Mortgage Cadence User Guide IMPORTING a New Loan (Recommended)

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1 Purpose Link to Mortgage Cadence Additional Documentation or Other Resources Mortgage Cadence User Guide IMPORTING a New Loan (Recommended) Follow these steps to import a new loan in Mortgage Cadence. This importing procedure cannot be done for a second loan. If there is a VHDA second loan, follow the steps outlined in Creating a Second Mortgage. Step 1 After logging in to the system, select Import from the top-left navigation. 2 Fill in the drop down lists (starred below). Select Browse to find the Fannie Mae Flat File (.FNM file or MISMO 3.2 file)..fnm file NOTE: User must ensure the correct.fnm file is uploaded. Clearly name the.fnm file to be uploaded so it can easily be found after clicking Browse. Upon loan creation, the system sets the loan s initial status to Registered with a VHDA loan number and checks the loan for duplicates against existing loans already in the system. MORTGAGE CADENCE USER GUIDE 1 LAST UPDATED: 8/11/2017

2 3 Before proceeding in the PPE Wizard: Confirm the zoom value is set at 100%. Click View on the toolbar of the Internet browser, Zoom, and then select 100%. (Or press CTRL and 0 or - ). 4 Following the import, the Loan Summary Information C screen appears. To select an eligible product, open the PPE Wizard to select the appropriate VHDA loan product by clicking the ellipsis next to the Product box in the Loan Information section. MORTGAGE CADENCE USER GUIDE 2 LAST UPDATED: 8/11/2017

3 5 Complete any required information on the Loan Information screen in the PPE Wizard (look for asterisks next to fields). Most of the fields will already be completed from the loan import, but there are some fields that don t import that are required: The middle of three or lowest of two credit scores for all borrowers must be entered as the representative credit score for product eligibility. If none of the borrowers have a credit score, then the Non-Traditional Credit box must be checked. Padlock the credit score for the score to remain. Number of Household Members and Total Household Income (Annual, not monthly): If this is a refinance, enter the Appraised Value into the Sales Price field. Available Cash is only used for product eligibility and recommend artificially inflating the assets to ensure all eligible products appear. Application Date. You must check the FTHB boxes (First Time Home Buyer) if applicable for all borrowers to ensure all available VHDA programs appear (to include the first time homebuyer programs). Targeted Area. DO NOT click Duplicate Check when importing a loan. The system automatically runs a duplicate check for all loans that are imported. DON T CLICK Click Next. MORTGAGE CADENCE USER GUIDE 3 LAST UPDATED: 8/11/2017

4 6 On the Product Eligibility screen, make sure the correct Mortgage Type and Lock Periods are selected. NOTES: Only one Mortgage Type can be selected and should match the Loan Information screen. Only one Lock Period can be selected but all lock period options will be shown and will be available to select on the Pricing screen. 7 Scroll down and click the Run Eligibility button. This will return products that are valid based on the information entered. See below for all product codes. Click the Select button to the far right of the product you want (not the checkbox to the left of it). Click the Select button to the far right of the product you want (not the checkbox to the left of it). Checking this box will not select product Click Select Click Save and Exit. MORTGAGE CADENCE USER GUIDE 4 LAST UPDATED: 8/11/2017

5 8 VHDA s current product codes are: Conventional Programs: F30F_PREF_NOMI: F30F_HFA_PREF: C30F_CHR: REO30F_CONDO: Government Programs: FHA30F: FHA30F_CHR: FHA30FPLUS: FHA30FPLUS_CHR: FHA30FPLUS_2ND: FHA30FPLUS_2ND_CHR: FHAStreamline: RH30F: RH30F_CHR: VA30F: VA30F_CHR: VA30F_IRRRL: FNMA Preferred No MI 30 Year Fixed FNMA Preferred Reduced MI 30 Year Fixed Conventional 30 Year Fixed CHR REO Condo 30 Year Fixed FHA 30 Year Fixed FHA 30 Year Fixed CHR FHA Plus 30 Year Fixed (1 st mortgage) FHA Plus 30 Year Fixed CHR (1 st mortgage) FHA Plus Second 30 Year Fixed (2 nd mortgage) FHA Plus Second 30 Year Fixed CHR (2 nd mortgage) FHA Streamline Rural Housing 30 Year Fixed Rural Housing 30 Year Fixed CHR VA 30 Year Fixed VA 30 Year Fixed CHR VA IRRRL 30 Year Fixed NOTE: CHR (Community Housing Revitalization) is a special allocation of funds. It is only available to specific lenders working with non-profits or the local government. 9 To find the reason why a product is Conditionally Valid or Invalid, click on the arrow to the left of the product name. MORTGAGE CADENCE USER GUIDE 5 LAST UPDATED: 8/11/2017

6 10 Return to the Loan Summary Information C screen. Complete the following information: Credit Scores (The credit scores entered in the PPE Wizard do not carry over to the Loan Summary Information C screen. A credit score is required for both the borrower and coborrower - if applicable) Household composition Number of wage earners / minors Loan Officer (If available if the loan officer s name does not appear, it is ok to leave this blank) Secondary contact (This person will receive the lock confirmation automatically via after locking the loan) Save the loan. 11 For Subordinate Financing only (Including FHA Plus; if the product does not have subordinate financing, skip this step): Go to the Loan Summary Information C screen. Confirm the subordinate financing amount was imported into the Sub Financing field. If it was not imported: click the padlock button next to the Base Loan Amount of the first mortgage. Then add the Sub Financing amount of the second loan, and remove the Down Payment amount. Lock down base loan amount before entering sub financing amount NOTES if FHA Plus: See the user guide Creating a VHDA Second Mortgage for more information on creating the second mortgage. If the calculation of the second mortgage yields cents, the user must remove the cents (always round down to the nearest dollar). MORTGAGE CADENCE USER GUIDE 6 LAST UPDATED: 8/11/2017

7 12 For FHA Loans only (If the product is not an FHA or an FHA Plus loan, skip this step): Add the FHA Case Number Assignment information. The FHA Case Number must be the 10 digit number from FHA Connection. The ADP code should not be included at the end of the FHA Case Number. It may have imported, but if it didn t then it must be added. The ADP Code should be selected below. The FHA Case Assign Date and Section of the Act must also be completed. 13 For FHA Streamline Refinance Loans only (If the product is not an FHA Streamline Refinance loan, skip this step): The user must include the Previous Endorsement Date so the MIP calculates correctly and must also select the NCO Refi Doc Type (Streamline without Appraisal). 14 For MCC Loans only (If the loan does not have an MCC, skip this step): If the loan has an MCC, the MCC box must be checked. 15 If the Details of Transaction (Section VII of the 1003 screen) information imported from the user s Loan Origination System does not appear to match what was imported, it is acceptable to leave it as it is. VHDA will review other documents (such as the lender s 1003, the Closing Disclosure, etc.) to confirm the accuracy of funds required at closing. MORTGAGE CADENCE USER GUIDE 7 LAST UPDATED: 8/11/2017

8 16 Run the Address Validation utility (click on s, Utilities, and then Address Validation) to Geocode the property address and confirm whether or not the property is in a Targeted Area. NOTE: The Address Validation utility must be run prior to geocoding, which will be completed in step Go to the Property/Appraisal/Target Area Limit screen. MORTGAGE CADENCE USER GUIDE 8 LAST UPDATED: 8/11/2017

9 18 In the middle of the screen will be a section for ESRI Geocoding. Click on the link for ESRI Geocoding Address Results. 19 A pop up screen will appear where multiple address results may be shown. Choose the result with the highest match accuracy by clicking the radio button next to the address in the Match Accuracy column. Click the Update button. 20 After selecting the address in the previous step, the system will automatically fill in all of the data into the ESRI Geocoding section of the Property/Appraisal/Target Area Limit screen. 21 Save the loan. You have now completed the steps necessary for the initial status of Registered l Float. MORTGAGE CADENCE USER GUIDE 9 LAST UPDATED: 8/11/2017

10 22 If the lender receives a Warning message such as this: The lender can go to the Products and Pricing Validation screen to see the warning in more detail: If the warning message is not valid the lender will need to make the necessary correction and then click Save. MORTGAGE CADENCE USER GUIDE 10 LAST UPDATED: 8/11/2017