TRID Retail 360 Workflow for Initial Loan Estimate

Transcription

1 1. econsent a. File Started b. Go to efolder c. Click econsent d. Recommended: Send econsent form to all borrowers and co-mortgagors e. Send Page 1 Rev. 10/3/2014

2 f. Signed econsent will auto-populate in Disclosure Tracking Page 2 Rev. 10/3/2014

3 2. Application Date a. Six pieces of information: i. Borrower s name ii. Borrower s income iii. Borrower s Social Security Number to obtain credit report iv. Property address v. Estimated value of the property vi. Amount of mortgage loan requested b. Send Initial Disclosures Alert fires c. Finish Qualification Milestone Itemization a. Estimate credit or charge on interest rate quoted based on current PRMG Rate Sheet in Line 802 Page 3 Rev. 10/3/2014

4 b. Pull SmartGFE for third-party fee quotes (appraisal/title insurance/ settlement/transfer tax/recording) c. Enter all charges the consumer is likely to pay as accurately as possible with the information you have d. Services for which consumer is permitted to shop for provider: i. Open Fee Details box on those line items and check the Borrower can shop for box ii. If providers are already selected by the consumer: 1. Also check the Borrower did shop for box 2. Get fee estimate(s) from provider(s) selected by consumer iii. Title insurance and settlement/escrow charges are defaulted to Borrower can shop for Page 4 Rev. 10/3/2014

5 iv. Owner s Title Policy premium 1. If a discounted premium for the simultaneous issue of the Lender s and the Owner s title insurance policy is available: 2. Do not adjust the Lender s title premium for the simultaneous issue, but disclose it at the full premium rate 3. Disclose the Owner s title premium at the full premium rate plus the simultaneous-issue rate for the Lender s policy minus the full premium on Lender s policy Note: EllieMae and SmartGFE working to automate these adjustments v. Prepaid Property Taxes 1. Enter in Line 907 TRID loans only 2. Do not enter TRID loans in Line 904 vi. Estimate any non-loan real estate-related transaction charges that the consumer is likely to pay, even though not required by PRMG, in the 1300 Series (e.g., home warranty, property tax instalment) 1. Open Fee Details box on those line items and check the Borrower can shop for box 2. If the consumer has already selected providers for those services, also check the Borrower did shop for box Note: These two steps do not apply to a property tax instalment. Page 5 Rev. 10/3/2014

6 vii. Complete Settlement Service Provider form with services for which the consumer is permitted to shop for the providers: 1. Settlement Service Provider List (SSPL) must be delivered with LE within three business days of Application Date 2. Title insurance, settlement/closing/escrow 3. For each service, list at least one provider serving the geographic area in which the property securing the loan is located a. If the consumer will choose provider(s) for title/settlement, list Chicago Title in your SSPL b. If the consumer will not chose provider(s) for these services, list the provider(s) you will use on the loan Page 6 Rev. 10/3/2014

7 4. Loan Estimate Form i. Loan Estimate Page 1 1. Enter LE Date Issued Current Date 2. Review auto-populated data for accuracy Page 7 Rev. 10/3/2014

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9 ii. Loan Estimate Page 2 1. Review charges in each category 2. Ensure no known settlement costs are omitted 3. If loan is a Refinance or Home Equity, check Alternate LE Form to pull non-seller version 4. Review Cash to Close Table Page 9 Rev. 10/3/2014

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11 iii. Loan Estimate Page 3 1. No data entry; all data auto-populates 2. Take a look at the TIP, in case consumer asks questions about it Page 11 Rev. 10/3/2014

12 5. Send Loan Estimate/Initial Disclosure Package a. Go to efolder b. Click edisclosures c. Select primary borrower pair: i. If a primary borrower can be identified ii. If a primary borrower cannot be identified, you will need to disclose the LE to all borrowers and co-mortgagors on the loan d. If Disclosure Tracking does not show consumer s econsent is back yet: i. Schedule Fulfillment of your initial LE package for the third business day following the Application Date 1. FT360 should calculate the Fulfillment Date on the initial LE package 2. This is important because, if the consumer does not consent to receive disclosures electronically, we must make sure the disclosures are otherwise delivered (i.e., U.S. Mail) 3. Will not be able to order the appraisal until we receive consumer s Intent to Proceed with the transaction ii. Another econsent form will go out with LE, but we will not be able to establish receipt of edisclosures earlier than three business days Page 12 Rev. 10/3/2014

13 6. Intent to Proceed a. Consumer s Intent to Proceed with the transaction may be confirmed by: i. Wet or esignature on Acknowledgement of Intent to Proceed form sent with LE ii. iii. Phone or in person b. When Retrieving signed initial disclosures into the efolder: i. Double click on the initial LE line in Disclosure Tracking to open the record ii. Check Intent to Proceed box iii. Current date will populate; change it to date consumer signed the Acknowledgement of Intent to Proceed form (or date consumer ed or told the LO verbally) iv. Select the Received Method from the dropdown: 1. In Person 2. Phone Signature 5. Other Note: If intent to proceed was communicated in person, by phone or other, document in ConLog. If consumers ed their consent, upload to efolder. c. The Appraisal Dept. will confirm that we have the consumer s Intent to Proceed before processing the appraisal order. Page 13 Rev. 10/3/2014