Arch Rate Quote and Standard MI Order. Loan Fulfillment Center Feature Enhancement

Transcription

1 Arch Rate Quote and Standard MI Order Loan Fulfillment Center Feature Enhancement

2 Confidentiality Copyright 2017 Mortgage Cadence, ALL RIGHTS RESERVED. This documentation and the information, data, software product described, and other material contained herein (collectively, "Documentation") is protected by United States and international copyright laws and is distributed under a software license agreement signed by you ("Agreement") restricting its use, copying, distribution, and recompilation. No part of this Documentation or the software product described herein may be reproduced, utilized, or transmitted in any form by any means whatsoever without prior written authorization from Mortgage Cadence The software product and technology described in this Documentation is confidential and proprietary to Mortgage Cadence and contains trade secrets of Mortgage Cadence. Your use of this Documentation is subject to the restrictions specified in the Agreement under which you obtained specific and limited rights to use this Documentation. This Documentation may or may not contain information on Mortgage Cadence Enterprise Lending Center, Mortgage Cadence Loan Fulfillment Center, Mortgage Cadence Borrower Center, Document Center Document Services, and/or the Software Development Kit (SDK), hereafter referred to as "Components." Any third party document provider and all other components mentioned above require their own license and will therefore need to be licensed separately from Mortgage Cadence. Please contact Mortgage Cadence for information on how to obtain licenses for these components. EXCEPT AS EXPRESSLY STATED IN THE AGREEMENT, THIS DOCUMENTATION IS PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. IN NO EVENT WILL MORTGAGE CADENCE BE LIABLE FOR ANY SPECIAL OR CONSEQUENTIAL DAMAGES ASSOCIATED WITH ANY USE OF THIS DOCUMENTATION. These training materials are intended to familiarize clients with the base configuration of Mortgage Cadence services. These training materials are not to be distributed outside the Accenture client s organization and are intended for your internal use only. Any changes made to these training materials by you, as a client, are done at your own risk and may not accurately reflect the functionality of the services provided by Accenture. Consequently, Accenture accepts no responsibility or liability resulting from changes to these materials that you make for your internal purposes. Trademarks The following terms are trademarks of Fannie Mae (FNMA): Desktop Originator (DO), Desktop Underwriter (DU), MORNET, MORNETPlus, DU Connections, EarlyCheck. The following terms are trademarks of Federal Home Loan Mortgage Corporation (FHLMC): Freddie Mac: Loan Prospector and Loan Product Advisor. The following terms are trademarks of Microsoft Corporation: Microsoft, Excel, Word, and Windows. The following terms are trademarks of Adobe Systems Incorporated: Acrobat. The following term is a trademark of Tim Kosse: FileZilla. The following term is a trademark of First American: PredProtect. The following term is a trademark of Optimal Blue: Loan Services Integration for Product and Pricing. The name of actual companies and products mentioned herein may be the trademarks of their respective owners. Any responsibility for specifying third party ownership of any trademark or services mark is hereby disclaimed. Contact Information Product Support Information Mortgage Cadence 1999 Broadway Suite 1200 Denver, CO Phone: , Fax: Mortgage Cadence Technical Support CadenceSupport@mortgagecadence.com Mortgage Cadence Self-Service Web Site For this document, please refer to this version number: ArchMIUpdates_LFC_FE_17.0_V07 Edition Information This edition of this documentation applies to Mortgage Cadence software identified in the text of this documentation and to all subsequent releases of the software until otherwise indicated in new editions of the documentation. This documentation could include technical inaccuracies, errors, omissions, or typographical errors. Changes are periodically added to the information contained in this documentation; these changes will be incorporated in new editions of the documentation. Mortgage Cadence may make changes in products described in this documentation at any time. This documentation is subject to change without notice. Copyright 2017 Mortgage Cadence, LLC. All rights reserved. Page 2

3 Contents Contents... 3 Arch MI Rate Quote and Standard MI Order... 4 Updates in the Order Arch Mortgage Insurance Screen... 4 Submitting an Arch MI Rate Quote Request... 7 Submitting an Arch MI Standard MI Order Verify MI Task New Order Category Option in the Order Status Report Copyright 2017 Mortgage Cadence, LLC. All rights reserved. Page 3

4 Arch MI Rate Quote and Standard MI Order The 17.0 release of the Loan Fulfillment Center (LFC) features enhanced functionality for the Arch MI integration with the LFC. Previously, you could only order a delegated mortgage insurance (MI) certificate from Arch MI. You can now order the following additional items from Arch MI: MI Rate Quote. This is a quotation request sent to Arch that dynamically considers the unique combination of loan and borrower characteristics to determine the most complete and precise premium rate, based on the risk represented by a loan. Arch refers to this request as RateStar, but this request is referred to as a rate quote throughout this document. Standard MI Order. Also known as a non-delegated MI order, this is a request for a mortgage insurance certificate from Arch MI. This is different than a delegated MI order. When you submit a standard MI order, Arch MI qualifies a borrower for MI rather than the lender. To accommodate the enhanced functionality, the following changes display in the LFC: One new drop-down list displays in the Order Arch Mortgage Insurance screen. Two new documents may display in the Order Services screen, depending on the type of Arch MI order you submit. A new order category that accommodates an Arch MI rate quote displays in the Order Status Report screen and the Order Services screen. Updates in the Order Arch Mortgage Insurance Screen The 17.0 release of the LFC enables you to submit a rate quote request and submit a standard MI order to Arch. To facilitate the new enhancements, the Order Arch Mortgage Insurance screen includes a new drop-down list. To view the screen changes in the Order Arch Mortgage Insurance screen, follow these steps: 1. In the LFC Workbench, open a loan. Copyright 2017 Mortgage Cadence, LLC. All rights reserved. Page 4

5 2. Click the Order Services tab. The Order Services screen displays. *Figure 1 Order Services Tab *Figure 2 Order Services Screen 3. In the Select Service drop-down list, select MI Arch. Copyright 2017 Mortgage Cadence, LLC. All rights reserved. Page 5

6 *Figure 3 MI Arch MI The Order Arch Mortgage Insurance screen displays. *Figure 4 Order Arch Mortgage Insurance Screen You see the following new drop-down list in the Mortgage Insurance Information section: Copyright 2017 Mortgage Cadence, LLC. All rights reserved. Page 6

7 MI Application Type. This drop-down list indicates the type of request you are submitting to Arch MI. *Figure 5 Options in the MI Application Type Drop-Down List The following options display in the MI Application Type drop-down list: Standard. Also known as a non-delegated MI order, this is a request for a mortgage insurance certificate from Arch MI. This is different than a delegated MI order. When you submit a standard MI order, Arch MI qualifies a borrower for MI rather than the lender. Delegated. This is an MI order available to lenders who have the ability to qualify a borrower for MI on behalf of Arch MI. This is not new functionality in the LFC. Rate Quote. This is a quotation request sent to Arch that dynamically considers the unique combination of loan and borrower characteristics to determine the most complete and precise premium rate, based on the risk represented by a loan. Submitting an Arch MI Rate Quote Request A rate quote is a quotation request on mortgage insurance premium details. Submitting a rate quote request does not result in an MI order, rather, it results in getting a quoted premium for MI. You can submit multiple rate quote requests for a loan. To submit an Arch rate quote request, proceed with these steps in the Order Arch Mortgage Insurance screen: 1. In the Borrower Information section, complete the applicable fields. If credit was previously ordered for the borrower, the system automatically populates the creditrelated fields in this section. 2. In the Loan Information section, complete the applicable fields. Copyright 2017 Mortgage Cadence, LLC. All rights reserved. Page 7

8 3. In the Mortgage Insurance Information section, proceed with these steps: a. In the Premium Type drop-down list, select a premium type. b. In the Renewal Type drop-down list, select a renewal type. The options that display in this drop-down list depend on the option you select in the Premium Type dropdown list. c. In the MI Application Type drop-down list, select Rate Quote. d. Complete the remaining fields in the Mortgage Insurance information section, if applicable. 4. Click Submit. *Figure 6 Submit Rate Quote Request The Order Services screen displays. You can see the submitted standard Arch MI order. The initial status of the MI order is Submitted. Refer to *Figure 7. *Figure 7 Submitted Arch MI Rate Quote Table 1 identifies and describes the possible statuses that may be returned from Arch MI for a rate quote request. Copyright 2017 Mortgage Cadence, LLC. All rights reserved. Page 8

9 Table 1 Arch MI Statuses for a Rate Quote Request Status Description Pending Submitted Approved Suspended This status displays when you initiate a request for Arch MI. This status displays when a rate quote request is submitted to Arch MI. The status remains Submitted until the system receives a response from Arch. This status displays when a standard MI order is approved by Arch. This status displays if the response from Arch MI contains an error. If an error is received, you are able to view details in the Order Services screen. When the status in the Status column is Approved, proceed with these steps in the Order Services screen: a. Click Approved, as shown in *Figure 8. *Figure 8 MI Arch Rate Quote Approved Hyperlink Copyright 2017 Mortgage Cadence, LLC. All rights reserved. Page 9

10 The Mortgage Insurance Results screen displays. You can view high-level information from the Arch MI Certificate Details PDF in this screen. *Figure 9 Mortgage Insurance Results Screen b. To view the Arch MI certificate details in PDF format, click the here hyperlink, shown in *Figure 10. *Figure 10 Click Here to View PFD Format Certificate Copyright 2017 Mortgage Cadence, LLC. All rights reserved. Page 10

11 The Arch MI Certificate Details PDF displays. *Figure 11 Arch MI Certificate Details PDF Submitting an Arch MI Standard MI Order A standard MI order (also known as a non-delegated MI order) is a request for a mortgage insurance certificate. A standard MI order is submitted when Arch does not delegate the responsibility to underwrite a loan to the lender. When you submit a standard MI order, Arch MI qualifies a borrower for MI rather than the lender. In order to complete a standard MI order, you must supply additional information to Arch according to your business practices. To submit a standard Arch MI order, proceed with these steps in the Order Arch Mortgage Insurance screen: 1. In the Borrower Information section, complete the applicable fields. 2. In the Loan Information section, complete the applicable fields. Copyright 2017 Mortgage Cadence, LLC. All rights reserved. Page 11

12 3. In the Mortgage Insurance Information section, proceed with these steps: a. In the Premium Type drop-down list, select a premium type. b. In the Renewal Type drop-down list, select a renewal type. The options that display in this drop-down list depend on the option you select in the Premium Type dropdown list. c. In the MI Application Type drop-down list, select Standard. d. Complete the remaining fields in the Mortgage Insurance information section, if applicable. Note: The Request Type drop-down list displays if an MI order already exists on a loan, as shown in *Figure 12. You can submit subsequent standard or delegated MI orders on a loan. Selecting Resubmission in the drop-down indicates you are resubmitting an existing MI order. Selecting Original Request indicates you are submitting a new MI order. *Figure 12 Request Type Drop-Down List 4. Click Submit. Copyright 2017 Mortgage Cadence, LLC. All rights reserved. Page 12

13 *Figure 13 Submit Standard MI Order The Order Services screen displays. You are able to see the submitted standard Arch MI order. The initial status of the MI order is Submitted. Refer to *Figure 14. *Figure 14 Submitted Standard Arch MI Order Table 2 identifies the possible statuses that may display in the Status column in the Order Services screen. Table 2 Arch MI Statuses for a Standard MI Order Status Description Submitted Pending Approved Suspended This status displays when a standard MI order is submitted to Arch MI. The status remains Submitted until the system receives a response from Arch. This status displays when you initiate a request for Arch MI. This status displays when a standard MI order is approved by Arch. This status displays when a standard MI order is in review with Arch MI. Copyright 2017 Mortgage Cadence, LLC. All rights reserved. Page 13

14 Error This status displays when the response from Arch MI contains an error. If an error is received, you are able to view details in the Order Services screen. When the status in the Status column is Approved, proceed with these steps in the Order Services screen: a. Click Approved, as shown in *Figure 15. *Figure 15 MI Arch Approved Hyperlink The Mortgage Insurance Results screen displays. You can view thigh-level information from the Arch MI Certificate Details PDF in this screen. Copyright 2017 Mortgage Cadence, LLC. All rights reserved. Page 14

15 *Figure 16 Mortgage Insurance Results Screen b. To view the Arch MI certificate details in PDF format, click the here hyperlink, shown in *Figure 17. The Arch MI Certificate Details PDF displays. *Figure 17 Here Hyperlink Copyright 2017 Mortgage Cadence, LLC. All rights reserved. Page 15

16 *Figure 18 Arch MI Certificate Details PDF Verify MI Task When you submit a rate quote request or a standard MI order and the LFC receives a response back from Arch MI, the system automatically populates the fields in the Verify MI task with The Verify MI task is located in the Path. The Verify MI task is not new in the LFC, but the system now populates the fields in the Verify MI screen for a rate quote request and a standard MI order. Copyright 2017 Mortgage Cadence, LLC. All rights reserved. Page 16

17 *Figure 19 Verify MI Task New Order Category Option in the Order Status Report in the Order Status Report screen, a new option displays in the Order Category Option dropdown list. This option enables you to view all of the rate quote requests submitted to Arch. To view the new option in the Order Category drop-down list, follow these steps: 1. In the LFC, select reporting. *Figure 20 Reporting 2. In the left navigation, select Order Status. Copyright 2017 Mortgage Cadence, LLC. All rights reserved. Page 17

18 *Figure 21 Order Status The Order Status Report screen displays. Copyright 2017 Mortgage Cadence, LLC. All rights reserved. Page 18

19 *Figure 22 Order Status Report Screen 3. Click the Order Category drop-down list. You see the new MI Arch Rate Quote option in the Order Category drop-down list, as shown in *Figure 23. *Figure 23 MI Arch Rate Quote Copyright 2017 Mortgage Cadence, LLC. All rights reserved. Page 19