Welcome To Today s Training:

Transcription

1 Welcome To Today s Training: The meeting will start promptly at 10:05am PDT. You have been placed on Listen Only Mode to avoid distractions throughout the training. Please type all questions into the Chat Area on your GoToTraining Dashboard. Wait Music Brought To You By: Bob Marley Greatest Hits 1 1

2 Today s training will cover the enhancements that we have made throughout LDW s Broker Portal to support TRID. You will learn about: LDW s Loan Process Flow: Post-TRID Preparing a Loan Estimate (LE) through the Broker Portal Utilizing Standardized Fee Names What is considered an HOA Certification Fee Fee Validations Service Provider List Submission Form Changes Ordering the Appraisal Role of the Closing Coordinator Pre-Closing Disclosure Fee Summary Sheet LDW s Broker Portal This document is a summary of some of the major changes coming with the implementation of the TILA/RESPA Integration Disclosure and should not be considered as legal advice. For full details, please refer to the reference material on the CFPB website. 2 2

3 By Kara Roberson, Corporate Trainer 3 3

4 Our #1 TRID goal was to enhance our LDW Broker Portal to provide our Brokers with the best system based solutions for creating the Loan Estimates (LE) and Service Provider Lists (SPL), with accuracy in just a few clicks. Two options will be available for applications dated on or after October 3, Best Option The Broker will prepare the Loan Estimate and the Service Provider List within the Loan Estimate screen of the LDW Broker Portal. LDW will provide the Broker with itemized fee validations, estimates impounds, and system calculations for APR, projected payments, & TIP. Option 2 The Broker prepares the Loan Estimate and the Service Provider List outside of LDW s Broker portal, delivers it to their borrower(s), and inputs the data into the Loan Estimate screen of the LDW Portal upon submission. 4 4

5 Best Option: Prepare the Loan Estimate in LDW s Broker Portal with just a few easy steps: 1. Click Fee Name field and enter fee charges 2. Check POC checkbox if charge is being Paid Outside of Closing 3. Enter Service Provider information if applicable (Note: Entering this information will build the SPL when clicking on the Generate LE and SPL button) 4. Click the Save button 5. Repeat steps above as necessary for all charges 6. Review the Service Provider List for accuracy 7. Generate LE and SPL, print, save as PDFs and deliver to your borrower(s) 5 5

6 Option 2: If you prepare the Loan Estimate and Service Provider List outside of the LDW Broker portal, you will be able to input the data into the Loan Estimate screen of the LDW Portal upon submission LDW will review the Loan Estimate, as we do the GFE today, to ensure it meets requirements: Lender Name and Loan Number are not listed on LE Correct Timing Requirements Accurate Fees Service Provider List provided 6 6

7 LDW has a new standardized fee naming convention to streamline the disclosure process (Note: The list will be uploaded to the Training section of the Portal prior to TRID Implementation date of 10/3/15). When creating/inputting an Loan Estimate and Service Provider List in the portal, fee estimations will appear for: Title/Settlement/Escrow Fees Transfer Taxes Recording Fees HOA Certification Subordination fee Appraisal fee will not be automated, however, an Appraisal Fee Sheet will be available on the website for reference. These features allow you to create a Loan Estimate efficiently and accurately. Title/Settlement/Escrow fees may be edited if you have pre-negotiated rates. Note: A Title Quote must be on file or provided for LDW to accept the application. 7 7

8 For applications dated on or after 10/3/15, the following fee names will need to be disclosed as a HOA Certification Fee : Condo questionnaire Condo documents (used for HI loans) Condo docs (used for HI loans) Condo doc fee (used for HI loans) Condo questionnaire fee Condo cert fee CONDO MAP ASSEMBLY CONDO MAP Condo/PUD Questionnaire Condo Common Charges Note: The Broker Portal will default to $200 for the HOA Certification Fee and to $150 for the Subordination Fee. If the fee is higher than the defaulted fee, the loan may be re-disclosed within 3 days of the change, as a valid Change of Circumstance. 8 8

9 Below is an example of the Service Provider List from the CFPB. When you prepare your Loan Estimate within the LDW Broker Portal, you will be able to automatically create your Service Provider List. Note: Fee s must be itemized and included upfront on the Service Provider List in order to be included in the 10% tolerance bucket. 9 9

10 We have enhanced the LDW Submission Form to include the following: A new Closing Agent Approval Section This will avoid closing delays A Fee Itemization Sheet for Disclosure Only Submissions The initial Loan Estimate (GFE has been removed) Any/all re-disclosed Loan Estimates and Change of Circumstance forms 10 10

11 For applications dated on or after 10/3/15, you will be able to order the appraisal, at the borrowers expense, as soon as Loan Setup Accepts the Application which will trigger the Appraisal link to turn from RED to GREEN. Appraisal order allowed earlier in the process = BIG WIN! 11 11

12 The Closing Coordinator role was created in order to ensure the closing of the loan goes as smooth and efficient as possible. The Account Manager will send the loan to the Closing Coordinator after the Final Approval. The Closing Coordinator is responsible for: Sending out a Fee Summary to the Broker/Settlement Agent/Borrower and obtaining acknowledgement from all parties prior to issuing the Closing Disclosure. Preparing the Closing Disclosure and delivering it the borrower via or mail if no econsent was previously on file. Setting the Signing date with the Broker based on the date of receipt of the Closing Disclosure. Finalizes all fees and terms allowing docs to be released as early in the process - as early as the Closing Disclosure release BIG WIN!! 12 12

13 The Fee Summary is provided in advance of the Closing Disclosure to ensure that the Borrower/Broker agrees with all Loan Terms and Fees associated with the loan. Once the Closing Disclosure is issued, federal law requires that certain changes to the loan will trigger a re-disclosure of the Closing Disclosure and additional waiting periods before the loan can close. Communicate any changes or concerns about the Loan Terms and disclosed Fees to your Closing Coordinator to avoid delays in closing

14 During the pilot stages of TRID, LDW is aiming to provide the most detailed customer service, erring on the side of processes that position us for the most seamless closings. As successful closings are completed, LDW will look to add efficiencies to this process which may mean lifting requirements that are not proving to be valuable in the process (i.e. acknowledgement requirements, documentation requirements, etc.). Your feedback is important to this process. Contact your Account Executive to share feedback on the initial TRID process. LDW considers all feedback when creating a more efficient process for the future

15 By Rich Hernandez, VP of Business Innovation 15 15

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27 By Rich Hernandez, VP of Business Innovation 27 27

28 We have covered a lot of TRID information including: TRID and What s Changing The term, PENCIL Fees taken at Application The Loan Estimate Settlement Provider List Fee Tolerances The Closing Disclosure Re-disclosing the Loan Estimate and Closing Disclosure New Timing Requirements New Waiting Periods Fee Tolerance Buckets Shifting of Fees Removing Fees Valid Change of Circumstances In-valid Change of Circumstances Re-disclosing the Loan Estimate Submission Form Changes Building a Loan Estimate (LE) through the Broker Portal Standardized Fee Names HOA Certification Fee Names How Fees are validated When to order an appraisal Thorough understanding of LDW s Broker Portal 28 28

29 We will be hosting additional TRID training in the near future. Please check your for the invite: Broker Support: Portal Demo and TRID Changes: October 5 th through 8 th Occurs at various times (PDT) 29 29

30 Please if you have any questions regarding the material covered in this training