For Lenders. Accessing LOS: LOS is a web based program that can be accessed at the following URL address:

Transcription

1 Accessing LOS: LOS is a web based program that can be accessed at the following URL address: A User ID and Password will be assigned to all users by the designated account administrator within their organization. The system will prompt a new user to set up a permanent password and choose a security question at the time of their initial login to the system. Revised 4/02/18 B Page 1

2 Lender Dashboard Once logged in to LOS, the user will arrive at the Dashboard page. The Dashboard page is made up of 3 specific sections. Section 1: Lender Pipeline Data (Located in the Top Left) Here a table is provided regarding all loans currently in the Lender s pipeline that are not committed. The various stages are as follows: Reservation Not Submitted: This indicates that the Lender has started to enter data on a new reservation. The Lender has saved the reservation. However, the Lender has NOT submitted the reservation. Reservation Submitted: This indicates the Lender has submitted the reservation. The specific date and time of loan submission is registered. LEAN Reservation Submitted: This indicates that a LEAN Approved Lender has submitted a reservation for a LEAN Loan. LEAN is a streamed lined PILOT Program workflow that has been rolled out to a limited number of CHFA Lenders. Lender Pipeline Data: TOP LEFT Communication Panel: TOP RIGHT Paper Package Received: This indicates that after all 3 sections (Reservation, Additional Data and 1003 upload) of the on line loan submission have been successfully submitted and the Lender has provided CHFA with complete paper copy of the loan file. CHFA acknowledges the receipt of the paper package and the date and time of receipt are registered. Revised 4/02/18 B Page 2

3 Application on Hold: This indicates that the loan has been placed on hold by CHFA due to incomplete data, missing documentation or information requiring clarification. A communication letter has been forwarded to the Lender by CHFA for further response. Processing in Progress: This indicates loans in which CHFA Compliance or Underwriting review is in process. Section 2: Communication Panel (Located in the Top Right) In this area the Lender can view all communication items that have been sent from CHFA. Each item is broken out by loan number and type of communication letter. By clicking the accompanying link a PDF version of each letter can be obtained. Section 3: Entire Pipeline (Located in the Middle Center of the page) Any loan that is currently in the Lenders CHFA pipeline can be found in this section. Individual loans can be accessed by Clicking on the loan number. This will take the user to the Reservation Details screen for the specific loan. Double clicking on one of the headings will sort the loans by that category. Loans in which a New Reservation has been SAVED but NOT SUBMITTED will NOT have a loan number assigned. The loan number section will display the words, Not Assigned. Revised 4/02/18 B Page 3

4 Reservation Screen Clicking the word RESERVATION in the top row of the menu bar will open up 3 new menu boxes just below the initial menu bar. Box 1: RESERVATION SEARCH Box 2: COMMUNICATION SEARCH The user can perform the following functions on this screen. Reservation Search: User can enter values in the search criteria fields to find an individual loan or a list of loans. Communication Search: The user can search for communication from CHFA on a specific loan by entering specific data in the search criteria fields. In addition the user can sort all communications by double clicking on one of the headings in the menu bar located just below the Search Communication section. Clicking the word VIEW to the far right of the individual loan selected will open a PDF version of the letter that has been sent to the Lender by CHFA. Detail of Communication Search screen. Revised 4/02/18 B Page 4

5 Submit New Reservation: This menu box should be selected when a Lender is reserving a new loan with CHFA or locking a rate with CHFA. User should enter all relevant loan data and fully complete this screen. Once completed the screen should be SAVED. Please note: Example 1: It is necessary to choose an Insurance Type to obtain an accurate base rate. The FINAL rate will not be calculated until the Property Information section is completed due to a possible rate adjustment for a property located in a target area. Detail of the TOP of the Submit New Reservation screen. NOTE: Co-Borrower is ADDED by removing the check mark from the box titled Not Present. NOTE: CHFA product MUST be selected from the products listed in the dropdown box. CHFA Program Types that allow the 2 rate and point options will provide the user with a Program Option dropdown. NOTE: User must select the point option that is specific to the new loan reservation. NOTE: The corresponding rate will automatically be updated based on the points selected. Examples provided cover 2 possible rate and point options. Revised 4/02/18 B Page 5

6 Example 2: Detail of the MIDDLE of the Submit New Reservation screen. NOTE: The rate will automatically adjust for a TARGET AREA RATE once the correct city and census tract have been selected (When applicable.) Real Estate Agency Info: MANDATORY FIELDS *Choose Agency Name from drop down. *Choose Agency City from drop down. *Type Agent Name. Detail of Real Estate Agency Drop down. Real Estate Agency/Agent Information These fields are now Mandatory and must be completed before a Reservation can be submitted to CHFA. NOTE: Choose OTHER if the Agency name is NOT in the drop down. Complete the other info as noted above. ONLINE Counseling Information Revised 4/02/18 B Page 6

7 Detail of Counseling Information section. (For use on all loans requesting online counseling.) Online Counseling Information Online counseling should ONLY be marked as YES for customers that will be completing their CHFA required First Time Homebuyer Counseling online. Online counseling should be marked NO for all customers that will be following the traditional process and meeting with a CHFA/HUD approved counseling agency. AFTER the Reservation screen has been SAVED and SUBMITTED a box will appear in the UPPER LEFT corner of the Reservation screen. (BELOW the loan number.) See detail below. ONLINE COUPON CODE: NOTE: Code will only be provided AFTER the reservation page is SAVED and SUBMITTED. Detail of Loan Information. Please note: Veterans Homeownership Pilot Program (DAP): It is necessary to check the box titled, Borrower is a VeteranMake Rate Zero for all Veteran borrowers that qualify for the 0% DAP rate. LEAN loan: Approved LEAN lenders MUST check the LEAN Loan box for all loans that meet LEAN loans guidelines. Loan Officer NMLS#: This is a mandatory field that must be completed for all loan officers. This field is used to track loan volume by individual originators. Continued Detail of the Submit New Reservation screen. NOTE: The buttons for Additional Subordinate Financing and Calculate DAP cannot be opened until AFTER the initial data on the Submit New Reservation Screen has be saved.. Revised 4/02/18 B Page 7

8 Enter Proposed Members of the Household OTHER Than Borrower and CoBorrower: All members in the household MUST be entered in this section. This must include all adults and children that will be living in the household. Additional members are added by clicking on +Add new record on the blue bar just below the current list of proposed household members. NOTE: Borrower AND Co-Borrower(s) information will be automatically populated into these fields and does NOT require additional data entry, (See screen below) Detail of the BOTTOM of the Submit New Reservation screen. Submit New Reservation Action Steps: Standard Loan: Choosing the Submit BUTTON will lock all loan data on the Reservation screen. The rate will also be locked and a loan number will be assigned. LEAN Loan: The LEAN Loan box MUST be checked BEFORE choosing the SUBMIT Button. Choosing the Submit BUTTON will lock all loan data on the Reservation screen. The rate will also be locked and a loan number will be assigned. EDITING the Reservation screen. Once the Reservation screen has been Submitted it is still possible to edit the data on the screen. LOS Lender Administrators and Sr. Processors have access to a BUTTON titled Unlock Reservation. This BUTTON is at the BOTTOM of the Reservation Screen. See Example Below. NOTE: SAVE and SUBMIT are located at the bottom right of this page. Once the Unlock Reservation BUTTON is clicked all data on the Reservation screen can be edited and updated as needed. Once the edits are complete it is important to remember to resubmit the Reservation using the Resubmit BUTTON at the BOTTOM of the page. See Example Below. Revised 4/02/18 B Page 8

9 Submit New Reservation points of interest: Dropdown boxes must be used if provided in a given area. The TAB key should be used to move between fields of data. All mandatory fields are marked with a *. Rate will not be set until the Submit New Reservation screen is fully COMPLETED, SAVED and SUBMITTED. CHFA Loan Number will be provided only after the Submit New Reservation screen is fully COMPLETED, SAVED and SUBMITTED. Revised 4/02/18 B Page 9

10 Additional Subordinate Financing The Additional Subordinate Financing screen is accessed by double clicking on the red colored button of the same name. A Pop-Up section will open. The User should complete all of the fields in this section that apply. This section is for NON-CHFA Secondary Mortgage Information. (See screen below) Detail of the Additional Subordinate Financing Pop-Up Screen. NOTE: CHFA DAP information would NOT be input in this area. Additional Subordinate Financing action steps Program dropdown Select OTHER Fund Provider dropdown Select CHFA approved Funds Provider from list. 2 nd Mortgage Amount provide amount of NON-CHFA second mortgage. Amortization Type dropdown Select a type if applicable Rate provide rate if applicable. Term (Months) Provide term of second mortgage. P&I Amount Provide monthly P & I payment if applicable. Calculate DAP The Calculate DAP screen is accessed by double clicking on the Calculate DAP TAB. A Pop- Up section will open. The User should complete all of the fields in this section that apply. This section is for all loan submissions that include a CHFA DAP. (See screen below) Please note: Effective with loan reservations dated on and after APRIL 1, 2018, the CHFA Downpayment Assistance Program will be restricted to providing down payment assistance only. Detail of the TOP of the Calculate DAP Pop-Up screen. NOTE: Additional Borrower Assets are added by clicking on the words Add Row just to the left of the Total Assets. NOTE: The system takes into account that 401K / Retirement funds AND Downpayment paid by Borrower Funds are not calculated in the Total Assets available for closing. Revised 4/02/18 B Page 10

11 Detail of the BOTTOM of the Calculate DAP Pop- Up screen. NOTE: This screen will calculate the maximum allowable CHFA DAP based on the data provided. Line D5 - A lower final DAP amount may be entered if applicable. Input on the DAP Worksheet is limited to the following fields: Section B - Enter Assets Section C1, Line B - Enter the greater of $10, or the required PITI reserves Section C1, Line D - Enter Total Closing Costs Section C1, Line E - Enter Seller Credits (if applicable) Section D, Line 3 - UFMIP (If applicable) Section D, Line 5 - Final DAP Amount (if a lower than calculated DAP amount is requested.) Calculate DAP points of interest: Dropdown boxes must be used if provided in a given area. The TAB key should be used to move between fields of data. All mandatory fields are marked with a *. Calculate DAP Pop-Up will NOT open until AFTER the Submit New Reservation screen has been SAVED. Calculate DAP Pop-Up screen CANNOT be accessed AFTER the Submit New Reservation screen has been SUBMITTED. Once the Calculate DAP screen is completed It must be SAVED and then CLOSED using the buttons at the bottom of the page. The DAP amount should carry over to the Submit New Reservation screen in the area labeled as Est. DAP 2 nd Mortgage (CHFA). Once the Calculate DAP screen has been SAVED and then CLOSED the User should verify the loan data provided on the Submit New Reservation screen. Once completed the loan can be SAVED and SUBMITTED. Errors or Missing Data may prevent the Submission from being transferred successfully to CHFA. When this occurs a list of necessary revisions / corrections will be listed in red at the TOP of the Submit New Reservation screen. Once the Submit New Reservation screen has been SUBMITTED, NO additional editing will be allowed. Revised 4/02/18 B Page 11

12 Once the Submit New Reservation screen has been SUBMITTED, the rate will be set for the new loan and the loan number will be assigned. Loans that have been SAVED but NOT SUBMITTED will show up as Not Assigned on the Lenders Dashboard (SEE section above entitled Lender Dashboard) in the Entire Pipeline Section. Canceling a Loan Submission When a Loan Reservation has been submitted to CHFA in ERROR the submission can be canceled by the Lender by clicking on the RED button at the bottom of the Submit Reservation screen. This button will only appear AFTER a New Submission has been SAVED and SUBMITTED to CHFA. Detail of the BOTTOM of the Submit New Reservation screen in which the loan has been SUBMITTED to CHFA Editing a Loan Reservation AFTER initial Loan Submission The data entered on the Reservation screen can be unlocked by the Lender Administrator and edited by the Lender User at any time up until the Application is uploaded and submitted to CHFA. The Unlock Reservation BUTTON can be accessed as often as needed to correct or update; Reservation details including Program Type and Program Options, Property Information, Loan Information, DAP Worksheet and Additional Subordinate Financing. Once any revisions or changes have been completed the Lender User must select the Resubmit BUTTON to lock the updated data. The UNLOCK RESERVATION BUTTON will only become available AFTER a New Submission has been SAVED and SUBMITTED to CHFA. Example 1: Example 2: Detail of the BOTTOM of the Submit New Reservation screen in which the loan has been SUBMITTED to CHFA Revised 4/02/18 B Page 12

13 Submit Additional Data Screen This screen becomes available after a New Loan Submission has been successfully submitted to CHFA and a loan number has been assigned. This screen should be fully completed and updated by the Lender AFTER the loan has been fully processed, the appraisal has been received and the loan is ready for submission to CHFA for final underwriting. The Lender can access this screen by clicking on the loan number of the loan to be updated. The loan number can be easily found on the Lender Dashboard in the Entire Pipeline section or under Reservation Search. Detail of the TOP of the Submit Additional Data Screen. Please note: It is necessary to check the box titled, Borrower is a Veteran Make Rate Zero for all Veteran borrowers that qualify for the 0% DAP rate. Please note: Income Worksheet to be completed by Lender Underwriter before the loan is submitted to CHFA. Detail of the MIDDLE of the Submit Additional Data Screen. NOTE: The Calculate DAP screen should be fully updated prior to selecting the SUBMIT button at the bottom of this page. Revised 4/02/18 B Page 13

14 Income Worksheet: The Income Worksheet button is available on the Submit Additional Data Screen. The Lender should double click on this button to open the Income Calculation Worksheet. The data on this screen should accurately reflect the income that the Underwriter is using to approve the loan file. It is NOT necessary to complete every field of data on the Income Calculation Worksheet. The Underwriter should only complete the income type that must accurately reflects the income used to approve the loan. The income calculated on this screen will be carried over to CHFA at the time of loan submission. Detail of the INCOME WORKSHEET. NOTE: This screen should be calculated after the loan has been approved by the Underwriter and prior to selecting the SUBMIT button at the bottom of this page. Revised 4/02/18 B Page 14

15 Revised 4/02/18 B Page 15

16 Adding Additional Proposed Members of the Household: All members in the household MUST be entered in the field titled, PROPOSED MEMBERS OF THE HOUSEHOLD INCLUDING BORROWER. This must include all adults and children that will be living in the household. Additional members are added by clicking on +Add new record on the blue bar just below the current list of proposed household members. (See screen below) Detail of the PROPOSED MEMBERS OF THE HOUSEHOLD INCLUDING BORROWER Pop- Up screen. Detail of the BOTTOM of the Submit Additional Data Screen. NOTE: The updates to this page should be SAVED and then SUBMITted to CHFA using the buttons at the bottom of the page. Submit Additional Data points of interest: Dropdown boxes must be used if provided in a given area. The TAB key should be used to move between fields of data. All mandatory fields are marked with a *. Calculate DAP Pop-Up should be updated PRIOR to submitting this data to CHFA. Calculate DAP Pop-Up screen CANNOT be accessed AFTER the SUBMIT button has been pushed. Once the Submit Additional Data is completed It must be SAVED and then SUBMITted using the buttons at the bottom of the page. The DAP amount should carry over to the Submit New Reservation screen in the area labeled as Est. DAP 2 nd Mortgage(CHFA). NOTE: ADD address for anyone that should be notified of status changes by CHFA. Revised 4/02/18 B Page 16

17 Upload 1003 This screen becomes available after the Additional Data screen has been successfully submitted to CHFA. Here the Lender uploads their FNMA formatted data file for the specific loan. This FNMA is created using the Lenders own origination software. Lender actions: Click on the Upload 1003 TAB. ( the screen below will be revealed) Choose the Browse button and select the appropriate.fnm file Click the Upload button. The loan data file is now uploaded directly into the CHFA system and the focus of the screen is automatically moved to the Manage 1003 screen. Detail of the UPLOAD 1003 screen. NOTE: IF NECESSARY, The 1003 can be entered manually by selecting the Start Blank 1003 button. Manage 1003 This section is used for two purposes: 1. To manually enter a To update data that was uploaded from the Lender s FNMA file into CHFA s System Manually Enter a 1003: Each section of the standard FNMA 1003 is listed in order on the LEFT side of the screen. Sections are numbered from I. through X. Each section must be fully completed. The SAVE button on the bottom of each section MUST be selected before moving on to the next section. All data must be entered and SAVED through section X. Government Monitoring. At the bottom of section X the SUBMIT button must be selected to submit the completed 1003 data to CHFA. Note that validation error messages are possible if any critical data has been over looked. Error messages will be listed at the top of the screen in red. All errors must be corrected and the loan must be resubmitted to CHFA. (See screen below) Update Data Uploaded from the Lender s FNMA Data File: Each section of the standard FNMA 1003 is listed in order on the LEFT side of the screen. Sections are numbered from I. through X. Each section should be reviewed by the Lender in order to edit and verify the correctness of the data. All data should be updated as needed. The SAVE button on the bottom of each section MUST be selected before moving on to the next section. All data should be verified and SAVED through section X, Government Monitoring. At the bottom of section X the SUBMIT button must be selected to submit the completed 1003 data to CHFA. Revised 4/02/18 B Page 17

18 Note that validation error messages are possible if any critical data has been over looked. Error messages will be listed at the top of the screen in red. All errors must be corrected and the loan must be resubmitted to CHFA (see screen below). Detail of the TOP of the first section of the FNMA 1003 under Manage NOTE: Each section of the standard FNMA 1003 (Sections I. through X.) are listed on the LEFT of this screen. Double click on a section to enter the page and verify the data. Detail of the BOTTOM of section X. Government Monitoring. NOTE: All data must be SAVED and then SUBMITted using the buttons at the bottom of this page. The completed 1003 MUST be successfully submitted to CHFA Revised 4/02/18 B Page 18

19 Rates This TAB provides the user with current CHFA rate information. All rates are subject to change. All rates are shown in real time. Individual loan rates are NOT reserved until the Submit New Reservation screen has been fully completed and successfully submitted to CHFA. Detail of the RATE screen. NOTE: Rates are subject to change EVERY Tuesday and Friday at 12 Noon. This is a partial list of the CHFA program rates. For a complete list of the current CHFA program rates please visit our website at NOTE: Rates are provided for all rate and point option as allowed by the individual CHFA product. Help This Tab provides the user with a version of this for Lenders. You are currently reading the most complete version of the for Lenders. Revised 4/02/18 B Page 19

20 Administrators Guide: Every Lender is assigned one Administrator. The Administrator is responsible for setting up, updating and removing Users for their organization. In Addition The Administrator also has access to all of the functions of LOS that are currently accessed by a typical User. Complete details of all of these functions and how they work can be found in the CHFA-LOS for Lenders. Setting up a New User Getting Started: It is important to remember that all Users begin as Contacts. To Create A NEW Contact: Click on the Contacts TAB (this will open a second row of TAB s). Click on the Create Contact TAB. Complete the data fields. Click SAVE. Detail of the Create Contact Screen. NOTE: Organization Type is always Lender. Now a new contact has been created. Continue to follow the steps below to turn the Contact into a User. NOTE: Organization name will reflect the organization name linked to the account administrator. Converting a Contact Into a User Getting Started: It is important to remember that all Users begin as Contacts. To Convert a Contact into a NEW User: Click on the Admin TAB. (This will open a second row with one TAB) The User TAB will automatically open. Select the contact name to be modified in the Contact Name Drop-Down. Complete the data fields. Choose the Contacts Job Function from the Role Drop-Down (See detail below). Click SAVE Revised 4/02/18 B Page 20

21 Detail of the USER Screen. NOTE: Effective From Date should be not later than today. NOTE: USER access to the system will terminate on the Effective To date. NOTE: This screen is also used to Edit an Existing User. At this point the Administrator should provide the NEW User with the Login Name AND Password that were created by the Administrator. The new User will be prompted to set up a new Password and a Security Question at the time of their first Login to the system. Setting the correct ROLE for a system user: In the set up process the account Administrator has the ability to choose the correct Role for each new system user. A system Admin has the ability to assign one of the 5 Roles listed below to a new User. See below for more detail on each Role. Administrator Must choose one of the following Roles for each system user created on the LOS System. Role functionality is more clearly detailed in the list below. Revised 4/02/18 B Page 21

22 Here is a list of the key functionality of each role: 1. ADMIN can access all functionality in the system, i.e. reserve loans, cancel loans, edit reservations, access reports, see 100% of the pipeline activity; Unlock the Reservation after the reservation has been submitted to edit data, i.e. switch property addresses, change points if borrower switches from 0.00% to some other option or visa-versa; edit the DAP Worksheet 2. Loan Officer - can reserve loans and see their individual pipelines only 3. Loan Processor can reserve loans, edit the DAP Worksheet, complete the Additional Data Screen and Upload the 1003 (this role is titled Loan Processor but it is used for both Lender Processors and Lender Underwriters. 4. Senior Loan Processor has all the same permissions as the Loan Processor but may also Unlock the Reservation after the reservation has been submitted to edit data, i.e. switch property addresses, change points if borrower switches from 0.00% to some other option or visa-versa; edit the DAP Worksheet 5. Views & Reports may look up loans and view Lender Reports on the system only Editing an Existing User: (See screen print ABOVE) This function can be used to reset the Password, Role, or Effective to date for and existing User. To Edit an Existing User: Click on the Admin TAB. (This will open a second row with one TAB) The User TAB will automatically open. Locate the User to be modified from the list of active Users located at the BOTTOM half of the page. Click on Edit to the RIGHT of the Users name and information to Select the User to be modified. Complete any revisions that are needed. Click SAVE PLEASE NOTE: It is NOT possible to DELETE an LOS user from the system. For auditing purposes the names of anyone that has actively used the LOS system cannot be deleted. Their system access can only be terminated by clicking on the Lock User box and entering a past (termination) date in the Effective to box on the user screen. See Example Below: Revised 4/02/18 B Page 22

23 NOTE: The system will LOCK User access after 3 incorrect attempts to login to the system. The Administrator must UN-LOCK the user by removing the checkmark from the Lock User Box on the User screen. Reports There are a several reports available to the Administrator and to anyone authorized to pull reports. All reports are Lender specific. Detail of the REPORTS Screen. Outstanding Reservations and Outstanding Commitments: These reports are very similar in their set up and use. These reports provide the Administrator with a list of either the Outstanding Reservations or the Outstanding Commitments for their company. To view the Outstanding Reservations Report: Click on Outstanding Reservations Report. The report will open in a new window. To view the Outstanding Commitments Report: Click on Outstanding Commitments Report. The report will open in a new window. Revised 4/02/18 B Page 23

24 Detail of the OUTSTANDING COMMITMENT Reports screen. LOS User List: This report provides the Lender user with a detailed listing of all the authorized users within their company. That data is broken down into the categories listed in the sample screen shot below. To view the LOS Users List: Click on LOS Users List. The report will open in a new window. Detail of the LOS Users List Report screen Outstanding Missing Exhibits Status Report: This report provides the Lender user with a detailed listing of loans that have been issued a Missing Exhibits letter. Below is a list of helpful hints. 1. The report will include data for files that receive two or more Missing Exhibits Letters (MEL s) prior to receiving final disposition, i.e. approval or decline. 2. Loans that receive one MEL and are cleared for approval or decline after the first review will not be reflected on this report. 3. This report is updated daily, files are identified by the CHFA loan number and most recent date a MEL has been issued. 4. To check for a specific loan, the report may be exported to EXCEL and is searchable by the loan number using the EXCEL Sort & Find Filter feature. To view the Outstanding Missing Exhibits Status Report: Click on Outstanding Missing Exhibits Status Report. The report will open in a new window. Revised 4/02/18 B Page 24

25 Detail of the Outstanding Missing Exhibits Status Report. Contact Search The Administrator has the ability to review a list of all of the contacts that have been set up for their organization. This is helpful in verifying that a User has been set up. It can also be used to quickly find a User name that needs to be edited. Complete a Contact Search: Click on the Contacts TAB. (This will open a second row of TAB s) Click on the Contact Search TAB. The list of active Users within the organization is located at the BOTTOM half of the page. ~OR~ enter the Contact First Name and Last Name in the data boxes at the TOP of the page. Click SEARCH Contact Search Example: Revised 4/02/18 B Page 25

26 Detail of the CONTACT SEARCH screen. NOTE: TOP of page search for User by name. NOTE: BOTTOM of page is a complete list of all active users. Revised 4/02/18 B Page 26