager before 12:00am MST will be go on the log for that days work. All files received after 12:00am MST will go on the log for the next business day. Files meeting the minimum submission requirements as detailed on the submission checklist will be moved forward to underwriting once the Processor has completed all of their loan tasks to include but not limited to; ordering all verifications (VOE, VOD, etc), title, payoffs if applicable. Our goal is to move all complete submissions from processing to underwriting within 5 business days of receipt in processing. The LO s dedication to a thorough origination and complete loan submission can have a significant impact on our ability to create exceptional customer experience and timely loan funding. Page 12 of 10

13 Brokered Loans o Start file in Calyx as outlined above o Upload loan file to DataTrac Web as outline above, only choose Lender B rather than Branch ~ Lender B designates the file as a Brokered Loan for reporting purposes o It is the Loan Originators responsibility to insure that the processor has complete and accurate status information. o It is the Processors responsibility to insure that DataTrac is properly updated as the file moves forward. o Both the Processor and LO are responsible for placing accurate notes in DataTrac and DataTrac Web. o LO will not be paid commissions earned until all information in DataTrac is complete and accurate including a Funded Date. Additionally, the MSF Accounts Payable Department must have received the check from closing. 3 Locate your U:Drive (My Home Directory) in your Citrix applications. Open My Home Directory, once the folder opens right-click and create a new folder. Label the new folder Loan Submissions (you will only have to do this once once the folder is created it will always be there). Page 13 of 10