Loan Processing. Introduction:

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2 Introduction: In this training material and supplemental training exercises, we explore the items necessary to open a loan. We will step by step walk you through the general processes and required procedures. The information contained here is meant to be a basic guide for each and every loan opened.

3 Topics covered in this training: 1. Installing and Logging into FastTrac Navigating FastTrac IT Support Requests 4. Downloading Disclosures 5. Disclosure Tracking Tool 6. Entering File Contacts 7. LDP/GSAs 8. Ordering Flood Certs 9. Ordering Tax Transcripts 10. Mortgage Insurance 11. Appraisal Ordering 12. Automated Underwriting 13. Change of Circumstance 14. Verification of Employment 15. The Work Number 16. Handling Conditions 17. Printing an Underwriting Decision 18. QC Audit List 19. Completion of Opening Notes

4 FastTrac 360 Support: You have three options for support 1. You can submit a support ticket from the support website 2. Phone: Or you can support@prmg.net support request which will be immediately placed in our helpdesk system

5 Accessing and Installing FastTrac 360: FastTrac 360 will need to be installed on your computer FastTrac must be downloaded and installed from Internet Explorer Installation software can be located at the following URL: Open/Save zip file 3. Run the RunMe file inside the zip file follow the onscreen instructions 4. Contact for help with installation and your initial username and password combination

6 Accessing and Installing FastTrac 360: 1. During the installation process you will be prompted for a Client ID code: Client ID =BE Upon completion of the software installation you will be prompted to enter a username and password which IT will provide

7 Home Tab: The Home tab is a centralized landing page for viewing information. The first two columns can be customized to personal preferences. Modules can be added, removed, relocated with the exception of the Admin Whiteboard The third column is reserved by Ellie Mae for important system messages, updates and knowledge base

8 Pipeline Tab: White Active loan, Loan Originated, or purchased by your institution Gray Active loan, Loan Originated, or purchased by your institution Pink Adverse Status Dark Grey the logged-in user has read-only access to the loan Light Blue a opened loan in the Loan Tab

9 Loan Folders: The status of the loan will determine the loans folder 1. All Folders contains all loans regardless of status 2. Archive contains loans after a period of time being completed 3. Adverse Loans contains loans that have been withdrawn or denied 4. Closed Loans contains loans that have been closed or funded 5. My Pipeline contains loans that are active and have been disclosed 6. Prospects contains incomplete application loans

10 Views: Users will have one or more default views to choose from. Initial views are determined by the administrator and pre-determined based on your user role within FastTrac 360 As a FastTrac 360 user you have the ability to create custom views and add additional columns

11 Views: As a FastTrac 360 user you have the ability to create custom views and columns search or select the desired column to add or remove 1. Click OK 2. Click Save

12 Views: 1. Determine if you want to update the current view or Save as a new 2. Click Save

13 Pipeline Icons: Pipeline Icons can be clicked one to view more details information without opening the file

14 Loan Workspace: The loan workspace will look the same on every loan with the exception of the data being presented 1. Header 2. Logs and Alerts 3. Forms, Tools and Services 4. Loan Work Area Keyboard Shortcuts 1. Help = F1 2. Current Date = Ctrl+D 3. Go-To-Field = Ctrl+G 1. Enter Field ID

15 Custom Links: You can add links to any URL (such as your company's website) using the Custom Links feature. You can add a custom link to a service category and you can also add a maximum of five custom links to your My Other Links list. To Add a Custom Link to a Service Category: 1 Open a loan and click the Services tab. 2 Click the button (such as Order Credit Report) for a service category. 3 Click the All Providers tab, and then click New Provider. 4 Enter a Link Title that will display on your My Providers list. 5 Enter the Link URL, using the format: of URL] 6 Click Add Custom Link to add the provider to your list. NOTE: Not all service categories allow you to add custom links.

16 Custom Links: To Add a Custom Link to Your Other Custom Links List: 1. Open a loan and click the Services tab finding a category where you wish to add a link 2. Click the View My Custom Links button. 3. Click New Link 4. Enter Link title and Link URL and click Add Custom Link

17 1. Select 2. Access 3. Retrieve Downloading Disclosures

18 Downloading Disclosures from the e-folder: 1. As disclosures begin downloading, the landscape icon will appear indicating that particular disclosure has been downloaded 2. Disclosure downloads will take an estimated seconds to complete

19 The handful of wet signed Disclosures: Documents requiring a wet signature will need to be placed into their respective placeholders. These documents include: 1. These include a few FHA and VA forms needing to be wet signed 2. Borrowers Authorization 3. Appraisal (Credit Card Form) 4. Social Security (SSA-89)

20 Splitting of files from the file manager to efolder: For documents or disclosures which have not been assigned to a place holder, they will remain in the file manager needing to be placed Loan Officers should remain in the file manager (unassigned) portion of the efolder Make sure pages are upright drag and drop income and asset information into the appropriate place holder If place holder does not exist it will need to be added from the drop down menu

21 The handful of wet signed Disclosures: Forms needing to be wet signed by the borrower can be securely ed from FastTrack 360 or securely ed through Outlook. Once the documents are returned by the borrower, they can be: 1. Retrieved from the efolder if the borrower uploaded them to the borrower portal 2. Retrieved from and uploaded to the efolder file manager 3. Wet signed disclosures will need to be placed in their corresponding place holder

22 Exercise 1 Retrieving Disclosures

23 Step 1 Select the sample loan provided Enter the loan Step 2 Locate the efolder icon within the loan Open up the efolder The efolder is launched Step 3 Locate the Retrieve button Access the efolder Retrieve the disclosures 3 Steps Select Access Retrieve

24 Disclosures will be auto placed into placeholders Download Manual Placement Wet signed documents Income asset and other documentation Review placed documents meet minimum open requirements Verify

25 File Opening Loan Processing Minimum Requirements to Open: Loan Estimate Intent to Proceed 4506T Written List of Service Providers Compliance Report Credit Card Authorization Borrowers Authorization

26 Disclosure Tracking Tool: Disclosure tracking provides Disclosure timelines Tracking dates Disclosure history Latest disclosure details It is extremely important to stay in compliance with TRID and RESPA regulations 1. Click Tools 2. Click Disclosure Tracking

27 Disclosure Tracking Tool: Disclosure Tracking Tool 5 sections: 1. Compliance Timeline: Calculates important time periods according to TRID and RESPA all fields with the exception of Estimated Closing Date are read only and automatically calculated 2. LE Tracking: Use this section to track when the initial and revised loan estimate is sent and received by borrower 3. CD Tracking: Use this section to track when the initial and revised closing Disclosure is send and received by the borrower 4. Other Tracking: Use this section to type or select the date on which the Affiliated Business Disclosure, CHARM booklet, Special Info Booklet, HELOC Brochure, etc. are sent to the borrower 5. Disclosure History: History of each disclosure sent to a borrower

28 Disclosure Tracking Detail: To view the details of a specific disclosure record, double click in section 5 to open. When you are done viewing a specific disclosure record detail click OK to exit

29 Entering File Contacts: 1. In the bottom right hand corner of you FastTrack360 Screen select the Tools tab 2. Under Tools select the File Contacts

30 Entering File Contacts: 1. Select the Category/Role of the contact you wish to update in this instance select the Sellers Agent 2. Enter/Update the contact records information accordingly 3. Completed file contacts upfront will save time when completing LDP/GSAs 4. When Complete Save the loan

31 Exercise 2 Entering File Contacts

32 Step 1 Select the sample loan provided Enter the loan Go to Tools/File Contacts Note: Completed file contacts upfront will save time when completing LDP/GSAs Step 2 Select Sellers Agent Enter the following: Jane Doe 123 Main Street Corona, CA Phone: Fax: any@test .com Enter Additional File Contacts as necessary Save Step 3 3 Steps Select Save Enter Contact Information

33 Exercise Complete Entering File Contacts

34 LDP/GSAs: 1. Services -> Order Fraud Audit 2. Select Pointservices.com as the provider 3. Select Full Fraud report ADV Here you are going to get your LDP/GSAs, initial MERS and reverse search 5. In the additional information section, you will fill in you AKA s (Also Known As) Check Drivers Licenses Credit Report AKA section 6. Submission takes seconds after completed it will send report to place correct place holder

35 LDP/GSAs: Investors need the following portions of the fraud report: 1. Employer reverse report 2. LDP/GSAs 3. Add MERS into place holder Goes in Legal Closing label as Initial MERS 4. Add Employer ID Report Goes in Income: Employer reverse search If reverse search is empty you will need to Google or 411 to complete a reverse search 5. Add LDP/GSAs (Mortgage Participant List Report) Goes into Misc: LDP/GSA Placeholder PM = Possible Match NM = No Match 6. The remaining pages in the Fraud Audit_ADV120 is what the underwriter is going to review No movement or re-location necessary

36 Exercise 3 Ordering LDP GSAs

37 Step 1 Select the sample loan provided Enter the loan GoTo Services Order Fraud/Audit Services Enter AKAs Select Step 2 Place MERS Legal: Closing Documents (label: Initial MERS) Place Employer ID Report: Income Reverse Search Place LDP/GSAs: Miscall LDP/GSA Balance of Fraud Audit_ADV120 Verify Credit Report is in file (if no credit report is in file you cannot move milestone Step 3 Verify Credit Report is in file (if no credit report is in file you cannot move milestone Compliance check on 1003 (Review interview type and corresponding times) Order Tax Transcripts 3 Steps Order Enter/Save

38 Exercise Complete Ordering LDP/GSAs

39 Opening a Loan Ordering Flood Certs : Select the Services tab Click Order Flood Certification Select CoreLogic Flood Services Click Submit Select life of loan with Census track Click Order

40 Opening a Loan Ordering Flood Certs : 1. Goto Forms -> Flood Information 2. Flood Cert and Determination # are the same 3. Community Name is located in Section A

41 Exercise 4 Ordering Flood Certs

42 Step 1 Select the sample loan provided Enter the loan Go to Tools Order Flood Certification Step 2 Select life of loan with census track Order Flood Certification 3 Steps Select Order Step 3 Enter Community name, Flood Cert # Determination # and Date of Determination and Determine if in a Flood Zone Enter/Save

43 Exercise Complete Ordering Flood Certs

44 Ordering Tax Transcripts: 1. Review most recent tax return for name, address etc. ensuring the 4506-T is properly filled in 2. Line 17 will determine if the 1065 checkbox needs to be selected when ordering tax transcripts. Checkbox 1065 is for ALL incorporated businesses 3. Review the most recent two years tax returns if money was owed you will need to order a Record of Account on the SharperLending order form

45 Ordering Tax Transcripts: 1. Services -> Verification -> Sharper Lending Select last two years transcripts Products or Guidelines or AUS findings will determine products to order If they owed money select order record of account (do not do this for a business) Attach executed 4506T form from placeholder 2. Please leave any opening file notes upon completion

46 Exercise 5 Ordering Tax Transcripts

47 Step 1 Verify Tax Transcript Form has been completed and matches credit report/1003 and tax returns Select Step 2 Order Verifications 3 Steps Order Step 3 Tailor and submit order based on findings requirements Enter/Save

48 Exercise Complete Ordering Tax Transcripts

49 Mortgage Insurance: Mortgage Insurance can be accessed in the Forms Tab on 1003 Page 2 Click the edit icon

50 Conventional Mortgage Insurance: Get a quote from the MI company 1. Type in both the percentage and months for both factors 2. Type in 78% (if not there) and click OK. 3. Place a copy of the Mortgage Insurance Quote in the efolder for processing and Underwriting Before Loan Processing After

51 Lender Paid Mortgage Insurance (LPMI): For products the MI is being paid by the lender click the Lender Paid Mortgage Insurance box Before Loan Processing After

52 FHA Mortgage Insurance: FHA Loans will show the following MIP/PMI Guarantee Fee Calculation screen Click Get MI Make note of the 1.75% upfront MIP fee The monthly MIP rate will be determined by the Loan to Value (LTV ratio) Before Loan Processing After

53 VA Mortgage Insurance: VA Loans will show the following MIP/PMI Guarantee Fee Calculation screen VA Guarantee rates can be located here: Click Here based on transaction type and usage VA loans to not have any Monthly Mortgage Insurance Before Loan Processing After

54 VA Mortgage Guarantee: If the Veteran is exempt to form VA funding fee: DD-214 Box 18 Remarks Certificate of Eligibility Exempt or Non Exempt 1. Go to Forms VA Loan Summary and scroll to line #60 2. Select Funding Fee Exempt

55 USDA Guarantee: 1. Select the Guarantee Fee Percentage from the dropdown menu 2. Check the correct box for Financing Guarantee Fee 3. Type the Monthly Mortgage Insurance/USDA Annual Fee Premium 4. Click OK Before Loan Processing After

56 Step 1 Verify Credit Card Authorization has been completed Complete Appraisal Order and Payment Tab Step 2 Order the Appraisal Step 3 Exit Appraisal Order screen 3 Steps Select Order Enter/Save

57 Appraisal Ordering: Verify credit card authorization form has been received in placeholder 1. Under Services order appraisal 1. Select Branch ID 2. Loan Officer 3. Loan Processor 4. Pick Appraisal Product 5. Property Type 6. Due Date set for 1 week out 7. If purchase select purchase and Sales Contract 8. Fill in Appraisal contact information 9. Fill in credit card billing information under Payment tab 10. Click Order Appraisal Button

58 Exercise 6 Ordering an Appraisal

59 Loan Origination Overview Automated Underwriting: Which underwriting engine to I use? FNMA (Fannie Mae) DU FHMLC (Freddie Mac) LPA VA USDA FHA DU/LPA GUS DU JUMBO Manual/DU

60 Automated Underwriting: The Fannie Mae DU for epass service seamlessly integrates with Fannie Mae's Desktop Underwriting. Preliminary findings can be requested before submitting the loan to determine the borrower's ability to qualify. There are master DU credentials that have already been put into the system, user does not need to enter the information 1. Make note of the credit report reference number on the Borrower Summary (PRMG) form or copy it using Ctrl+C on the keyboard

61 Automated Underwriting: 1. Click Services tab 2. Click Request Underwriting 3. Select Fannie Mae DU on epass 4. Click Submit

62 Automated Underwriting: 1. Top left side click Submit to DU on epass 2. Click the radio button - Provide a reference number to re-issue a previously ordered credit report 3. Click Next

63 Automated Underwriting: 1. Select Paramount Residential Mortgage Group from the Institution ID dropdown menu 2. Type in the credit report agencies Account Number/Login In and Password 3. Click Submit 4. The system will retrieve the findings and bring up the Fannie Mae website from there continue as normal to achieve approved findings. A copy of the findings will automatically be sent to the Underwriting placeholder in the efolder

64 Automated Underwriting: 1. Click Services tab 2. Click Request Underwriting 3. Select Freddie Mac s Loan Product Advisor for epass 4. Click Submit

65 Automated Underwriting: 1. Click Submit Loan to LP 2. Select Pass a reference number from a previously ordered tri-merged credit report to LP 3. Click Next

66 Automated Underwriting: 1. Click Submit Loan to LP 2. Provide a reference number to reissue a previously ordered credit report 3. Click Submit

67 Automated Underwriting: 1. Enter Freddie Mac Login Credentials 2. Click OK

68 Automated Underwriting: The Request Services window will open 1. Select the Credit Reporting Agency from the drop down menu 2. Click Submit

69 Automated Underwriting: If there are any required corrections needed the Correct Errors message will pop-up 1. Read the onscreen instructions and click Continue to proceed 2. Once all corrections have been made confirm submission by clicking: 1. Confirm Submit 2. Cancel Submit 3. Request Services

70 Automated Underwriting: Wait for Loan Prospect Advisors response 1. Once findings have been ran and Eligible click Send to Your System for findings to be imported into underwriting placeholder in the efolder 2. Click close to Exit Loan Prospector

71 Change of Circumstance (COC): Change of Circumstance can be accessed in three places: 1. Pipeline View 1. Loan Processor Redisclosure Needed 2. On the Alerts & Messages tab in the log 3. Pop-up windows displayed when loans are saved Note: If multiple disclosures are required as a result of the change of circumstance the system will automatically select all disclosures required to go out. Redisclosing must take place within (3) business days

72 COC Completion: All COCs need to be completed in the same matter regardless of reason 1. Click Forms 2. Click Loan Estimate Page 1

73 COC Completion: 1. Select the COC Reason 2. Click the Changed circumstance box 3. Click the magnifying glass 1 2 3/4 4. Select one or more changes circumstance box click OK 5. Enter comments 5 6. Ensure the LE Date Issued is updated with the current date in the loan details section 6

74 COC Credit or Cost: Lock Request scenario This can be verified 3 ways:

75 COC Credit or Cost: Update the 2015 Itemization 1. Click Forms 2. Click 2015 Itemization

76 COC Credit or Cost: Update the 2015 Itemization 1. Go to Section 802 Your Credit or Points 2. Verify the credit or cost to the borrower 3. Enter the credit or cost as a percentage if there is a cost make sure the Bona Fide box is check and enter the number as a percentage 4. Click efolder and follow re-disclosure procedure

77 Verification of Employment (VOE): Forms -> VOE 1. Select the Borrower who the VOE is for 2. Enter the Date 3. Click the Print Icon (multiple options)

78 The Work Number Services -> Order Verifications 1. Select The Work Number 2. Click Submit

79 The Work Number Services -> Order Verifications 1. Select The Work Number 2. Click Submit 1. Special Note: First time Users type Log In information 2. Check the Save Login Information Box 3. Check the box(s) next to the product being ordered 4. Click Order

80 Handling Conditions Access the efolder 1. Click the Underwriting Conditions Tab 2. Double Click the condition you wish to access 3. The Conditions Screen will launch 4. Attach the supporting documents through the efolder 5. Click the Fulfilled checkbox 6. Save

81 Printing an Underwriting Decision Access the print icon 1. Access the Public Form Groups 2. Select the Approval Decision Print Group 3. Removed unnecessary documents 4. Print

82 QC Audit List: 1. QC is required for ALL loan officers new to PRMG for the first 3 loans 2. Loan Setup should be checking the QC checkbox, however as a processor you are required to confirm this has been completed and make a notation in the conversation log 3. Notation to be made in conversation log indicating QC required for new loan officers

83 Completion of Opening Notes: Notes to be placed in Conversation Log 1. Recap of what was completed during file opening Example 1. Appraisal Ordered by Branch 2. LDP/GSA complete 3. Flood Ordered 4. Transcripts not ordered bad social security # Go to Log and setup will finish send to processing milestone 1. Qualification and Setup is completed by the Loan Officer 2. Processor finished processing and Submittal

84 Unfinished Business: An will go out to the loan officer and processor letting them know what is missing when the file is placed on hold copy placed in Conversation log

85 Moving the Milestone: In log click on Send to processing milestone 1. Select/Assign Processor 2. Click finished File needs to be in My Pipeline and Setup Finished Milestone complete

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87 End Loan Processing