Mortgage Cadence User Guide Registering a New Loan MANUALLY

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1 Purpose Link to Mortgage Cadence Additional Documentation or Other Resources Mortgage Cadence User Guide Registering a New Loan MANUALLY Follow these steps to manually register a new loan in Mortgage Cadence. If there is a VHDA second loan, follow the steps outlined in Creating a Second Mortgage. Step 1 After successfully logging into Mortgage Cadence, click New, then New Loan. 2 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 - ). MORTGAGE CADENCE USER GUIDE 1 LAST UPDATED: 4/20/2018

2 3 Select Correspondent in the Channel drop-down list and then the Ops Center should default to Main. Fill in all the loan data on the Loan Information page. Required fields are denoted with an asterisk. NOTES: Household Income must be the annual amount. Sales Price is always a required field. If entering a refinance loan, enter the Appraised Value into the Sales Price field. The loan amount to be entered is the base loan amount, not the Total Loan Amount. Available Cash is also a required field; this is only used for product eligibility. You can consider inflating the assets to ensure all eligible products appear. You must check the FTHB boxes (First Time Home Buyer) for the borrower and co-borrower if applicable to ensure all available VHDA programs appear (to include the first time homebuyer programs). Base NOTE: If you wish to lock a CHRP loan, please select a CHRP type from the CHRP Requested Field that is highlighted above 4 Click the Duplicate Check button. Do not click the Duplicate Check button if you have done so already. If no duplicates are found, click the Next button. If duplicates are found, verify there is not an active borrower and address matching the data being entered. Additionally, if a duplicate is found, the system notifies the VHDA Lock Department. The user will not be able to lock the loan until the duplicate flag is removed by VHDA. Click Next. MORTGAGE CADENCE USER GUIDE 2 LAST UPDATED: 4/20/2018

3 5 On the Product Eligibility screen, make sure the correct Mortgage Type, Term, 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. 6 The Loan Information and Loan Characteristics sections are not required to be completed. NOTE: If the monthly debt and monthly income are not included under Loan Information, the user will have to enter this information on the 1003 screen after registering the loan. Scroll down and click the Run Eligibility button. This will return only eligible products based upon the loan 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). Checking this box will not select product Click Select Click Save and Exit (Or the user can click Next and proceed to the Pricing screen where pricing can be selected). MORTGAGE CADENCE USER GUIDE 3 LAST UPDATED: 4/20/2018

4 7 VHDA s current product codes are: Conventional Programs: F30F_PREF_NOMI: F30F_HFA_PREF: REO30F_CONDO: Government Programs: FHA30F: FHA30FPLUS: FHA30FPLUS_2ND: FHAStreamline: RH30F: VA30F: VA30F_IRRRL: FNMA Preferred No MI 30 Year Fixed FNMA Preferred Reduced MI 30 Year Fixed REO Condo 30 Year Fixed FHA 30 Year Fixed FHA Plus 30 Year Fixed (1 st mortgage) FHA Plus Second 30 Year Fixed (2 nd mortgage) FHA Streamline Rural Housing 30 Year Fixed VA 30 Year Fixed VA IRRRL 30 Year Fixed 8 To find the reason why a product is Conditionally Valid or Invalid, click on the arrow to the left of the product name. 9 The system creates the new loan record with a loan number and an initial status of Registered l Float. Save the loan. 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. MORTGAGE CADENCE USER GUIDE 4 LAST UPDATED: 4/20/2018

5 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. 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). 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. The ADP Code should be selected below. The FHA Case Assign Date and Section of the Act must also be completed. MORTGAGE CADENCE USER GUIDE 5 LAST UPDATED: 4/20/2018

6 13 For FHA Streamline Refinance Loans only (If the product is not a 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). MORTGAGE CADENCE USER GUIDE 6 LAST UPDATED: 4/20/2018

7 14 For RD Loans Only (If the product is not an RD loan, skip this step): If the loan is an RD loan that is being manually created (not importing), follow these steps to ensure the guarantee fee (GF) is appearing in the system correctly: Remove the cents from Financed UFMIP / FF / GF in the Loan Summary Information C screen. The system will then automatically place the cents in the Cash UFMIP / FF/ GF field and the total loan amount will update accordingly. Remove cents from financed GF and it will automatically place in Cash GF Total Loan Amt Now Correct without cents NOTE: If the GF percentage isn t calculating correctly, the user can enter the RD Conditional Commitment Date to change it. If an RD Conditional Commitment is not yet obtained, enter today s date. The lender can update once the date is known. 15 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. MORTGAGE CADENCE USER GUIDE 7 LAST UPDATED: 4/20/2018

8 16 Run the Address Validation utility (click on s, then click Utilities, 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: 4/20/2018

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: 4/20/2018

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: 4/20/2018