Mortgage Cadence User Guide Closed Loan Submission, Loan Purchase and Post-Closing

Transcription

1 Mortgage Cadence User Guide Closed Loan Submission, Loan Purchase and Post-Closing Purpose Link to Mortgage Cadence Additional Documentation or Other Resources Follow these steps to submit a closed loan, submit pre-purchase conditions, and submit final documents in Mortgage Cadence. If you have a VHDA second loan, this procedure must be done for both loans. Step Purchase Review Submission of Closed Loan 1 After successfully logging in to Mortgage Cadence, select the desired loan for closing package submission by searching in the Pipeline Vista. 2 If the Details of Transaction (Section VII of the 1003 screen) information imported from the lender s Loan Origination System does not appear to match what was imported, it is acceptable to leave it as it is. VHDA will review other documents (such as the lender s 1003, the Closing Disclosure, etc.) to confirm funds required at closing accuracy. CLOSED LOAN SUBMISSION, LOAN PURCHASE 1

2 3 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 corrections and then click Save. 4 To upload the closed loan package documents, choose s and then click Attachments. Click the carrot next to Attachment Upload for. to expand the Attachments window. Select the appropriate Category Type from the new options supplied in the Category drop down. Name the file appropriately in the Comments field as shown below. Click the Upload button. Upload the underwriting file as one PDF attachment. Multiple PDF attachments are not preferred. Here are the document format and file size requirements: PDF is the only acceptable document format 100 MB maximum file size Grayscale (black and white) is preferred Documents with pictures (like appraisals) need to be scanned in color (It is ok if color documents are uploaded as a separate PDF document due to the rest of the file uploading as grayscale) Scan at 300 dpi for ideal results (higher is not better) CLOSED LOAN SUBMISSION, LOAN PURCHASE 2

3 5 Choose s, Utilities, and then choose Submit Closed Loan Package. By completing this utility VHDA is notified that a closed loan package has been submitted and is ready for review. NOTE: If there is a VHDA second mortgage, the lender must complete these steps for the second mortgage also. 6 A pop-up box will appear indicating the submission was successful. NOTE: The loan s status will be changed to Closed Loan Submitted for Purchase. 7 Once VHDA has acknowledged receipt of the file, the system will change the loan s status to In Purchase Review. You can monitor the status of your loan(s) within the Pipeline Vista. VHDA reserves the right to re-price the loan at the time of purchase for late delivery. The VHDA quality review department reviews the loan to include all data entered for the loan in Mortgage Cadence and all corresponding documents. CLOSED LOAN SUBMISSION, LOAN PURCHASE 3

4 Purchase Review (Delegated and Non-Delegated) 1 VHDA will perform a review of the loan file. 2 If the loan is approved: The system changes the status of the loan to Purchase Approved then immediately to Purchased. A Purchase Notification is available by choosing s and then Attachments. A notification will also be available in Attachments of the missing final documents. If there is a VHDA second mortgage, a Purchase Notification will also be sent for the second mortgage. You can monitor the status of your loan(s) within the Pipeline Vista. 3 If the loan is suspended: The system changes the status of the loan to Purchase Pended and an notification is sent with a Suspense Letter to the lender. The lender uploads the necessary conditions to resolve the suspense in the Attachments module. The lender then chooses Utilities and then Submit Pre Purchase Conditions. CLICK NOTE: DO NOT click Submit Conditions for Review or Submit Post Closing Conditions. 4 If the conditions can be cleared: The system changes the status of the loan to Purchase Approved then immediately to Purchased. A Purchase Notification is available by choosing s, then Attachments. A notification will also be available in Attachments of the missing final documents. NOTE: If there is a VHDA second mortgage, a Purchase Notification will also be sent for the second mortgage. 5 If the conditions cannot be cleared: The system changes the status of the loan to Denied and the system sends the Disposition Letter to the lender. 6 Once funded, the Lender will receive a Loan Purchase Advice document that includes a Funding Breakdown and the Total Purchase Wire After Adjustments. The funds will be wired to the company s designated account. CLOSED LOAN SUBMISSION, LOAN PURCHASE 4

5 Post-Closing/Final Document Delivery (Delegated and Non-Delegated) Step 1 After successfully logging in to Mortgage Cadence, select the desired loan for final document submission by searching in the Pipeline Vista. 2 To upload the final documents, choose s and then click Attachments. Click the carrot next to Attachment Upload for. to expand the Attachments window. Select the appropriate Category Type from the new options supplied in the Category drop down. Name the file appropriately in the Comments field as shown below. Click the Upload button. Upload the post-closing file as one PDF attachment. Multiple PDF attachments are not preferred. Here are the document format and file size requirements: PDF is the only acceptable document format 100 MB maximum file size Grayscale (black and white) is preferred Documents with pictures (like appraisals) need to be scanned in color ((It is ok if color documents are uploaded as a separate PDF document due to the rest of the file uploading as grayscale) Scan at 300 dpi for ideal results (higher is not better) CLOSED LOAN SUBMISSION, LOAN PURCHASE 5

6 3 Choose s, Utilities, and then select Submit Final Documents Utility CLICK NOTE: DO NOT click Submit Conditions for Review or Submit Pre Purchase Conditions. 4 The VHDA Post Closer reviews the condition documentation. If the conditions can be cleared, VHDA will issue a File Complete Letter. If the conditions cannot be cleared, the lender must resolve and submit required documentation. CLOSED LOAN SUBMISSION, LOAN PURCHASE 6