Disclosing a Loan 10/26/2017

Transcription

1 0/26/207

2 Introduction: In this training material and supplemental training exercises, we explore the items necessary to disclose a loan. We will step by step walk you through the general processes and required procedures. The information contained here is meant to be a basic guide for each and every loan disclosed.

3 Disclosing a Loan Topics:. Required Initial Disclosures 2. Requesting econsent 3. Disclosure Preparation 4. Smart LE (formally Smart GFE) Itemization 6. Aggregate Setup 7. Loan Estimate 8. Home Counseling Providers 9. Request for Tax Transcripts 0. Settlement Service Providers List. Payoffs and the Loan Estimate 2. Moving the Qualification Milestone 3. Disclosure Package 4. Intent to Proceed 5. Loan Officer Signing from Website Topics covered in this training:. Resending the Link for the Borrower to esign 2. Resetting Your Loan Center Password 3. Borrower(s) are unable to locate the edisclosure 4. LOS Support loan center password reset

4 econsent and TRID/RESPA Disclosures: Per TRID/RESPA and prior to a borrower electronically signing any documents the econsent process must be completed. In the event the econsent has not been received, a disclosure fulfillment package must be mailed and postmarked by the third business day. Please note: if disclosures are to be mailed and postmarked (because you do not have econsent) by the third business day it is imperative they are prepared and queued on the second business day. Regardless of which method is utilized for the process of disclosing, the disclosures still must be prepared. In regards to preparing the disclosures, please refer to the disclosure training materials located in the resource center.

5 Compliance Questions: Any and all compliance related questions need to be ed to the following address: The needs to contain the minimum following pieces of information: To ensure s do not get missed and are responded to in a timely manner please do not individuals directly. Borrower Name (Subject Line) 2. Loan Number (Subject Line) 3. Description of the issue (Body) 4. Is the loan connected to any DPA programs (Body)

6 Required Initial Disclosures: N Originator must provide a Loan Estimate within three general business days of when the Originator receives an application from the consumer FastTrac 360 automatically populates the TRID application date based on the information provided in the system Note: Once the six pieces of required information is received an application has been taken and the GFE/LE application date will auto populate and your disclosure compliance window has opened You have an application when you receive the following six pieces of information for the applicant:. Name 2. SSN to pull credit 3. Income 4. Loan Amount Requested 5. Estimated value of property 6. Property Address N

7 Requesting econsent: Once the information is entered in the borrower section of the summary you are able to send the econsent. Click on the alert econsent Not Yet Received [SEND FIRST]

8 Requesting econsent:. Click Request econsent 2. Check the box next to the Borrower s name(s) this will need to be completed for all mortgagors on the loan 3. By default the Notify me when borrower received the package is checked 4. Click Send 2 4 3

9 Requesting econsent: Once the Borrower consent two things will happen. The sender will receive to s notifying them documents have been received by the borrower and econsent has been accepted The system will notify the user with a message and the alert will go away. Click the message to clear the message from the Alerts & Messages section 2. Details of the econsent can be viewed by clicking the magnifying glass icon

10 Disclosures Preparation:. Review the 003 thoroughly 2. Verify Application date matches GFE/LE application Date 3. Enter the estimated closing date on Borrower Summary (PRMG) page 2 3

11 Smart LE formally Smart GFE: Smart LE is a tool to ensure fees on the 205 itemization are filled out correctly and not missed. Fees on the Loan Estimate (LE) can me adjusted before importing into the 205 itemization to match the estimated HUD. Click the Services Tab 2. Click Order Additional Services 2

12 Accessing Smart LE (formally Smart GFE): Select Smart GFE from the My Providers tab. If this is the first time accessing SmartFees from FastTrac 360 SmartFees can be located in the All Providers screen. Select SmartFees by ClosingCorp 2. Click Submit

13 Accessing Smart LE (formally Smart GFE): If this is your first time accessing Smart LE you will need to insert the following license key: bd3-47c2-a82-f06da8c Click OK 2. Verify the information pre-populated information is correct 3. Select the Appraisal Product Name 4. Click Continue To FEES 3 2 4

14 Accessing Smart LE (formally Smart GFE): Work your way from top to bottom starting with Lender Selected Services section moving to Title and Closing Services and finishing up with Recording Fees/Transfer Taxes To change the current provider click the Select Provider. Verify the information pre-populated information is correct 2. Make edits where necessary when complete Click Export to Encompass (FT360) In order to protect our guaranty after everything has been exported to FT360, do not adjust or edit the title insurance or other fees returned from Loan Estimate Detail Report.

15 Accessing Smart LE (formally Smart GFE): Adding Additional Services can be used to disclose items upfront that is know to the Originator, such as a Roof Inspection. Once all fees have been entered, adjusted or revised Click Export to Encompass 2. Wait for the pop-up window called SmartGFE date imported to Encompass and click OK 2

16 205 Itemization: After the SmartLE is completed most of the fees will be populated into the 205 itemization The 205 itemization form is a detailed estimate of closing costs and other charges that must be satisfied prior to loan closing I Use the Plus/Minus sign to minimize or maximize each section if desired I

17 Aggregate Setup:. Use the Aggregate Escrow Account form to estimate the activity in the borrower's escrow account for the coming year based on anticipated payments from that account 2. In the Forms tab locate and select the 205 itemization 3. Locate line 0 in the 205 Itemization screen and click the Aggregate Setup button 2

18 Aggregate Setup: Inside the Initial Escrow Account setup popup window:. Find the row labeled cushion and locate all fields which need to be populated with cushions and dates 2. With the exception of Mortgage Insurance (MI) please provide a (2) two month cushion for all other items Special Note: If you are unsure of your property tax due dates, please locate the State Tax Impound Schedule document inside the resource center 2

19 Aggregate Setup:. Enter your property tax due date(s): Special Note: If you are unsure of your property tax due dates, please locate the State Tax Impound Schedule document inside the resource center 2. Enter your Hazard Insurance due dates this is typically () one year form your estimated close date 3. For Mortgage Insurance locate the escrow first payment date at the top of the screen and enter the first four monthly payment due dates accompanied by the number twelve times (count to verify entered correctly) 5//207 6//207 7//207 8// Click OK and Aggregate Adjustment will calculated and be added into Initial deposit for escrow account line 00 in the 205 itemization 2 3 4

20 Loan Estimate: The Loan Estimate input forms (pages -3) enable you to review, edit or enter information that is populated to the Loan Estimate provided to the borrower by the third business day after the application is received The Disclosure Information section displays the most recent information regarding the loan. Enter LE Date must be current date Page 2. On page 2 verify impounds are being pulled over in Section G 2

21 Loan Estimate: Loan Estimate Page 3. Enter License state (subject property state) 2. Loan officer state is state where loan officer is 3. Click Get Late Fee 4. For the Signature Type select By Name 2 4 3

22 Home Counseling Providers:. In the Forms tab select Home Counseling 2. RESPA requires that consumers be provided with a list of available home counselors for the area in which they live. 3. Click Get Agencies 2 3

23 Home Counseling Providers:. Select one of the type of Services Name in the Multiple Services box 2. Click Get Agencies the first 0 agencies will be auto-checked 3. Click Save 2 Special note: if Get Agencies button is errors the borrowers current address is incorrect or validate against USPS 3

24 Request for Tax Transcripts: Use the Request for Transcript of Tax form to obtain authorization from borrower, coborrower, or other individuals or entities to request transcripts of their tax returns (on Form 4506-T) from the Internal Revenue Service, and to verify borrower-provided tax information by ordering electronic copies of 4506-T tax reports. The Originator should have a copy of the Borrower s tax returns to ensure proper completion of this form. Improper information will result in delays with the IRS and will hold up the file with the Processor and/or Underwriter If more than one form is needed repeat steps -3 and complete the additional information that doesn t auto-populate with additional forms line numbers 5-9

25 Request for Tax Transcripts:. Forms -> Request for Transcript of Tax 2. Click the New icon 2

26 Request for Tax Transcripts:. Select the appropriate individuals or entities from the Tax Form is for dropdown menu 2. Click Copy from Borrower Summary 2 Please note if there are multiple borrowers you will need to switch between them to complete the request for tax transcripts

27 Request for Tax Transcripts: R Review the form for accuracy and adjust the form as needed for the Transcript requested, Form W-2 and/or Year or period requested Verify most recent filed tax return matches information on 4506T Year and period requested. 2/3/ /3/ /3/ /3/206 Special Note: The 4506T form is just the consent to order tax transcripts not the actual process of ordering tax transcripts I

28 Settlement Service Provider List: Forms -> Settlement Service Providers List I SmartLE automatically populates settlement service providers to the settlement service providers On a purchase transaction where you have received an initial fee worksheet from your closing agent your settlement service providers will need to be manually entered. Click Save after your have manually entered service providers I

29 Payoffs and the Loan Estimate (LE): Forms -> Loan Estimate Page 2. Locate Section J Click Payoffs & Payments 2. Include the Desired Disbursement to Others 3. Click OK 2 3

30 Completing the Qualification Milestone: V Verify loan application is complete. Click Log -> Qualification V

31 Completing the Qualification Milestone:. View Required fields section for any missing pertinent application information 2. Complete MLO tasks in task section Check MLO box under tasks location 3. Check Finished milestone 2 3

32 Disclosing:. Obtain authorization code from borrower information screen/s for ALL borrowers 2. Open efolder 3. Click edisclosures Special Note: When clicking the edisclosures button if there are missing fields a prompt will appear S 2 S 3

33 Disclosing:. Select the correct Borrower pair 2. Select a Plan Code 3. Click Order edisclosures 2 3

34 Disclosing:. Click Add to efolder 2. On Select Documents Screen Click Send Note: DO NOT uncheck any of the items in the edisclosures in the list 2

35 Disclosing:. Locate the borrower authorization method select authorization code from drop down then input authorization code 2. If econsent has been accepted uncheck Schedule a fulfillment for this package 2

36 Completing the Intent to Proceed: In the Tools tab select Disclosure Tracking. In Disclosure history click the disclosure set

37 Completing the Intent to Proceed:. Click the Intent to Proceed Checkbox 2. Select the Date 3. Select the Received Method 4. Click OK 2 3 4

38 Alternate Method for Loan Officer to esign: If your processor or assistant has disclosed on your behalf or after immediately completing the disclosure process you did not esign the your required disclosures please complete the steps below: Go to the following url: Enter your FT360 Username and Password 2. Click Login 3. Sign the borrower disclosure set 2

39 FT360 Loan Center Access Management

40 FT360 Loan Center Access Management Topics covered in this training:. Resending the Link for the Borrower to esign 2. Resetting Your Loan Center Password 3. Borrower(s) are unable to locate the edisclosure 4. LOS Support loan center password reset

41 Resending the link to the Borrower to esign: The borrower can log directly into the Loan Center. No link is necessary. Go to the following url: Enter your and password created during the econsent process 2. Click Login FT360 Loan Center Access Management

42 Resetting Your Loan Center Password

43 FT360 Loan Center Access Management Resetting Your Loan Center Password:. Click the Forgot Password link below the Login button

44 FT360 Loan Center Access Management Resetting Your Loan Center Password:. Enter the address used when your account was registered 2. Click Submit 2

45 FT360 Loan Center Access Management Resetting Your Loan Center Password:. Access your account 2. Click on the link to access your Loan Center Account 3. Enter and re-enter a new password combination 4. Click Submit 2 4 3

46 Borrower(s) are unable to locate the edisclosure

47 FT360 Loan Center Access Management Borrower(s) are unable to locate edisclosure . Borrower can access the following url: 2. Enter the and updated password Click Login 3. Access the loan and complete the esign process 2 3

48 FT360 Loan Center Access Management Borrower(s) are unable to locate edisclosure . Borrower can access the following url: 2. Enter the and password created during the econsent process 3. Click Login 4. Access the loan and complete the esign process 2 3

49 FT360 Loan Center Access Management esign and Print Disclosures:. Complete the esigning Process 2. Print, Sign and Upload 3. Upload Documents needing to be printed 2

50 LOS Support Loan Center Password Reset

51 FT360 Loan Center Access Management LOS Support Loan Center Password Reset:. A PRMG FT360 Administrator can reset the users Loan Center Password You have three options for support:. You can submit a support ticket from the support website 2. Phone: Or you can support@prmg.net support request which will be immediately placed in our helpdesk system

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