I. Creating a one-time close construction to permanent loan or a one-time close renovation to permanent loan.
|
|
- Esmond Kelley
- 5 years ago
- Views:
Transcription
1 Construction to Permanent FNMA One Time Close DU Data Entry MOTION Important: Items must be completed in the following order Create or Import a construction to permanent loan Select construction product Fees, Important Dates and creation of Loan Estimate and Initial Disclosures Upload Loan Documents Submit Loan to Crescent The following reference will illustrate how to enter a one-time-close construction to permanent loan in the MOTION system. I. Creating a one-time close construction to permanent loan or a one-time close renovation to permanent loan. Import 3.2 file, or Create loan using Import or New respectively. Important: When importing or creating loan, select Correspondent as channel. (You will not see CP programs available in Wholesale channel. Complete Registration and Product Selection screen required fields. II. Construction Loan Product Selection To streamline the disclosure and compliance around the one time close construction to permanent program, your institution must make its construction loans under one of the following programs. This is how your construction loan will be disclosed to the borrower, as well as how the loan closes. Rate Type Rate Terms Index Type Caps Margin CMC Product Name Available Amortization ARM 10/1 Treasury 5/2/ CP 1x 10/1 TBILL ARM 275 5/2/ months ARM 10/1 LIBOR 5/2/ CP 1x 10/1 LIBOR ARM 275 5/2/ months ARM 7/1 Treasury 5/2/ CP 1x 7/1 TBILL ARM 275 5/2/ months ARM 7/1 LIBOR 5/2/ CP 1x 7/1 LIBOR ARM 275 5/2/ months ARM 5/1 Treasury 2/2/ CP 1x 5/1 TBILL ARM 275 2/2/ months ARM 5/1 LIBOR 2/2/ CP 1x 5/1 LIBOR ARM 275 2/2/ months Fixed 30 Year N/A N/A N/A CP 1X 30 YR Construction months Fixed 15 Year N/A N/A N/A CP 1x 15 YR Construction months Page 1 of 11 CP Input for MOTION Rev 11/16/2016 FW
2 Navigate to the Product and Pricing Wizard from the Registration screen. Ensure YES is selected for Loan is 1X Close Const- Perm on the PPE Borrower and Property screen in the Wizard. *Very Important* - The rate you select on this screen should be the Note Rate the One Time Construction loan will be closing at and will be disclosed as the interest rate on the Loan Estimate and Closing Disclosure. This should be the interest rate of the construction period. Page 2 of 11 CP Input for MOTION Rev 11/16/2016 FW
3 Navigate to Construction Loan screen in the left-hand navigation menu. Select Loan Application, then Construction to Permanent Loan or use the Construction Wizard. Regardless of if you are using Motion to generate initial disclosures or not, fields A-H are required to be completed prior to submission to underwriting. 1. Title to lot If the borrowers have title prior to application select YES: 1. You must complete the 1003 Assets and Liabilities screen. Please see page _ for how to enter the fully drawn construction loan liability. 2. Enter the estimated lot payoff amount. If the lot is owned free and clear, you MUST enter 0 into the field. This field cannot be left blank if the borrowers have title to the lot. a. If there is a payoff amount on the lot greater than $0 entered, the loan estimate loan purpose will reflect Refinance. b. If there is a payoff amount on the lot of $0 entered, the loan estimate loan purpose will reflect Construction. If the borrowers do not have title prior to application select NO: 3. You must enter the purchase price of the lot. This value will be reflected as the Sales Price on the loan estimate. 4. Verify you have correctly input the subject property information by reviewing the current loan estimate loan purpose shown on the screen. a. The loan estimate loan purpose will reflect Purchase Page 3 of 11 CP Input for MOTION Rev 11/16/2016 FW
4 2. Construction Loan Product Your construction loan is disclosed and closed as one of the programs listed below. Crescent then gives your borrower the option to modify, at time of completion to either a 30 year or a 15 year fixed rate mortgage at prevailing interest rates. Please see underwriting parameters for all available modification option 3. Initial Close Date The date you wish to close the construction loan on. This is also your estimated closing date. 4. Permanent Loan Term The Permanent Term (months) is the total number of months with P&I payment. 360 = Loan will be fully amortized as a 30 year term loan (360 months P&I + 12 months IO) 348 = Loan will be fully amortized as a 29 year term loan (348 months P&I + 12 months IO) 5. Interest Rate This is the rate you selected when you chose the product in the Products and Pricing Wizard. If you wish to change the interest rate, you must use the Products and Pricing Wizard on the Registration screen. 6. Rate Locked for Loan Estimate This should be completed if the Loan Estimate is being prepared in Motion. If the Loan Estimate should show that the loan is locked with your institution, select Yes and enter the date the lock expires. 7. Qualifying Modification Rate for Underwriting Enter the rate the underwriter should qualify the borrower(s) at for Modification. This rate is for Underwriting purposes only and is not disclosed to the borrowers. Page 4 of 11 CP Input for MOTION Rev 11/16/2016 FW
5 I. 1003: REO/Liabilities & Property There are two difference scenarios dependent on whether the borrowers have title to the lot at time of application. Follow the steps applicable to your loans scenario. First, Navigate to the Loan Application (1003) screen in Motion. You can use the 1003 Application button at the top of the Construction screen. Scenario 1: Borrowers have title to the lot prior to application a. Select VI. Assets and Liabilities from the top of the Loan Application (1003) screen. b. Review the REO section under Liabilities. The subject property should be listed under this section. Click Add to populate the subject property in the REO table. c. Complete the information in the Real Estate Owned popup. The amount of Mortgages and Liens will populate once you add a corresponding liability in the next step. d. Either click Add to enter a new liability, or double click an already existing liability (populated from the 3.2 loan import). Page 5 of 11 CP Input for MOTION Rev 11/16/2016 FW
6 e. Add a liability tied to the subject property REO for the fully drawn construction loan amount. Ensure the Will be paid checkbox is selected and the Paid at Closing box marked yes. i. If you imported your loan into Motion, there might already be an existing liability. You must ensure the liability is linked to the subject property REO. The liability and the REO must have the same order id. The REO Order ID will match that of the corresponding liability. In the example to the left the REO and Liability both have REO Order ID of 1. Scenario 2: Borrowers do not have title prior to application a. Enter the sales price of the lot + the construction contract amount as the Sale Price on the Details of Transaction section of the Loan Application. You can also enter this value on the Registration screen. b. The sales price of the lot is broken out on the Construction to Permeant screen. This value will populate as the sales price on the Loan Estimate and Closing Disclosure. Please see the data entry instructions on page 3 and 4 of this document. Page 6 of 11 CP Input for MOTION Rev 11/16/2016 FW
7 III. Fees & Important Dates If you are using Motion for creation of your Loan Estimate &/or Initial Disclosure Package you must complete the following sections. If you are not using motion for disclosures, you can still enter this information to expedite loan submission, or skip to next section for submission to DU. Navigate to the LE Fees Page by clicking LE Fees at the top of the Construction to Permanent page. Step 1: Complete disclosure dates Step 2: Taxes and Insurance o Input estimated values of the proposed construction for Hazard, Property and Flood Insurance (If in a flood zone). o The estimated monthly values will be disclosed on Page 1 of the Loan Estimate under the Estimated Taxes and Insurance Section. *Very Important: You must select the Waive Escrow box next to each Tax/Insurance type that is being waived. Page 7 of 11 CP Input for MOTION Rev 11/16/2016 FW
8 Step 3: Mortgage Insurance (If LTV is in excess of 80%, MI must be disclosed) Step 4: Consolidated Fees & New Subordinate Financing *If there is new subordinate financing that must be factored into the cash to close and be disclosed on the Loan Estimate, it must be entered into the field in Step 4. Once in Consolidated Fees All fees should be added here. Remember every fee name can be edited for your specific needs. At modification, the borrower cannot pay additional fees which should have been known and disclosed at closing. Review amounts disclosed for draw fees and title update fees as any shortage must be paid by your institution. Be sure to include: Any fees POC or Paid at Initial Closing (Example: Origination, Appraisal, Title, Builders Risk Premium) Any fees known to exist after Initial Closing and Prior to Modification (Example: Draw Fees, Inspection Fees) Any fees known to be payable at Modification (Example: Title Update, Modification Fee, Final Inspection) Draw Inspection Fees collected in the name of the institution must be disclosed in Section A Origination Charges. If the Draw Inspection fee is shown as FBO a third party, the fee must be disclosed in Section B - Services You Cannot Shop For. See below for instructions on adding a Draw Fee into the appropriate section. Don t see a fee you need to disclose listed in Consolidated Fees? You can change the name of a fee already listed OR you can add a new fee. Edit name/totals/paid to: Page 8 of 11 CP Input for MOTION Rev 11/16/2016 FW
9 To add a new fee: Select the fee(s) that need to be added and click Add at the bottom of the Add Fees popup. Filter the fees avaliable by selecting the Loan Estimate section the fee will be disclosed in. Step 5 Settlement Services Providers List You must complete the SSPL if you are generating an initial loan estimate in Motion. You do not complete the Anti-Steering on a Correspondent loan. Step 6 Preview and Print Loan Estimate Step 7: Generate & View Disclosures Page 9 of 11 CP Input for MOTION Rev 11/16/2016 FW
10 Step 8 & Step 9 IV. Submit to Desktop Underwriter (DU) Navigate in Left hand menu to DU, LP, and Credit Select service type as DU and the appropriate service request. You should either be asked for credit credentials, or Credit reference numbers if you already obtained a credit report. Select Submit Request. You should receive your findings in 2-3 minutes. IMPORTANT: once findings are received, you must click button called Reload Loan to populate underwriting conditions and AUS findings information to the loan. Page 10 of 11 CP Input for MOTION Rev 11/16/2016 FW
11 Once you have received findings and clicked Reload Loan, you can then generate / view / print a complete loan submission checklist that will contain all DU conditions, as well as Crescent specific conditions for the construction to permanent loan. V. Upload Loan Documents Upload all applicable loan documents for underwriting based on your submission checklist by navigating to Imaging, Disclosures, Attachments folder on left hand navigation, then select Uploads and Attachments screen. Click arrow by Attachment Upload to expand upload option. Browse for files to upload. The file type MUST be PDF and MUST NOT be encrypted. Select category as Credit Package. Click Upload VI. Submit loan to Crescent Mortgage for Underwriting Navigation: Left hand navigation tree, Actions and Services folder, Submit Loan to Crescent screen. Page 11 of 11 CP Input for MOTION Rev 11/16/2016 FW
ONE TIME CLOSE RENOVATION TO PERM OPTION III
ONE TIME CLOSE RENOVATION TO PERM OPTION III REVISION DATE: 5/4/2018 PRODUCT CODES: RP 1x 15 YR Renovation, RP 1x 30 YR Renovation, RP 1x 5/1 LIBOR ARM 275 2/2/5, RP 1x 5/1 TBill ARM 275 2/2/5, RP 1x 7/1
More informationVERY IMPORTANT THE LOAN WILL BE RUN THROUGH DU PRIOR TO START OF CONSTRUCTION AND MUST REFLECT APPROVE ELIGIBLE.
REVISION DATE: PRODUCT CODES: One Time CP 15YR, One Time CP 30 YR. PURPOSE: To construct Borrower s primary or second residence with credit approval prior to start of construction. Correspondent will monitor
More informationMerchants Bank, National Association
Merchants Bank, National Association Encompass TPO WebCenter User Guide Full Document Processing Table of Contents Third Party Origination Website User Guide Getting Started Section 1 Gaining Initial Access
More informationInstructions for submitting a Loan to 5 th Street Capital
Instructions for submitting a Loan to 5 th Street Capital www.5thstcap.com Open up Internet Explorer Go to our website: www.5thstcap.com Find and Click Log In on the top right You will be redirected to
More informationFrom: Fowler Williams, CMB President, Crescent Mortgage Company To: Our National Network of Community Lending Partners RE: TRID Policy Update CD 2.
Closing Process Motion TILA RESPA Integrated Disclosure Closing Disclosure 2.0 From: Fowler Williams, CMB President, To: Our National Network of Community Lending Partners RE: TRID Policy Update CD 2.0
More informationCREATE FILE IN BLITZDOCS
1. Log-into BlitzDocs CREATE FILE IN BLITZDOCS All loan submissions must be submitted through BlitzDocs. In order to obtain a user name and password, a BlitzDocs Audit Checklist form must be completed
More informationMichigan State Housing Development Authority
Michigan State Housing Development Authority 3/31/2017 Topics Covered in this Training 1. MI First Home & MI Next Home Programs 2. Down Payment Assistance 3. MI First Home Program Highlights 4. MI Next
More informationMortgage Cadence User Guide Registering a New Loan MANUALLY
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.
More informationProcedure: Ordering An AUS Date Issued: 09/24/2015 Date Effective: 09/24/2015 Date Revised:
PNP SPECIFICATIONS PNP Name/ History Procedure: Ordering An AUS Date Issued: 09/24/2015 Date Effective: 09/24/2015 Date Revised: Production Channels Retail Correspondent Wholesale Accountable Personnel/
More informationWholesale Quick Start Guide. Import Loan. Validate Agents & Loan Information
Wholesale Quick Start Guide 2510 Red Hill Ave. Santa Ana, CA 92705 949-390-2688 l www.jmaclending.com Import Loan Validate Agents & Loan Information 1. Click Create New Loan 2. Click Import loan file 3.
More informationMichigan State Housing Development Authority
Michigan State Housing Development Authority 6/29/2018 Topics Covered in this Training 1. MI First Home & MI Next Home Programs 2. Down Payment Assistance 3. MI First Home Program Highlights 4. MI Next
More informationUser Guide for Pricing Engine
User Guide for Pricing Engine Version 1.2 Effective Date: 02/27/2019 Contents 1.0 STEPS TO ACCESS SEEMYLOANSTATUS... 2 2.0 SUBMITTING LOCK REQUEST... 4 2.1 STEPS TO REQUEST LOCK ON A NEW LOAN... 4 2.2
More informationAccess the UCD Data Form Entry
Access the UCD Data Form Entry The Uniform Closing Dataset (UCD) collection solution has added a new feature to the user interface that will allow for UCD data entry based on the Borrower Closing Disclosure
More informationMortgage Cadence User Guide IMPORTING a New Loan (Recommended)
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.
More informationProduct Eligibility and Pricing Services. Loan Originator User Guide
Product Eligibility and Pricing Services Loan Originator User Guide Table of Contents Table of Contents Log In... 1 Enter New Loan Data... 1 Evaluate Products... 6 Analyze Search Results... 6 Update Search
More informationLog in at LMS Xpress 2
Log in at www.westernbanc.com LMS Xpress 2 From your home page, select Loan Search. LMS Xpress 3 You will now see the updated information in your pipeline LMS Xpress 4 To register a loan for a loan officer,
More informationCorrespondent Lending Client Job Aid
Correspondent Lending Client Job Aid 2 Table of Contents Purpose... 3 Procedures... 3 1. Login... 3 2. Automated Importing of Loan Data... 4 3. Manually Input Loan... 6 4. Product Selection, Submitting
More informationMortgage Builder Architect User Guide. Revised August 8, 2016
Mortgage Builder Architect User Guide Revised Contents Requesting a Rate Quote... 3 Accessing Radian s Order Form... 3 Completing the Request Form for a Rate Quote... 3 Providing Optional Data... 4 Retrieving
More informationFGMC Correspondent Announcement: First Guaranty Mortgage Corporation Correspondent Lending Seller Guide Updates
01-30-2017 FGMC Correspondent Announcement: First Guaranty Mortgage Corporation Correspondent Lending Seller Guide Updates The Seller Guide has been updated to include changes to the following: Loan delivery
More informationStandard Operating Procedure. 7 Mortgage
Partner MLO Process Flow Overview: Standard Operating Procedure 1. Login into Mortgage Cadence Weblink 7 Mortgage 2. Input and Submit the Application. If member input, review Edit 1003 pages. 3. Review
More informationUnion Bank Wholesale Loan Submission Guide LOAN SUBMISSION
LOAN SUBMISSION The system is compatible on a PC or a MAC, and the following browsers are supported: IE9 and > except IE11 Chrome 15 or > Fire fox 5 or > Safari 6 or > Opera 13 or > Follow the steps below
More informationAccenture Mortgage Cadence. Loan Fulfillment Center. Forms Job Aid
Accenture Mortgage Cadence Loan Fulfillment Center f Table of Contents FORM FORMATS...8 1003 UNIFORM RESIDENTIAL LOAN APPLICATION...9 1008 UNIFORM UNDERWRITING AND TRANSMITTAL SUMMARY... 10 1008 Uniform
More informationOne-Close Construction
RESTRICTED USE PROGRAM All loan originators must complete Flagstar s Construction Loan training course prior to originating any loans under this program. Originators will not be able to register construction
More informationMortgage Cadence User Guide Underwriting Submission (Delegated)
Purpose Link to Mortgage Cadence Additional Documentation or Other Resources Mortgage Cadence User Guide Underwriting Submission (Delegated) Follow these steps to submit a loan for delegated approval in
More informationSeller Procedures Delegated. Seller Portal
Seller Procedures Delegated 1 Seller Portal Summary 2 Introduction to the Seller Portal (EZCLD.LHFS.com) and review of the Loan Submission phases. TOOLS AND FUNCTIONALITY LeftNav Menu Loan Actions Menu
More informationSeller Procedures Non-Delegated. Seller Portal
Seller Procedures Non-Delegated 1 Seller Portal Summary 2 Introduction to the Seller Portal (EZCLD.LHFS.com) and review of the Loan Submission phases. TOOLS AND FUNCTIONALITY LeftNav Menu Loan Actions
More informationditech BUSINESS LENDING CONFORMING HIGH-BALANCE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION ditech BUSINESS LENDING CONFORMING HIGH-BALANCE PRODUCT Conventional Conforming fixed rate mortgage with High- Balance loan limits DU Version 10.2 Servicing retained 10 to 30 year
More informationLoan Originator Workflow. General Overview
Loan Originator Workflow General Overview Responsibilities Obtaining a complete and accurate loan application. Completing all required fields within Point including but not limited to Company or Personal
More informationFor Lenders. Accessing LOS: LOS is a web based program that can be accessed at the following URL address: https://los.chfa.org/los
Accessing LOS: LOS is a web based program that can be accessed at the following URL address: https://los.chfa.org/los A User ID and Password will be assigned to all users by the designated account administrator
More informationINSTRUCTIONS TO SETUP AHFA CONVENTIONAL HFA STEP UP LOAN IN MORTGAGE BUILDER As of 7/15/14
INSTRUCTIONS TO SETUP AHFA CONVENTIONAL HFA STEP UP LOAN IN MORTGAGE BUILDER As of 7/15/14 1) First, set up the Step Up first lien in Mortgage Builder (MB). Be sure that the loan program selected is Step
More informationNEW LOAN REGISTRATION PROCESS
1 I N T R O D U C T I O N TO M I C H I G AN M U T U AL S NEW LOAN REGISTRATION PROCESS MIMUTUAL PORTAL PORTAL FEATURES Loan Status s Pipeline Icon Functionality Document Upload Loan Change Requests Appraisal
More informationGuidelines Correspondent. Loan Program: 5/1 LIBOR ARM 2/2/5 85 LTV No PMI Dollar Bank (1585) LTV Limits:
Loan Program: 5/1 LIBOR ARM 2/2/5 85 LTV No PMI Dollar Bank (1585) LTV Limits: Occupancy Primary Residence Second Home Investment & Non- Owner Property Type Condominiums are ineligible for this product.
More informationMortgage Cadence User Guide Registering a New Loan MANUALLY
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.
More informationDisclosing a Loan Retail Business Channel
Disclosing a Loan Retail Business Channel Revised 6/27/18 Introduction: In this training material and supplemental training exercises, we explore the items necessary to disclose a loan. PRMG has integrated
More informationGuidelines Correspondent. Loan Program: 5/1 LIBOR ARM 2/2/5 85 LTV No PMI Dollar Bank (1585) LTV Limits:
Loan Program: 5/1 LIBOR ARM 2/2/5 85 LTV No PMI Dollar Bank (1585) LTV Limits: Occupancy Primary Residence Property Type w/o Sec Fin. PURCHASE MORTGAGES w/sec Fin. Max TLTV Max HTLTV Loan Limits 1 Unit
More informationCorrespondent Guidelines. Loan Program: 7/1 LIBOR ARM 5/2/5 Dollar Bank (1700) LTV Limits:
Loan Program: 7/1 LIBOR ARM 5/2/5 Dollar Bank (1700) LTV Limits: Occupancy Primary Residence Investment & Non-Owner PURCHASE AND LIMITED CASH-OUT REFINANCE MORTGAGES Property Type 1 Unit Max LTV Max TLTV
More informationRESIDENTIAL CONSTRUCTION LENDING POLICY
RESIDENTIAL CONSTRUCTION LENDING POLICY GENERAL INFORMATION The purpose of this policy is to state different types of construction loans offered by ASSURANCE FINANCIAL, and to set forth procedures and
More informationEncompass Release Notes Major Release Version 18.2 (Banker Edition)
Encompass Release Notes 18.2 Major Release Version 18.2 (Banker Edition) Last revised on April 05, 2018 2018 EllieMae, Inc. 2018 EllieMae, Inc. Ellie Mae, Encompass, AllRegs, DataTrac, Ellie Mae Network,
More informationMORRIS 2.0. Updates to our Wholesale Mortgage Portal. Equal Housing Lender Member FDIC NMLS#
1 MORRIS 2.0 Updates to our Wholesale Mortgage Portal What s New? MORRIS 2.0 2 LOGIN Lock out period from 60 days to 90 days PRODUCTS & PRICING 15-day pricing scenarios are now available (not eligible
More informationPipeline View Condition Columns Available to Display... 31
Release Date: April 14 th (Tentatively) Encompass Release Notes 18.2 Major Release Version 18.2 (Banker Edition) Contents Origination & Operations Content.... 10 FHA Management Form... 10 Construction
More informationWHEDA-Connect Administrators and Users Manual
WHEDA-Connect Administrators and Users Manual Page left blank intentionally. WHEDA 1.0 Overview: WHEDA-Connect 1 Last Revised Date: October 16, 2017 Table of Contents 1.0 Overview: WHEDA-Connect... 3 2.0
More informationMORTGAGE QUICK START GUIDE
MORTGAGE QUICK START GUIDE Contents Our Solutions page 2 Tips and Terms to Know page 3-4 The Mortgage Process: Step by Step page 5 How to Submit Your Mortgage Application page 6 Pre-Qualification Application
More informationAutomated Collateral Evaluation
What is automated collateral evaluation? Freddie Mac s automated collateral evaluation provides Sellers with the option to waive the appraisal requirements for certain Product Mortgages. The tools within
More informationWholesale s ONE-TIME CLOSE FAQ s:
Wholesale s ONE-TIME CLOSE FAQ s: How do I find my Loan if I have not submitted it to AFR? Go to www.afrloancenter.com and Login using your credentials. You will be brought to your Dashboard. In the top
More information7.1 Genworth-Insured Refinance Program (04/03/09)
Genworth Mortgage Insurance 7.1 Genworth-Insured Refinance Program (04/03/09) The Genworth-Insured Refinance Program provides expanded underwriting guidelines for rate/term refinances of Genworth-insured
More informationMortgage Insurance Help
Mortgage Insurance Help Address Line 1 Address Line 2 All Other Monthly Payments Amortization Term Amortization Type Application Number Appraisal Value Borrower's First Name Borrower's Last Name Borrower's
More information2509 Completing the Good Faith Estimate
The printed Good Faith Estimate is comprised of three pages and can be accessed from within a loan file by selecting Forms > Good Faith Estimate, from the menu bar. If the loan is a new construction loan,
More informationMax LTV/CLTV FICO 1 Unit 95/95% /90% 620 Purchase 85/85% 620 Refi 75/75% 2 Units Purchase & Refi- 85/85% 620 N/A N/A 75/75% 620
Revision: October 25, 2016 (Product Information Center, 949-390-2670, www.jmaclending.com) Fixed Rate (Purchase & Rate/Term Refinances) Fannie Mae DU Products: CF30, CF20, CF15, CF10 Occupancy Owner Occupied
More informationHome Equity Line of Credit
Home Equity Line of Credit PRIMARY RESIDENCE 1 PURCHASE, RATE/TERM REFINANCE & CASH-OUT REFINANCE Property Type 1 to 2-Unit Warrantable Condo PUD Maximum CLTV Maximum Line Amount Minimum Credit Score Total
More informationStreamline Assist Refinance Product
Streamline Assist Refinance Product Credit Policy 09/06/2016 DISCLAIMER USDA has provided VERY LITTLE information as to their exact documentation requirements on this new product. Therefore, we ve done
More informationAIO DELIVERY ESSENTIALS-WHOLESALE
AIO DELIVERY ESSENTIALS-WHOLESALE The All In One Loan (AIO) is not subject to TRID rules, so the creation and life of this loan program follows a different path. This document will walk the User through
More informationSection Agency Loan Programs
Section 2.01 - Agency Loan Programs In This Product Description This product description contains the following topics. Overview... 3 Product Summary... 3 Related Bulletins... 4 Loan Terms... 5 Minimum
More informationDUS DocWay TM Loan Documents User Guide. January 2019
DUS DocWay TM Loan Documents User Guide January 2019 Table of Contents Getting Started with DUS DocWay... 1 Welcome Page Navigation... 3 Loan Documents Navigation... 6 Update Document Category and Type...
More informationIntroduction to SettlementOne. Encompass: Ordering a Credit Report
ISSUED 01/31/2011; PAGE 1 OF 11 Introduction to SettlementOne 1. SettlementOne is a settlement services company that offers many of the services needed when processing a mortgage loan. It has integration
More information***UPDATED 9/5/18*** TPO Fannie Mae HomeStyle Renovation Product
***UPDATED 9/5/18*** Updated items have been highlighted in yellow. TPO Fannie Mae HomeStyle Renovation Product Overview HomeStyle is Fannie Mae s renovation loan program. This loan will be locked in,
More informationGuidelines Correspondent Loan Program: 5/1 LIBOR ARM 2/2/5 Interest Only Dollar Bank (1590) LTV Limits:
Loan Program: 5/1 LIBOR ARM 2/2/5 Interest Only Dollar Bank (1590) LTV Limits: PURCHASE and NO CASH-OUT REFINANCE MORTGAGES Occupancy Primary Residence Second Home Investment & Non- Owner Occupied Property
More informationditech BUSINESS LENDING CONFORMING FIXED RATE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate mortgage DU Version 10.1 Servicing retained 10 to 30 year term in annual increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans
More informationGFE/TIL AND COC WORKFLOW
Table of Contents Page 1 of the GFE... 2 Tolerance Levels... 5 Page 2 of the GFE... 7 Box 6 of the GFE... 12 How to Calculate Transfer Tax... 13 Page 3 of the GFE... 14 Events Triggering Re-disclosure...
More informationProcedures for Withdrawing/Cancelling a Loan in Encompass For a loan that has been Approved by Underwriting (Updated 5/6/2016)
Procedures for Withdrawing/Cancelling a Loan in Encompass For a loan that has been Approved by Underwriting (Updated 5/6/2016) APPLIES TO LOANS IN THE ACTIVE PIPELINE AS WELL AS LOANS IN THE PRE-APPROVAL
More informationCenterState Bank Financial. TPO Connect Portal User Guide
CenterState Bank Financial TPO Connect Portal User Guide Table of Contents Table of Contents... 2 Introduction... 3 Introduction... 4 Getting Started... 5 Getting Started... 6 Gaining Initial Access to
More informationditech BUSINESS LENDING CONFORMING FIXED RATE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate mortgage DU Version 10.2 Servicing retained 10 to 30 year term in annual increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans
More informationCrescent Mortgage Company 6600 Peachtree Dunwoody Rd NE, 600 Embassy Row Ste #650, Atlanta, GA 30328
(800) 851-0263 www.crescentmortgage.com Friday, April 19, 2019 Crescent Mortgage Company 6600 Peachtree Dunwoody Rd NE, 600 Embassy Row Ste #650, Atlanta, GA 30328 ET Market Update: 4/19/2019 Bond Market
More informationLocking and Change Request Manual. Correspondent User Guide
Correspondent User Guide Effective Date: 12/07/2015 Last Updated: 12/07/2015 Table of Contents Things to Know When Locking... 1 Loan Registration... 1 Loan Locking... 1 Change Request... 1 Registering
More informationCrescent Mortgage Company 6600 Peachtree Dunwoody Rd NE, 600 Embassy Row Ste #650, Atlanta, GA 30328
(800) 851-0263 www.crescentmortgage.com Wednesday, March 20, 2019 Crescent Mortgage Company 6600 Peachtree Dunwoody Rd NE, 600 Embassy Row Ste #650, Atlanta, GA 30328 ET Market Update: 3/20/2019 Price
More informationPRODUCT MATRICES. For Information on any of our products, please contact:
Correspondent Lending PRODUCT MATRICES March 2016 For general underwriting questions and scenarios or product guideline interpretation, call the Underwriting Help Line at (866) 807-6049 For status, pricing,
More informationEdit 1003 Form. Figure 1 - Tabs of the 1003
Edit 1003 Form The OpenClose 1003 is organized into multiple tabs that coincide with the sections of the 1003 plus three extra tabs to store additional information on the loan file. Figure 1 - Tabs of
More informationAPMC DU REFI PLUS MATRIX
1. PRODUCT DESCRIPTION 2. EXISTING FIRST MORTGAGE ELIGIBILITY 3. FINAL FUNDING DATE Conventional Conforming Fixed Rate DU Version 9.1 LTV
More informationDOCUMENT CHECKLIST FOR PURCHASED LOANS Crescent Mortgage Company 6600 Peachtree Dunwoody Rd. NE, 600 Embassy Row, Suite 650 Atlanta, GA 30328
1. TITLE POLICY DOCUMENT CHECKLIST FOR PURCHASED LOANS Crescent Mortgage Company 6600 Peachtree Dunwoody Rd. NE, 600 Embassy Row, Suite 650 Atlanta, GA 30328 [ ] Short form title policies with proper ALTA
More informationCrescent Mortgage Company 6600 Peachtree Dunwoody Rd NE, 600 Embassy Row Ste #650, Atlanta, GA 30328
(800) 851-0263 www.crescentmortgage.com Thursday, April 11, 2019 Crescent Mortgage Company 6600 Peachtree Dunwoody Rd NE, 600 Embassy Row Ste #650, Atlanta, GA 30328 ET Market Update: 4/11/2019 Producer
More informationCrescent Mortgage Company 6600 Peachtree Dunwoody Rd NE, 600 Embassy Row Ste #650, Atlanta, GA 30328
(800) 851-0263 www.crescentmortgage.com Monday, March 25, 2019 Crescent Mortgage Company 6600 Peachtree Dunwoody Rd NE, 600 Embassy Row Ste #650, Atlanta, GA 30328 ET Market Update: 3/25/2019 Chicago Fed
More informationMODIFICATION REQUEST FORM HARP / Distressed Modifications / Traditional Modifications
MODIFICATION REQUEST FORM HARP / Distressed Modifications / Traditional Modifications United Guaranty Residential Insurance Company P. O. Box 21367 Greensboro, NC 27420-1367 Phone: 888.822.5584 (select
More informationCrescent Mortgage Company 6600 Peachtree Dunwoody Rd NE, 600 Embassy Row Ste #650, Atlanta, GA 30328
(800) 851-0263 www.crescentmortgage.com Tuesday, April 16, 2019 Crescent Mortgage Company 6600 Peachtree Dunwoody Rd NE, 600 Embassy Row Ste #650, Atlanta, GA 30328 ET Market Update: 4/16/2019 Industrial
More informationFunding Express User Guide Updated as of January 2017
Funding Express User Guide Updated as of January 2017 2016 Fannie Mae. Trademarks of Fannie Mae. 10.07.2016 1 of 35 About This User Guide... 3 Getting Additional Help... 3 Prerequisites to Using Funding
More information05_Create Expense Report - New
05_Create Expense Report - New Purpose: How to Access: Audience: The purpose of this task is to create a new Expense Report. Open the Expenses worklet and click Create Expense Report from the Actions section.
More informationAPMC DU REFI PLUS MATRIX
1. PRODUCT DESCRIPTION 2. EXISTING FIRST MORTGAGE ELIGIBILITY 3. FINAL FUNDING DATE Conventional Conforming Fixed Rate DU Version 9.3 LTV
More informationRadian LendingQB Mortgage Insurance User Guide. Revised January 19, 2017
Mortgage Insurance User Guide Revised Contents Radian Mortgage Insurance User Guide... 1 1. Objective... 3 2. Logging into... 3 3. Adding Radian as a Mortgage Insurance Provider... 4 4. Entering Branch
More informationCreating and Submitting a Closed Loan Modification Case Extend Mod for Disaster Relief
Creating and Submitting a Closed Loan Modification Case Extend Mod for Disaster Relief If you are a servicer that is delegated to underwrite modifications on behalf of Fannie Mae and are submitting a Fannie
More informationditech BUSINESS LENDING CONFORMING DITECH-PAID LPMI PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate with lender paid mortgage insurance DU Version 10.2 Servicing retained 10 to 30-year term in annual increments Manufactured Homes -30 year term
More informationMSI New Loan Submission. Table of Contents
Posted 9/25/13 Table of Contents 1 - INFORMATION... 1-1 IMPORTANT CONTACTS... 1-1 Welcome... 1-1 Contact Information... 1-1 Phone Numbers... 1-1 Mailing Address... 1-1 Dedicated Fax Line... 1-1 Web Site
More informationPriceMyLoan.com Broker s Guide. Revision 0705
PriceMyLoan.com Revision 0705 PriceMyLoan Introduction... 3 Create a New File... 4 Upload a Fannie Mae File... 5 Upload a Calyx Point File... 5 Loan Request Interface... 6 Loan Officer Info... 6 Credit
More informationCrescent Mortgage Company 6600 Peachtree Dunwoody Rd NE, 600 Embassy Row Ste #650, Atlanta, GA 30328
(800) 851-0263 www.crescentmortgage.com Thursday, March 21, 2019 Crescent Mortgage Company 6600 Peachtree Dunwoody Rd NE, 600 Embassy Row Ste #650, Atlanta, GA 30328 ET Market Update: 3/21/2019 Philly
More informationProcedures for Denying Loans at the Branch Level (Updated )
Procedures for Denying Loans at the Branch Level (Updated 2-22-2018) Applies to Loans in the Active Pipeline as well as Loans in the Pre-Approval Pipeline -----------------------------------------------------------------------------------------------
More informationCONFORMING UNDERWRTING GUIDELINES DUREFIPLUS PROGRAM - WHOLESALE
Table of Contents APPRAISAL & PROPERTY INFORMATION.... 2 Appraisal Requirements... 2 LTVs > 95%..... 3 Property Inspection Waiver (Property Field work Waiver Requirements).... 3 ELIGIBLE PROPERTIES...
More informationTable of Contents. Part I Processors. Byte User Guide. 1 Processing. Appraisal Review. Multiple Branches. Order Title Order Hazard Insurance
2 Table of Contents Part I 1 Processing... 3 Appraisal Review... 3 Agency Case Num... ber 3 Agency Case Num... ber Date 3 HPML Loans... 4 Multiple Branches... 4 Export FNMA 3.2... File 4 Order Title...
More informationCrescent Mortgage Company 6600 Peachtree Dunwoody Rd NE, 600 Embassy Row Ste #650, Atlanta, GA 30328
(800) 851-0263 www.crescentmortgage.com Tuesday, March 26, 2019 Crescent Mortgage Company 6600 Peachtree Dunwoody Rd NE, 600 Embassy Row Ste #650, Atlanta, GA 30328 ET Market Update: 3/26/2019 Housing
More informationditech BUSINESS LENDING HOMEREADY MORTGAGE PRODUCT
1. PRODUCT DESCRIPTION ditech BUSINESS LENDING HOMEREADY MORTGAGE PRODUCT Conventional Conforming fixed rate mortgage DU Version 10.1 Servicing retained 10-30 year term in annual increments Fully amortizing
More informationCrescent Mortgage Company 6600 Peachtree Dunwoody Rd NE, 600 Embassy Row Ste #650, Atlanta, GA 30328
(800) 851-0263 www.crescentmortgage.com Tuesday, June 12, 2018 Crescent Mortgage Company 6600 Peachtree Dunwoody Rd NE, 600 Embassy Row Ste #650, Atlanta, GA 30328 ET Market Update: 6/12/2018 May Consumer
More informationBanker Edition Release Notes. Updates and Enhancements (build ), January 13, 2011
Banker Edition Release Notes Updates and Enhancements (build 6.7.0.2), January 13, 2011 Copyright Statement 2011 Ellie Mae, Inc. Ellie Mae, Encompass, Encompass360, and Ellie Mae Network and the Ellie
More informationLOCK SUBMISSION DEADLINE
9815 S 240 W (Monroe Street), Ste 203, Sandy, UT 84070 Office Phone: (801) 262-6033 or 1-888-891-5440 IMPORTANT ANNOUNCEMENTS All 30 & 45 day locks must submit loan files within 7 days of lock date to
More informationBMC Wells Fargo Non Conforming Loan Submission Checklist Loan #: Borower's Name:
Loan Submission Form Current Version Borrower's Email Address Data File (Fannie Mae 3.2 Format) Signed 4506 T ***Wholesale Use Only*** Proof of 4506 Tax Audit Ordered (highly recommend fully processed
More informationSilvergate Funding, Inc ( SFI ) IN FOCUS BULLETIN April 17, 2014
Silvergate Funding, Inc ( SFI ) IN FOCUS BULLETIN 2014-05 April 17, 2014 Week of April 14 Hours of Operation The financial markets close early on Thursday and are closed on Friday April 18. SFI Secondary
More informationLogging In: Home Page:
Imaged Loan Delivery Logging In: Using your assigned website user login you will log into the BB&T Correspondent Lending website at the following link. https://correspondentlending.bbt.com/ Home Page:
More informationMultiple Financed Properties Program Fannie Mae/Freddie Mac. Table of Contents
Table of Contents 1. Category... 2 2. High Balance... 2 3. Property Types...2 4. Applying the Multiple Financed property Policy to Manually Underwritten Loans... 2 5. Applying the Multiple Financed property
More informationHLA Rate Sheet FOR INTERNAL USE ONLY. Conventional Fixed Products. 15 Year Fixed 10 Year Fixed 15 Year Fixed Seconds
Lock desk is open from 9:30am to 4:30am (ET). Rates and prices are considered expired outside that window. PROMOTION 0.25% Yield credit on Conventional Loans $200,000 or greater with credit score of 720+
More informationditech BUSINESS LENDING CONFORMING TEXAS HOME EQUITY PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION ditech BUSINESS LENDING CONFORMING TEXAS HOME EQUITY PRODUCT Conventional Conforming fixed rate mortgage DU Version 10.1 Servicing retained 10 to 30 year term in annual increments
More informationBMC Wells Fargo Non Conforming Loan Submission Checklist Loan #: Borower's Name:
Loan Submission Form Current Version Borrower's Email Address Data File (Fannie Mae 3.2 Format) Signed 4506 T BMC Wells Fargo Non Conforming Loan Submission Checklist Loan #: Borower's Name: Required Items
More informationTitle: Policy Info & Rates
Title: Policy Info & Rates To access and modify the Title section, some basic information must be provided. The required sections vary based on the underwriter selected. Qualia prompts the user to enter
More informationMortgage Cadence User Guide Reserving a VHDA Down Payment Assistance Grant
Purpose Mortgage Cadence User Guide Reserving a VHDA Down Payment Assistance Grant Link to Mortgage Cadence This quick reference guide provides a step-by-step list of actions to reserve a VHDA Down Payment
More informationSecure Website Encompass Loan Center
What is housed in this website? NOVA Home Loans uses a secure website where you can access your NOVA loan documents 24-hours a day. In this secure website, you will find the documents associated with your
More informationFHA Streamline Refinance Training
FHA Streamline Refinance Training Offered through First Mortgage Corporation Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie Mac. This
More information