RETAIL OPENING FILE WORKFLOW

Transcription

1 Table of Contents THE OPENER... 2 VERIFYING YOUR LOAN NUMBER IN FASTTRAC... 3 CALYXPOINT SETTING A LOAN TO ACTIVE/BORROWER... 4 PRINTING THE SUBMISSION SHEET IN POINT... 6 UPDATING STATUS TO SENT TO PROCESSING AND INPUTTING DATE... 7 FASTTRAC SETTING THE LOAN TO FINAL IN FASTTRAC... 8 ASSIGNING THE PROCESSOR... 9 IMAGING UPLOADING THE INITIAL APPLICATION PACKAGE or ADDITIONAL DOCUMENTS (from the borrower documents) ACCESSING, VIEWING & ORGANIZING THE INITIAL APPLICATION PACKAGE IN FASTTRAC SPLITTING THE PAGES OF THE LOAN FILE and LABELING ALL DOCUMENTATION ASSIGNING DOCUMENTS TO DIFFERENT BORROWERS REARRANGING THE PAGES OF A DOCUMENT ROTATING THE PAGES OF A DOCUMENT OR PACKAGE MERGING DOCUMENTS MAKING LOAN NOTES VERIFYING THE REQUIRED DOCUMENTATION IS PRESENT AND PROPERLY EXECUTED COMPLETING THE LDP/GSA PROCESS ACCESSING AND PRINTING NMLS NUMBERS FOR THE FILE FHA CONNECTION FHA CONDO APPROVAL FHA CASE NUMBER ASSIGNMENT PULLING CAIVRS AUTHORIZATION FHA BORROWER VALIDATION/CASE UPDATE USPS VALIDATION TAX BILL FOR SUBJECT PROPERTY FLOOD CERTIFICATION EMPLOYER VALIDATION CREDIT REPORTS IN FASTTRAC COMPLETING THE GOOD FAITH ESTIMATE (GFE) SCREEN COMPLETING THE TRUTH IN LENDING (TIL) SCREEN VERIFYING THE 1003 DATA DATAVERIFY RUNNING DATAVERIFY THE DATAVERIFY WATCHLIST MORTGAGE ELECTRONIC REGISTRATION SYSTEM (MERS) OFFICE OF FOREIGN ASSETS CONTROL (OFAC) ORDERING IRS FORM 4506 TAX RETURN TRANSCRIPTS ORDERING SOCIAL SECURITY NUMBER VALIDATION USING THE SSA-89 FORM ORDERING AUTOMATED VALUATION MODEL (AVM) VERIFYING THAT PROCESSING DOCUMENTATION HAS BEEN ORDERED HAZARD INSURANCE VERIFYING EMPLOYMENT UTILIZING THE LOAN PROCESSING SCREEN IN FASTTRAC NOTIFYING THE PROCESSOR THAT THE LOAN IS READY TO BE PROCESSED SETTING THE LOAN TO IN PROCESS P a g e R e v. 10/17 / 13

2 THE OPENER The Opener is responsible for ensuring the file is setup properly in FastTrac, with the correct information, and the documentation is prepared for process by the Processor in the ImageFlow system. The responsibilities are to: Ensure the loan is transferred properly from Calyx Point to FastTrac Complete the various searches and information validation Ensure the loan is properly disclosed Ensure FHA case number assignment has been ordered (if applicable) Ensure the file documentation is uploaded and sorted in ImageFlow Ensure the FastTrac data is in place, including the Credit Report, Loan Notes, and DU Ensure the preliminary data verification report is completed and has no major findings Ensure the Escrow, Title, Appraisal, Employment information has been ordered Ensure the proper status of the loan is in place in FastTrac 2 P a g e R e v. 10/17 / 13

3 VERIFYING YOUR LOAN IS SETUP IN FASTTRAC Searching for loans in FastTrac 1. Open the PIPELINE SEARCH Field for SOCIAL SECURITY NUMBER (SSN) and input the borrowers SSN from the POINT application, and press ENTER 2. The loan that appears on the SUMMARY INFO screen to the right (shown below) will be the correct loan(s) for the current borrower (make a note of the loan number on your checklist). 3. If other loans appear there, review them to see which are in NEW status and match the current Subject Property. If unable to identify, clarify with the Loan Originator which is the current active loan. 3 P a g e R e v. 10/17 / 13

4 If needed: Import from POINT 1. From within the POINT file: Click FILE / NEW 2. Click EXPORT 3. Click Fannie Mae Save with other borrower documents 4 P a g e R e v. 10/17 / 13

5 SETTING A LOAN TO ACTIVE/BORROWER AND IDENTIFYING AS THE FASTTRAC LOAN NUMBER In POINT 1. Click on MOVE 2. Choose the ACTIVE branch folder 3. Choose BORROWER 4. Click on MANUAL NAMING 5. Choose YES 6. Indicate the loan number recorded from FastTrac and choose OK 5 P a g e R e v. 10/17 / 13

6 PRINTING THE SUBMISSION SHEET IN POINT 1. Click on FILE/PRINT 2. Click on Custom Forms 3. Click on Submission Sheet, and save with other borrower documents You can also print The Doc Order And Manual Lock Request From this page 6 P a g e R e v. 10/17 / 13

7 UPDATING STATUS TO SENT TO PROCESSING AND INPUTTING DATE 1. From in the POINT file, select TRACK / STATUS from the Top Menu 2. Mark the loan as Sent to Processing with the current date 7 P a g e R e v. 10/17 / 13

8 SETTING THE LOAN TO FINAL IN FASTTRAC 1. Open the ACTIONS menu from the left margin menu and click on the arrow next to FINAL. 2. Click OK when the message shown comes up. 8 P a g e R e v. 10/17 / 13

9 ASSIGNING THE PROCESSOR 1. Open the ACTIONS menu and on the left margin menu and click on the arrow next to ASSIGN LOAN 2. Choose the appropriate processor from the Drop Down menu and click SUBMIT 9 P a g e R e v. 10/17 / 13

10 UPLOADING THE INITIAL APPLICATION PACKAGE or ADDITIONAL DOCUMENTS (from the borrower documents) Before beginning the upload process, open the loan in FastTrac. The loan that is open and active in FastTrac, determines where the forms will be filed. 1. Locate and open the first form or set of forms to be uploaded. 2. Click on the printer icon to initiate the printing process. 10 P a g e R e v. 10/17 / 13

11 3. Select the ImageFlow-Color printer from the printer dropdown list. 4. If this is the only form to be uploaded, click on CONTINUE. If this is the first of two or more forms to be uploaded, click on SAVE OUTPUT AND EXIT. The SAVE OUTPUT AND EXIT option allows you to bundle all forms, creating a single package for uploading. 11 P a g e R e v. 10/17 / 13

12 Repeat Steps 1 through 4 until all forms to be uploaded have been saved as a bundle, and all pages are visible on the main ImageFlow Print Client window. Click on CONTINUE to proceed with the upload process. 12 P a g e R e v. 10/17 / 13

13 5. Select the Retail Initial Application Package option from the Document Type dropdown field. Click on COMPLETE to upload all pages into the loan file. 13 P a g e R e v. 10/17 / 13

14 ACCESSING, VIEWING & ORGANIZING THE INITIAL APPLICATION PACKAGE IN FASTTRAC 1. Click on the ImageFlow pencil icon to access the Initial Application Package and organize the uploaded pages. 2. All pages of the Initial Application Package will be visible from the main ImageFlow Viewer window. If it is necessary to remove or rearrange any of the pages, click on the SPLIT button. 14 P a g e R e v. 10/17 / 13

15 To rearrange pages, highlight the page to be moved and utilize the up or down arrow to its correct place within the package. to move it 3. To delete pages that are not needed, highlight the desired page or pages, (hold down the [Ctrl] key to highlight more than one page), and select the TRASH option from the Type dropdown. Click on CREATE DOCUMENT to remove the highlighted pages from the package. 15 P a g e R e v. 10/17 / 13

16 4. Once all desired changes have been made, click on COMPLETE to return to the main ImageFlow Viewer window. The pages that were deleted will be separated in a category labeled TRASH. 16 P a g e R e v. 10/17 / 13

17 SPLITTING THE PAGES OF THE LOAN FILE and LABELING ALL DOCUMENTATION Upon receipt of a complete loan file, the Processor or Setup Associate is responsible for properly labeling all pages of the imaged file. This process is called "splitting". 1. Click on the ImageFlow pencil icon to access the imaged pages of the loan file. 2. Select/Highlight the Retail Initial Application Package from the main ImageFlow Viewer window. Click on the SPLIT button. 17 P a g e R e v. 10/17 / 13

18 Highlight all pages that belong to the form or document being labeled and select its applicable name from the "Type" dropdown list. 3. Click on the CREATE DOCUMENT button. Once the document has been successfully created, the image of the document will disappear from the "Unfiled Pages" window and instead, be listed by its assigned name under the Documents window. 18 P a g e R e v. 10/17 / 13

19 Continue highlighting, labeling and creating all forms/documents contained in the Initial Application Package until there are no "Unfiled Pages" remaining. Click on [complete] to return to the main ImageFlow Viewer window. All forms and documentation labeled through the splitting process will be categorized in their applicable section of the loan file, in PRMG's required file stacking order. 19 P a g e R e v. 10/17 / 13

20 ASSIGNING DOCUMENTS TO DIFFERENT BORROWERS 1. Upon naming a document that is borrower specific, such as the Uniform Residential Loan Application (Fannie Mae form 1003) or paycheck stubs, two borrower fields will appear under the Type dropdown field. They are titled: "Borrower" and "Borrowers". The Borrower field allows you to assign one borrower to the document, while the Borrowers field allows you to assign paired borrowers to the document, such as a husband and wife to their 1040's. 20 P a g e R e v. 10/17 / 13

21 REARRANGING THE PAGES OF A DOCUMENT 1. To rearrange the pages of a document, select the desired document from the viewing window. Highlight the page that needs to be moved and use the [page up] or [page down] key to place the page in its correct location. Click on UPDATE to save the change. 21 P a g e R e v. 10/17 / 13

22 ROTATING THE PAGES OF A DOCUMENT OR PACKAGE When the pages of a document or package have been imaged at an incorrect angel, you can rotate the pages by following the steps below. 1. From the main ImageFlow viewing window, select and highlight the document or package that needs to be rotated. 22 P a g e R e v. 10/17 / 13

23 2. Click on the "Select All" checkmark box to select all pages of the document/package, or holding down the [Ctrl] key, select only the pages that need to be rotated. 3. Click on the applicable rotating icon until all pages are right side up. Click on UPDATE to save. 23 P a g e R e v. 10/17 / 13

24 MERGING DOCUMENTS When the pages of a document get separated or are uploaded separately, they can be merged to create one, single document. Prior to beginning the merging process, all pages of the document to be merged, must be named via the splitting process. It's best to assign them the same document name, as the document they're being merged into; i.e.: Bank Statements or 1040's. Once all pages have been named/split, follow the steps below. 1. Highlight one of the documents to be merged. Click on the SPLIT button. 2. Select the "Select All Pages" box to ensure all pages of the document are included in the merged copy. Once all pages are highlighted, click on the MERGE EXISTING button. 24 P a g e R e v. 10/17 / 13

25 Locate and check, the document to be merged with the previously selected document. IT'S IMPERATIVE TO SELECT THE DOCUMENT THAT WAS NOT PREVIOUSLY SELECTED, AS OUTLINED IN STEP 1 ABOVE. Click on SELECT. 25 P a g e R e v. 10/17 / 13

26 3. All pages of the documents selected in Steps 1 and 3 above, will be visible in the viewing window to the right. Holding down the control key, [Ctrl], highlight and select all of the pages to be included in the newly merged copy. 4. Select the name of the document from the "Type" dropdown list. Click on CREATE DOCUMENT. 26 P a g e R e v. 10/17 / 13

27 5. Click on COMPLETE to return to the main ImageFlow viewing screen. The newly merged document will be displayed under its applicable category. Image integrity is very important to PRMG. Should items have been uploaded more than once, please split or transfer these duplicates to the TRASH folder. 27 P a g e R e v. 10/17 / 13

28 MAKING LOAN NOTES Throughout the process items may arise that should be shared with teammates company-wide. Information sharing is a crucial part of communication and FastTrac offers us a feature where all the information is shared. 1. Access LOAN NOTES under the STATUS AND TRACKING menu in FastTrac 2. Click ADD 3. Parties that are affected may be notified that there is a note they need to access the system to read. Click the radio button next to the appropriate party, and click SELECT 4. In order for Corporate as well as Branch personnell to see the file s notations, the SHARED radio button must be checked. 28 P a g e R e v. 10/17 / 13

29 5. Type your text notation in the NOTE: box and then click SAVE. The box will close automatically. 29 P a g e R e v. 10/17 / 13

30 VERIFYING THE REQUIRED DOCUMENTATION IS PRESENT AND PROPERLY EXECUTED (signed) The following Disclosures are required in EVERY loan file before it can be placed into process. If the following items are not in a loan file, the status must be changed to FILE INCOMPLETE and the file must be transferred back to the Loan Originator (Send the MLO an explaining what is missing and that the file cannot be submitted until the item is included). Please refer to PRMGs compliance materials for direction as to the content. Each PRMG team member that sees these documents is required to ensure that they have been checked for compliance with federal and state regulations. Ensure that these documents are in their own respective folders in ImageFlow. Do not lump them in with other disclosures. Completed GFE (All dates and fees must be checked and verified) Written List of Settlement Service Providers (Must be present for Title, Escrow. & box 6) Intent to Proceed, signed by the Borrower Truth in Lending (TIL) (signed and dated) 4506T (signed and completed with address, name, and SSN per currently filed tax year) Signed Borrowers Credit Authorization (Remember that Non-Borrowing Spouse must sign one too for FHA/VA) Signed SSA-89 form (Request for Social Security Validation) AIR Disclosure (if available) Other minimum submission Requirements The following forms must also be in each submission (items indicated by * are optional based on loan scenario) Cover letter from the Loan Originator / Submission Sheet Motivation to move letter (*Purchase) Motivation to refinance letter (*Refinance) Amendatory Clause signed by all parties (*FHA Purchase) Certificate of Eligibility (*VA) Completed credit card authorization for appraisal fee (*All loans except FHA Streamline and IRRRL) Completed FHA CASE NUMBER REQUEST FORM or FHA CASE NUMBER ASSIGNMENT(*FHA) Property Profile (May be requested online by opener through title company) 1003 and addendums signed and dated in compliance by LO and Borrower Copy of SS Card (*FHA/VA/USDA) Copy of Driver s License Credit Report (must be dated within 60 days at submission to UW) Explanation letters (AKA S, inquiries, alternative SSNs, large deposits, addresses, etc.) Income calculation worksheet 1 full months worth of paystubs for all borrowers 30 P a g e R e v. 10/17 / 13

31 SS or Pension award Letters (*Retired borrower only) 2 Year s all W-2 &/or 1099 s (2 most recent years) 2 Years of FEDERAL ONLY 1040 s with all schedules and all statements (2 most recent years) 2 months most recent bank statements with all pages including additional blank pages (current within 60 days) Signed purchase contract with all pages, and all addendums per page 4 All signed Disclosures Name of Escrow and Title company with contact information 31 P a g e R e v. 10/17 / 13

32 COMPLETING THE LDP/GSA PROCESS The Limited Denial of Participation (LDP) refers to HUD s list of participants that have performed in an unsatisfactory manner and have been excluded from doing business with the agency for a certain period of time. Each day the LDP list is updated with the latest findings. The General Services Administration (GSA) refers to a government-wide list of parties excluded from Federal Procurement or Non-procurement programs. All parties must be checked against the lists to verify they are not excluded from participating in the loan process. The parties considered involved in the loan process are as follows (the names must be recorded on the LDP/GSA Form found in the Resource Center under General Forms): Buyers-including AKA s on the credit report Sellers / Selling Entities Loan Officer / Representative Company Buyers Agent / Representative Company Sellers Agent / Representative Company Escrow Officer / Representative Company Title Officer / Representative Company Appraiser / Representative Company Processor / Representative Company Account Manager / Representative Company Account Executive / Representative Company Underwriter / Representative Company Any other parties that handle the loan file 1. To run the GSA reports, go to For additional information on running the report, you can use the instruction document that can be found at the following link: _Identifying_Excluded_Entities.pdf 2. To run the LDP Report, go to the following site (daily list may be printed in its entirety): 3. Print out the findings and include them in the imaged loan file (If there is not a print button available, try clicking in the screen where the information appears and then right clicking your mouse and selecting print.). If you have a party that shows up on either of these list, that person may need to be removed from the transaction. Contact management should a finding occur. 32 P a g e R e v. 10/17 / 13

33 GSA 1. Click on SEARCH RECORDS 2. Input the name of the individual in the search field and click SEARCH 33 P a g e R e v. 10/17 / 13

34 3. Click PRINT 4. Upload the results into the imaged loan file under LDP/GSA FOR ALL PARTIES OF LOAN TRANSACTION using the ImageFlow color printer selection 5. Repeat for all parties using the ImageFlow Color Printer and the Save Output and Exit feature for multiple documents until all the parties are included 6. Include the LDP findings as well 7. Upload the completed LDP/GSA Form into the imaged loan file 34 P a g e R e v. 10/17 / 13

35 ACCESSING AND PRINTING NMLS NUMBERS FOR THE FILE NMLS (Nationwide Mortgage Licensing System) numbers are issued under the following website: This must be done for both the Company as well as the Loan Originator. The NMLS number for the Loan Originator as well as the name that appears on the Loan Originator s NMLS printout must match the signature page of the initial Uniform Residential Loan Application (Fannie Mae form 1003), as well as the FastTrac input on the X.GOVERNMENT MONITORING tab. The address of the branch the Loan Originator is originating from must be an AUTHORIZED TO REPRESENT branch per the NMLS both on the Company NMLS results as well as the Loan Originator s. Results must be current through the current calendar year. Loan Originator s must be licensed in the subject property state as well. 1. Access the NMLS Consumer Access Website 2. Indicate the Company s name 3. Click SEARCH 35 P a g e R e v. 10/17 / 13

36 4. Review and agree to the Terms and Conditions and complete the code-box 5. Click CONTINUE 6. Find the Company name on the results page 7. Select the name of the result by clicking on the blue underlined name 36 P a g e R e v. 10/17 / 13

37 8. Select the BRANCH LOCATIONS (for Company)/VIEW ALL DETAILS drop down tab(s) as all information provided must be visible in the uploaded copy 9. Upload the results (once reviewed) into the Imaged loan file under NMLS 10. Return to the search results and repeat steps 1,3,5-9 for the Loan Originator s NMLS results 37 P a g e R e v. 10/17 / 13

38 CHECKING FOR CONDOMINIUM APPROVAL ON THE FHA CONNECTION WEBSITE This procedure applies to condominiums only. (See your Property Type on your Property Profile.) Please take note that FHA case numbers must include active Condominium approval when issued. A copy of the Condominium approval must be uploaded into the Imaged loan file under FHA CONDO APPROVAL VERIFIED. 1. Access the FHA connection website at and select SINGLE FAMILY ORIGINATION 2. Choose FHA APPROVAL LISTS from the menu 3. Choose CONDOMIUNIUMS from the Menu 38 P a g e R e v. 10/17 / 13

39 4. Input at least the State and CONDO NAME, or use the alternative search criteria and click SEND 5. The following message should appear in the results The CONDO ID/SUBMISSION number listed on the full approval will be required to be input on the case assignment in FHA Connection. Upload the results into the Imaged loan file under FHA CONDO APPROVAL VERIFIED. 39 P a g e R e v. 10/17 / 13

40 FHA CASE NUMBER ASSIGNMENT Case Numbers are issued by FHA on the FHA Connection website: However, some transactions require that they be transferred as they are tied to the subject property and occasionally to other lenders. The following procedure includes both scenarios. You will need the PRMG FHA LENDER ID for your branch (provided to management and found at START>COMPUTER>public(\\prmg-ad1)(X:)>FHA MORTGAGEE ID LOOKUP) and the Loan Originator s and PRMG s NMLS numbers for this process Firstly, you must determine if you have a new case number, or an existing case number to be transferred. To research a borrower for existing case numbers (if you don t have a case number provided by your Loan Originator) 1. Access the FHA connection website and select SINGLE FAMILY ORIGINATION 2. Choose CASE PROCESSING from the menu 40 P a g e R e v. 10/17 / 13

41 3. Choose CASE QUERY from the menu 4. Choose the Field Office(s) closest to the subject property location and input the borrowers SSN, then click SEND 41 P a g e R e v. 10/17 / 13

42 If a case number is present for the borrower selected, the findings will appear with the current lender underlined in Red Click on the lender for the contact information to facilitate the request a case transfer Contact the lender shown and request the case number to be transferred and advise the Loan Originator of the request having been placed Upload a copy of the Case Query into the Imaged loan file and include it in the Case Query folder If no record of alternative case number is present issue a new Case Number For new Case Number issuance 1. Access the FHA connection website and select SINGLE FAMILY ORIGINATION 42 P a g e R e v. 10/17 / 13

43 2. Choose CASE PROCESSING from the menu 3. Choose CASE NUMBER ASSIGNMENT 43 P a g e R e v. 10/17 / 13

44 4. Choose ESTABLISH A NEW CASE 5. Complete the fields according to the FHA CASE NUMBER REQUEST FORM included in your submission package from Loan Originator (keep in mind that PRMG must have a signed loan application in order to proceed with case number issuance), and click SEND. There are two pages to complete. You will need to use the appropriate FHA Lender ID and NMLS number in the data fields. Upload the results into the Imaged loan file. The Data Integrity in these fields is crucial. If you are uncertain of the information that must be completed or you have any indication that the CASE NUMBER REQUEST FORM may be incomplete or incorrect, please request additional guidance from a senior staff member, trainer, or supervisor. Additional information can also be obtained at 44 P a g e R e v. 10/17 / 13

45 45 P a g e R e v. 10/17 / 13

46 The results must be uploaded into the Imaged loan file under FHA CASE NUMBER ASSIGNMENT. PULLING CAIVRS AUTHORIZATION CAIVRS refers to the Credit Alert Voice Respose System, which is a resource for the collection of information that would prevent FHA from insuring a loan based on a borrowers previous history with FHA or another Government Agency. If any CAIVRS findings result in less that an AXXXXXXXX designation, the loan must be escalated to management for handling and may not proceed. CAIVRS Authorization is required for all borrowers on all government insured loans, as well as on all nonborrowing spouses for these government loans. Typically CAIVRS Authorization is present on the original Case Number Assignment, however we require that it be kept current up to within 30 days of Closing/Docs 1. Access the FHA connection website and select SINGLE FAMILY ORIGINATION 2. Choose CASE PROCESSING from the menu 46 P a g e R e v. 10/17 / 13

47 3. Choose CAIVRS AUTHORIZATION from the menu 4. Complete the Borrower(s) SSN(s), indicate the correct LENDER ID, and Agency Program (HUD-FHA Single Family), and Click SEND. Upload the results into the Imaged loan file under CAIVRS AUTHORIZATION. 47 P a g e R e v. 10/17 / 13

48 FHA BORROWER VALIDATION/CASE UPDATE Typically within 24 hours of a case number being issued, the Case Number will be updated on the FHA website to reflect a review of the borrowers researched findings with FHA and other Government Entities. This is what is referred to as Borrower Validation. This must also appear in the imaged loan file. 1. Access the FHA connection website and select SINGLE FAMILY ORIGINATION 2. Choose CASE PROCESSING from the menu 3. Choose CASE NUMBER ASSIGNMENT from the menu 48 P a g e R e v. 10/17 / 13

49 Choose UPDATE AN EXISTING CASE 4. Input the Case# from the original CASE ASSIGNMENT, Click SEND 5. Scroll to the bottom of the page and Click SEND 6. Ensure this message appears at the top of the page 7. Upload the results into the Imaged loan file under FHA CASE NUMBER ASSIGNMENT. (It is acceptable to have both an initial and a final FHA CASE NUMBER ASSIGNMENT. Duplicates need not be transferred to TRASH.) 49 P a g e R e v. 10/17 / 13

50 USPS VALIDATION Data Integrity must be maintained throughout the loan file. One way this is retained is through validating the subject property zip code through the US Postal Service. Access the USPS Zip Code Validation site at 1. Enter the street number, street name and city and click FIND 2. Check that the Zip code matches the loan file and upload the findings into the imaged loan file under ZIP CODE PRINT OUT/LOOK UP 50 P a g e R e v. 10/17 / 13

51 TAX BILL FOR SUBJECT PROPERTY Each property has a different applicable property tax. This tax must be used to calculate the monthly mortgage payment figure for credit qualifying. Review the tax collector website for the county that the subject property is located in. You will need the Assessor s Parcel Number (APN) from the Property Profile. As each individual website appears in a unique way, the step by step instructions do not appear here, however additional support can be obtained through your senior teammates, management, and trainers, if necessary. Upload a copy of the subject property tax bill into the imaged loan file under TAX INFORMATION SHEET. 51 P a g e R e v. 10/17 / 13

52 FLOOD CERTIFICATION Properties may require flood insurance if they are in a local Flood Hazard Zone noted as V, AO & A. If you discover that property is in one of these zones, your Loan Officer must be notified right away as steps must be taken in the beginning of the loan process to facilitate this special type of property. Also, advise the remaining teammates via LOAN NOTES. These properties require additional property insurance and some loan programs may not be available. All loan files must include a copy of a Flood Certification, the document that reflects the subject s flood zone. Access the flood certification website at 1. Input the user name and Passcode that applied to PRMG users and click SUBMIT. (Passcodes can be obtained through FTSupport@prmg.net.) 52 P a g e R e v. 10/17 / 13

53 2. Complete the fields indicated and click SUBMIT 3. Click CERTIFICATE in the upper left hand corner of the screen 4. Upload the certificate into the imaged loan file under FLOOD CERTIFICATE (Sample shown here) 53 P a g e R e v. 10/17 / 13

54 EMPLOYER VALIDATION All employers, both present and previous up to two years, including business(es) that the borrower owns, must be validated using public sources in order to verify that they are legitimate sources of income for our borrowers. As the information obtained during this search will be used to verbally verify the borrower is/was an active employee, each of the resources included in the loan file must include a valid phone number to be used to reach the employer. Here are some examples of public resources that can be used. Upload the findings into the imaged loan file under EMPLOYER REVERSE SEARCH 54 P a g e R e v. 10/17 / 13

55 CREDIT REPORTS IN FASTTRAC All current credit reports must be uploaded into FastTrac, as well as be uploaded into the imaged loan file under CREDIT REPORT AND SUPPLEMENTS (Credit reports must be dated within 60 days of underwriting, and 90 days of closing). A Non-Borrowing Spouse s Credit Report will only appear in the imaged loan file, but must be accompanied by a Spouse signed Credit Authorization. If there is a credit report already uploaded into FastTrac there will be a magnifying glass icon next to the ORDER CREDIT-DU selection on the SERVICES menu in FastTrac. 1. If this icon appears, click on it, then click VIEW. 1. Review the uploaded credit report for the credit report Reference Number, found in the upper left hand corner of page 1 2. Verify that it is the same as the credit report in FastTrac by cross referencing the date and reference number. 55 P a g e R e v. 10/17 / 13

56 If there is no magnifying glass present, then the Credit Report must be uploaded into the system using the following steps. 1. Review the uploaded credit report for the credit report Reference Number, found in the upper left hand corner of page 1 2. Click on the ORDER CREDIT pencil on the FastTrac SERVICES menu 3. Complete the fields, including the Reference number exactly as it shows on the credit report, your branch account number and password (see management), and click SUBMIT Keep in mind that the COPY LIABILITIES TO 1003 radio box will populate the current liabilities into the VI. LIABILITIES tab in the FastTrac This may result in duplicate entries, but will ensure that the most current entries are present. Additional activity may be required on this loan file. Advise processing if this situation is present for further action. 56 P a g e R e v. 10/17 / 13

57 COMPLETING THE GOOD FAITH ESTIMATE (GFE) SCREEN Much of the information that has been input in POINT does commute over to FastTrac, but once the opening process is complete all loan functions will occur in FastTrac, so verifying data integrity at this stage of the process is crucial. 1. Access the GFE for completion from the FastTrac TASKS>FORMS AND DOCUMENTS menu by clicking on the GFE pencil icon 2. In the first section of the screen, complete the Estimated Closing Date (from the Submission Sheet) and Estimated First Payment Date fields. First payments will be the first day of the month after the month following the closing for example a loan that closes in January will have a payment of March 1 st ). Verify the product indicated in the Product Name field reflects the product desired (from the Submission Sheet). In the Important Dates section of the screen, the system will automatically populate the DATE OF GFE field with the current date, and the ESTIMATE AVAILABLE THROUGH DATE with a date that reflects 10 business days after the GFE date. It is only necessary to complete the following fields; the INTEREST RATE AVAILABLE THROUGH DATE, DISCLOSURE DELIVERY METHOD, RATE LOCK PERIOD DAYS, AND DAYS PRIOR TO SETTLEMENT INTEREST RATE MUST BE LOCKED. Use the information that has been printed on the initial GFE from POINT to complete these areas in FastTrac. 57 P a g e R e v. 10/17 / 13

58 Compliance is everyone s responsibility. Please ensure that the loan has been disclosed properly by verifying that the dates that appear on the initial GFE (and are subsequently populated into FastTrac) are accurate according to the information provided to/by the Loan Originator. If you find any inconsistencies, errors, or omissions, refer the loan back to the Loan Originator and notify management. Remember to complete a LOAN NOTE that you have done so. 3. If the loan has been locked, the lock expiration date will be indicated in the INTEREST RATE AVAILABLE THROUGH DATE field. If the loan has not been locked, enter the date of the GFE and a time of 3:00 PM. IT IS IMPERATIVE THAT THE DATE AND TIME ENTERED IN THIS FIELD REPRESENTS THE LOCK CUT-OFF TIME ON THE DATE THE GFE WILL BE DISCLOSED TO THE BORROWER. 4. Select the manner in which the GFE and Initial Disclosure package will be delivered to the borrower. If disclosures are to be/have been e-delivered, an address must be entered for ALL borrowers of the loan transaction, on the III.BORROWER TAB of the 1003 screen. 58 P a g e R e v. 10/17 / 13

59 To complete the number of days as they apply, keep in mind only one of these fields will be completed, depending on whether the loan has been locked. 5. For loans that have NOT been locked, enter the number seven "7" into the DAYS PRIOR TO SETTLEMENT INTEREST RATE MUST BE LOCKED field. On loans that have been locked, the system will automatically populate the RATE LOCK PERIOD DAYS field with the number of days contained in the selected lock period 6. In the SUMMARY OF THE LOAN section of the screen, all fields that represent the loan program desired must be completed. The following fields will be auto-populated with the loan term information entered on the 1003 screen; BASE LOAN AMOUNT, INTEREST RATE, NUMBER OF MONTHS, WILL ESCROW BE WAIVED?, TOTAL LOAN AMOUNT, AMORTIZATION TYPE and INTEREST DAYS. If any of these fields differ from the initial GFE to the 1003, a Change of Circumstance form will be required. Verify the change of circumstance with the Loan Originator and complete the form according to the change as verified. The form can be found in the FastTrac Resource Center under COMPLIANCE INFORMATION noted as CHANGED CIRCUMSTANCE NOTIFICATION. A Cheat Sheet can also be found there to provide further information. Ensure that the form completed is uploaded into the imaged loan file under CHANGE OF CIRCUMSTANCE. 7. If the program desired is an Adjustable Rate Mortgage (ARM), the following fields must be completed: 1 ST INTEREST RATE CHANGE (MONTHS), CAN THE MONTH AMOUNT RISE?, 1 ST MONTHLY AMOUNT CAN RISE TO, MAXIMUM MONTHLY AMOUNT, AND MAXIMUM INTEREST RATE. Refer to THE PRMG ARM 1003 DATA ENTRY CHEAT SHEET in the FastTrac Resource Center under PRMG USER GUIDES for instructions on how to complete these fields, based on the ARM product selected. 59 P a g e R e v. 10/17 / 13

60 The last field requiring completion in this section of the GFE screen is the BORROWER INTENDS TO CONTINUE WITH THIS LOAN? field, which must indicate YES in order to proceed. Confirm that the borrower does intend to proceed by verifying that the borrower signed APPLICANTS ACKNOWLEDGEMENT OF RECEIPT OF GFE/CONSENT TO PROCEED is uploaded to the imaged loan file. 8. In SECTIONS 800 through 1300, verify all fees being charged in connection to the loan are indicated correctly. For fees as they pertain to PRMG fees, Escrow and Title fees, refer to the ITEMIZED FEE WORKSHEET in the submission package for this information. If a loan is locked (shown by this identifier in FastTrac) and the lock indicates a NET PRICE/PRICE that is a positive number (NET PRICE/PRICE point value can be found on LOCK screen in TASKS>FORMS AND DOCUMENTS in FastTrac), the following field will contain the point value provided If a loan is locked and the lock indicates a NET PRICE/PRICE that is a negative number, the following will contain the point value provided Line 901 should always indicate 30 days Line 902 will only apply to Government loans Line 903 should be from the Insurance Quote, Evidence, or by calculating an estimate at.35% of the total loan amount Line 1001 should be completed based on the following: 60 P a g e R e v. 10/17 / 13

61 Homeowner s Insurance requires 2 months to be indicated for Purchases and Refinances are to be calculated using the remaining months on the actual policy at first payment date plus 2 months (for instance a policy expiring in June with a first payment date in March will require 9 months plus 2 months, or 11, as there are 9 months remaining before it must be paid and there must be a 2 month pad in the impound account) County Property Taxes are to be calculated from the actual tax information sheet (see figure below) and the months are to be extracted from the Tax Impound Chart available in the FastTrac Resource Center under PRMG POLICIES,PROCEDURES AND INFORMATION. See TOTAL TAX RATE below for General Tax Levy. Multiply this by the Sales Price for the annual General Tax Add the General Tax figure calculated to all the additional taxes listed on the TAX DISTRIBUTION list as shown above. The resultant total figure will be divided by 12 to find the monthly taxes 61 P a g e R e v. 10/17 / 13

62 Line 1203 should be completed correctly in accordance with the state property tax figure and verified against the initial GFE for agreement. Property Transfer taxes vary by state and can be internet searched. As an example, see this site for California properties: Use the formula outlined below to check the figure A property in Alameda, CA with a Sales Price of $100,000 would have a transfer tax of $ using the formula of $100,000/$1000 = 100; 100 x $13.10 = $ After all required fields on the GFE screen have been completed; click the SAVE/CLOSE button to permanently save this version of the GFE. 62 P a g e R e v. 10/17 / 13

63 COMPLETING THE TRUTH IN LENDING (TIL) SCREEN The TIL screen must be accessed, completed and calculated. All of the fields contained in the Borrower & Property Information section will be populated with data entered on the GFE screen. If any of the Borrower and Property fields are blank, you MUST return to the GFE screen to complete them. There are no other data entry requirements on the TIL screen for loans disclosed in POINT. Prior to saving and closing the screen, click the CALCULATE button. THE TIL MUST BE CALCULATED TO ENSURE ALL FIGURES ARE COMPUTED. After calculating the screen, click on SAVE/CLOSE to exit. 63 P a g e R e v. 10/17 / 13

64 USING THE TIL CALCULATOR The TIL Calculator can be found at this address: Every loan is required to include a completed copy. Instructions are included on the form, but the basic overview includes the following: A loan may not close within a set period of time after it was originally disclosed to the borrower. The borrower must have sufficient time to review the cost of a loan and decide if they are comfortable moving forward. Adhering to the Federal Government s Regulatory waiting period(s) is/are appropriate for the consumer and required by law. Fields indicated in Green on the form are editable fields that will include criteria specific to the individual loan being worked on. They are the Accurate Business Day field (PRMG is not open for business on Saturday, so this will always be 2 ), Application Date field (from the signature page of the 1003), Early Disclosure Date field (from the date of the initial GFE), and the Re-disclosure Date field (required only if the Annual Percentage Rate (APR) shown on page 1, box 1 of the Re-Disclosed TIL has increased by more than.125% from the initial TIL on the date of the Change of Circumstance). Date fields are input in the following format xx/xx/xxxx. Once input correctly, they will produce the dates in the boxes beneath them after which the applicable activities can happen. Read the form screen shot below for more details. Keep in mind that the Early Disclosures must be provided to the borrower within three business days of the initial application and no later or the loan is considered out-of-compliance which is outside of legal parameters. 64 P a g e R e v. 10/17 / 13

65 VERIFYING THE 1003 DATA IS FULLY COMPLETED AND ACCURATE IN FASTTRAC The Uniform Residential Loan Application (AKA: Fannie Mae form 1003; Application ) input is the basis for all of the loan information and the data integrity is paramount. Though the accuracy of the data falls only slightly in the Openers process, the completeness must be ensured. Accessing the 1003 in FastTrac is via the FORMS AND DOCUMENTS menu and is shown as 1003 Each page must be checked for completeness and accuracy. Ensure that all data is input in either ALL CAPS or the applicable upper and lower case designations. This data populates to official legal forms and must appear in a professional manner. 65 P a g e R e v. 10/17 / 13

66 1. Page I.TERMS must include the full LOAN NUMBER. The program, rate, loan amount, etc. copies over from POINT. If there are any discrepancies in the information from the submission sheet, initial 1003, and the FastTrac page, a Change of Circumstance may be required. Cure this discrepancy prior to proceeding. 66 P a g e R e v. 10/17 / 13

67 2. Page II.PROPERTY must reflect the type of property, and year built as verified by the Property Profile. DETACHED is synonymous with SINGLE FAMILY RESIDENCE. This page should also include the subject s COUNTY, and should support the verified Zip Code from the USPS printout. Other fields should already be populated from the POINT transfer. 67 P a g e R e v. 10/17 / 13

68 Page III.BORROWER must include the borrower s basic information that copies from POINT such as NAME, ADDRESS, DATE OF BIRTH, SOCIAL SECURITY NUMBER, MARITAL STATUS, ADDRESS (including a full 2 year residence history), as well as their HOME PHONE (a contact phone number where the borrower(s) can be reached personally, not a work phone, but a cell phone is acceptable), YEARS OF SCHOOL, the borrower s NUMBER OF DEPENDENTS and their DEPENDENT AGES. 68 P a g e R e v. 10/17 / 13

69 3. Page IV.EMPLOYER must include a complete 2 year history of the borrowers employers and all their information, including the verified phone number from the EMPLOYER REVERSE SEARCH performed. If the borrower s employer is located a significant distance from the subject property, additional items will apply, so make a note of this for the Processor on the file to address. Typically, the 1003 should reflect the actual employer location that the borrower reports to on a day to day basis. 69 P a g e R e v. 10/17 / 13

70 4. Page V.INCOME, HOUSING should be fully populated from POINT. Pay special attention to the MI RENEWAL RATE listed here. FHA loans should have a rate indicated. 70 P a g e R e v. 10/17 / 13

71 5. Page VI.Assets Should include the borrowers bank accounts that will be used for qualifying. Bank data should include bank addresses if available. 71 P a g e R e v. 10/17 / 13

72 6. Page VI.REO should include each of the properties that the borrower shows ownership in from the REO page of the Initial The subject property should be marked as SUBJECT in the CURRENT/SUBJECT drop down box, and the borrowers currently owned property should be marked as CURRENT in the CURRENT/SUBJECT drop down box. If both properties are one and the same, then the filed should reflect BOTH. This may need to be updated. 72 P a g e R e v. 10/17 / 13

73 7. Page VI.Liabilities should have an itemization of each of the items, including the matching balances and payments, from the Credit Report uploaded to the imaged loan file. This should come from the POINT upload. 73 P a g e R e v. 10/17 / 13

74 Page VII.TRANSACTION DETAILS should show a breakdown of the loan details, include Sales Price, Seller Credits, etc. However this information should all populate from the POINT upload. 74 P a g e R e v. 10/17 / 13

75 8. Page VIII.Declarations. This page should copy over from POINT. It is an overview of the borrowers declaration. Beware of this commonly missed item that could be caught at the loan opening: Items number j and k are opposing conditions. Either may indicate yes, but not both. Items l and m are readily verifiable and should be checked for accuracy. Item l will indicate yes only if the PROPERTY WILL BE indicator on page II.PROPERTY indicates PRIMARY RESIDENCE. If the borrower has a property on page VI.REO, then the answer to m will always be yes, and the areas below the item must be completed. 75 P a g e R e v. 10/17 / 13

76 9. Page IX.SIGNATURE should reference the actual date the borrower signed the initial P a g e R e v. 10/17 / 13

77 10. Page X.GOVERNMENT MONITORING is critical to the Compliance process and requires significant detail. Government monitoring is required to match the 1003 exactly. If the application was taken Face to Face ETHNICITY must be provided, and the RACE and SEX must be completed. If the interviewer (Loan Originator) has left it blank, this must be requested from them and completed on the signed initial 1003 by them. If the application was completed FACE TO FACE, the SIGNATURE DATE on Page XI.SIGNATURE must be the same date as the INTERVIEW DATE. In all cases, the INTERVIEW DATE must be within 3 days prior to the GFE DATE. This page must also reflect the verified NMLS numbers, shown here as ORIGINATOR IDENTIFIER and ORIGINATOR COMPANY IDENDTIFIER from the printouts uploaded to the imaged loan file. The ORIGINATOR NAME must also match the NMLS printout exactly (may include AKAs), and must match the signed initial P a g e R e v. 10/17 / 13

78 11. Page OTHER DATA will already have the applicable information uploaded from POINT, with the exception of the PROPERTY STATUS which must be updated to EXISTING and/or APPRAISAL INFORMATION if the file is submitted with a UNIFORM RESIDENTIAL APPRAISAL REPORT (AKA: Fannie Mae Form 1004D; Freddie Mac Form 70; Appraisal ). No additional activity is required on this page, unless the loan is an Adjustable Rate Mortgage (ARM), in which case you would refer to the RESOURCE CENTER and access the PRMG ARM 1003 DATA ENTRY CHEAT SHEET. If an Appraisal is submitted, the value will be located at the bottom of page two of the report, and the appraiser s information will be located on page three of the addendum per the figure below. The SALES AGREEEMENT DATE must also be input from page one of the PURCHASE CONTRACT. Mary smith ARxxxxx 78 P a g e R e v. 10/17 / 13

79 12. Page GOVERNMENT will only apply to Government loan programs (FHA/VA) and will require completion. Input the SECTION OF THE ACT, AGENCY CASE NUMBER, ASSIGNMENT DATE, and FHA LENDER ID from the CASE NUMBER ASSIGNMENT uploaded to the imaged loan file. Additional input is not required at this time. 79 P a g e R e v. 10/17 / 13

80 RUNNING DATAVERIFY DataVerify is the name of the company PRMG uses to administer background quality control reports on the parties to the transaction and the transaction s basic informtion. Many risk factors can be located using this report, such as undisclosed properties, fraud factors, high risk property areas, etc. 1. Once all the 1003 input is complete and accurate, order the DataVerify report in FastTrac under the SERVICES menu by choosing ORDER DATAVERIFY and clicking the pencil to the right. 2. Each person is administered their own user name and password which must then be input. Once input, click SUBMIT. 3. Once a few seconds have passed, results will be available by clicking the magnifying glass under the same tab. 80 P a g e R e v. 10/17 / 13

81 4. Once the Report is open, click on CLICK HERE TO VIEW LOAN 5. This will bring you to the DRIVE SCORING RESULTS which is an overview of the loans basic risk factor findings. Using the PRINT feature, upload a copy to the imaged loan file under DATAVERIFY 81 P a g e R e v. 10/17 / 13

82 THE DATAVERIFY WATCHLIST Occasionally there is a finding in a DATAVERIFY Report which refers the user to the WATCHLIST. This WATCHLIST is a collection of excluded parties from all the lists PRMG has uploaded to the DATAVERIFY system, including many from our investors and some from the public websites mentioned below. 1. If a finding occurs the WATCHLIST must be accessed, findings printed and reviewed. 2. If the findings appear to match a party to the transaction, additional restrictions or documentation may apply to ensure that the WATCHLIST finding and the party to the transaction do not pose excludable factors. WATCHLIST participants are generally not eligible for financing with PRMG. 3. If a true match is present (some of the apparent matches may be disregarded after some research), refer the loan to management and NOTE the loan file. 82 P a g e R e v. 10/17 / 13

83 MORTGAGE ELECTRONIC REGISTRATION SYSTEM (MERS) The MERS system logs all liens that record against property. Researching this allows PRMG to verify that we have taken into consideration all the debts that a borrower currently has, among other risk factors. A copy must be uploaded to the imaged loan file under MERS. 1. While in the DATAVERIFY DRIVE SCORING RESULTS, access the MERS results by clicking on MERS from the menu 2. Using the PRINT feature, upload a copy to the imaged loan file under MERS 83 P a g e R e v. 10/17 / 13

84 OFFICE OF FOREIGN ASSETS CONTROL (OFAC) The OFAC is an agency of the United States Department of the Treasury under the auspices of the Under Secretary of the Treasury for Terrorism and Financial Intelligence. OFAC administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals against targeted foreign states, organizations, and individuals. The OFAC Report seeks out high risk individuals that are flagged for these trade sanctions and may identify individuals which are prevented by our laws from doing business in the US. 1. While in the DataVerify DRIVE SCORING RESULTS, access the OFAC Results results by clicking on OFAC REPORT from the menu 2. Using the PRINT feature, upload a copy to the imaged loan file under MERS 3. If a true match is present (some of the apparent matches may be disregarded after some research), refer the loan to management and NOTE the loan file. 84 P a g e R e v. 10/17 / 13

85 ORDERING IRS FORM 4506 TAX RETURN TRANSCRIPTS The 4506T is a tax form used to request a transcript of an individual income tax form 1040 from the IRS. 1. Complete the form included in the imaged loan file by printing it or using annotations from the ImageFlow features. The form must include the borrower(s) name(s), Social Security Number(s), Address(es), etc. All must match the borrowers Tax Returns (1040 s) in the imaged loan file. 2. On line 6, indicate the form number, Mark box 6 to ensure that a full account, including any updated information is provided 4. Input the final day of the tax year(s) requested, which will match the tax year(s) being verified in the loan file, for instance 12/31/2011 and 12/31/ Verify that the form has been dated by the borrower within 60 days of the date being ordered. Info shown here must match the 1040 s. Pay special attention to the detailed input being requested. Input 1040 Mark this box 85 P a g e R e v. 10/17 / 13

86 6. Access the 4506 request form from the DATAVERIFY menu by selecting Complete the online form including all areas that are incomplete. Select the radio button next to the year(s) of income documented in the loan file. A copy of the completed 4506T can be uploaded from a copy saved to your desktop using the BROWSE button or a fax coversheet will print from the system if you do not use this option. 8. Click on PLACE ORDER 86 P a g e R e v. 10/17 / 13

87 9. Fax the completed 4506T form and the 4506 Request Coversheet to the fax number listed ( ) 10. An additional vendor (FraudTechnology.com) may be available for your branch, with similar instructions. Inquire to management. 87 P a g e R e v. 10/17 / 13

88 ORDERING SOCIAL SECURITY NUMBER VALIDATION USING THE SSA-89 FORM The SSA-89 form is used to verify the borrower Social Security Number and name match directly with the Social Security Administration. 1. The Signed and Dated form must be completed with the Borrowers Name, Date of Birth, Social Security Number, purpose, PRMG s company name, and a validity period of 60 days. 88 P a g e R e v. 10/17 / 13

89 2. Select SSA VERIFY from the DataVerify menu 3. Complete the online form. A copy of the completed SSA-89 form can be uploaded, from a copy saved to your desktop, using the BROWSE button or a fax coversheet will print from the system if you do not use this option. 4. Click on PLACE ORDER 89 P a g e R e v. 10/17 / 13

90 5. Fax the completed SSA-89 form and the SSA-89 Request Coversheet to the fax number listed ( ) 6. An additional vendor (FraudTechnology.com) may be available for your branch, with similar instructions. Inquire to management. 90 P a g e R e v. 10/17 / 13

91 ORDERING AUTOMATED VALUATION MODEL (AVM) An AVM is required on all loans under the FHA STREAMLINE PREMIUM loan program. If the Loan Originator has indicated this as the loan program, follow this procedure. This service is available through DataVerify by following the steps below. 1. On the Results Summary, access the ADD EXTRA OPTIONS screen by clicking here 2. On the DRIVE Component / Data Option screen, click the HVE radio box, then click SUBMIT 91 P a g e R e v. 10/17 / 13

92 3. Access the AVM Analysis from the DataVerify menu 4. Upload the report using the PRINT PAGE feature into the imaged loan file under AVM: DO NOT SEND TO INVESTOR 92 P a g e R e v. 10/17 / 13

93 VERIFYING THAT PROCESSING DOCUMENTATION HAS BEEN ORDERED The Loan Originator may elect to order their own Escrow/Title. For those that are not done at the time the loan is submitted for opening, this task falls to the opener. Opening an Escrow/Title indicates accessing third party companies who will be responsible for holding all legal documents and monies throughout the transaction. The Escrow Company/Title Company that is/are to be used on a given transaction should be listed on the Submission Form provided by the Loan Originator. Each Escrow Company/Title Company has their own method for requesting the opening of Escrow/Title and will need to be contacted individually for instructions, however below is a sample that outlines the things being requested on a typical Escrow/Title. When requesting, include copies of the GFE, TIL, LOSS PAYEE CLAUSE (Available in the Resource Center), CASE NUMBER ASSIGNMENT & FHA AMENDATORY CLAUSE form (From Disclosures) in the as attachments. Hi I need the following items for Escrow #: Borrower: - Subject: 1. Prelim (Title) 2. Escrow Instructions with Borrower s Vesting 3. CPL Loan#: (loss payee attached) 4. Estimated HUD-I (GFE & Itemization Sheet attached) 5. Current property tax bill with tax rate breakdown 6. Completed Purchase Contract, with all addendums, page 8 to be fully executed by all parties 7. Copy of Earnest Money Deposit (EMD) and Deposit Receipt **Please forward at your earliest convenience** Thank You!! Verifying an Appraisal has been ordered An Appraisal may have been ordered and paid for prior to the transaction being opened. This is acceptable so long as the borrower received their Disclosures (GFE, etc.) more than 3 days prior to the completion of the order. If no appraisal has been ordered, the file may be submitted without the report present. 93 P a g e R e v. 10/17 / 13

94 1. Verify that an Appraisal has been ordered via the following website: using your individual login assigned to you. 2. Click on APPRAISALS, then VIEW 3. Input the search criteria associated with your file, and click SEARCH 4. Double Click on the individual loan from the findings list and this window will open, then click on APPRAISAL 5. Access the individual report for upload into the imaged loan file by double clicking on the report marked as APPRAISAL(PDF) on the APPRAISAL DOCUMENTS tab in the lower right hand corner 94 P a g e R e v. 10/17 / 13

95 6. Once it opens, upload the PDF into the imaged loan file under APPRAISAL REPORT 7. Click on the UCDP Documents 8. Double Click on each of the selections listed there separately and upload the resultant images to the imaged loan file under APPRAISAL SSR FORMS 9. Click on the PAYMENTS tab 10. Click on PRINT STATEMENT and upload into the imaged loan file under APPRAISAL INVOICE 11. Upload the resulting image into the imaged loan file under APPRAISAL INVOICE If an appraisal has not been ordered, the opener can order the appraisal at the Loan Originator s request if a Credit Card for payment has been supplied. Follow the instructions found here: 95 P a g e R e v. 10/17 / 13

96 HAZARD INSURANCE Hazard Insurance is the term used to describe the Fire Insurance Evidence that is required on all financed residences. The ordering of Hazard Insurance is a slightly moving target. Some Escrow Companies will order it for the borrower, and some borrowers prefer to have it ordered with their loan. On any given loan, PRMG will be directed on the SUBMISSION FORM, or by the client upon contact. If instructions are provided on the SUBMISSION FORM for ordering this Evidence, follow the guidance of the Insurance Company/Agent provided for ordering. 96 P a g e R e v. 10/17 / 13

97 VERIFYING EMPLOYMENT PRMG requires that Employment is verified in both written and verbal formats. The ordering of the written Verification of Employment (VOE) is a step that can be done at Opening. The Opener is sometimes called upon to work with Processing and complete the Verbal VOE as well. VOEs may be requested for both current and previous employers. A full two year working history must be verified for each borrower on the transaction unless unemployed. Written VOE A VOE form is available in POINT from the print menu and should automatically populate with the borrowers employment information. The employer is responsible for completing sections Call the employer and determine the correct course of action to submit a written VOE to their Human Resources Department. 2. Print the VOE form, verify the information is correct and complete sections Print a copy of the BORROWERS AUTHORIZATION/CONSENT form from ImageFlow 4. Upload the VOE and Consent to a PDF on your desktop. the VOE form and the AUTHORIZATION to the appropriate employer for process. Verbal VOE (Done after loan approval, but before Docs) - 1. Using the phone number verified by a third party, call the employer. 2. Request to speak with a person of recognized authority (Human Resources Department, Payroll Department, etc.), identify yourself, your company, and your request to verify employment 3. In speaking with the appropriate party, ask the questions shown and complete the Verification of Employment form found in the Resource Center under GENERAL FORMS>VERBAL VERIFICATION OF EMPLOYMENT, and upload it to the imaged loan file under VOE (by PRMG). Income need not be verified at this time. 97 P a g e R e v. 10/17 / 13

98 UTILIZING THE LOAN PROCESSING SCREEN IN FASTTRAC The Loan Processing screen will be utilized by both the Loan Opener and the Processor to track the various tasks they perform. In addition, all verifications that are required on a specific loan can be generated from this screen. Indicate the functions performed, up to this point, on this screen. The Document List The Document dropdown List includes an index of all tasks, forms and processes that will be performed by the Loan Opener and Processor. Once selected, each item can be tracked from the date of its original request, to the date on which it is received and/or approved. 98 P a g e R e v. 10/17 / 13

99 Selecting an Item to be tracked To select an item from the Document List, click the [Add Document] button. Once the item is selected, the following date fields are available to track the item's progress: Requested Ordered Next Follow-Up Received Approved It is not necessary to utilize all date fields, only the ones that apply to the specific item noted. 99 P a g e R e v. 10/17 / 13

100 The Cancel and Reorder Action Options Every item selected and noted on the Loan Processing screen can be "Canceled" or "Reordered" by utilizing the applicable option under the Action column. The Cancel Option The Cancel option removes an item from the Loan Processing screen. Upon clicking the "Cancel" link, the following pop-up message will appear. Click on [OK] to continue and remove the item. The Reorder Option The Reorder option deletes the original "Requested" date and replaces it with the current date. Upon clicking the "Reorder" link, the following pop-up message will appear. Click on [OK] to continue. 100 P a g e R e v. 10/17 / 13

101 NOTIFYING THE PROCESSOR THAT THE LOAN IS READY TO BE PROCESSED When the loan is complete and ready to submit to the Processor, the Loan Opener must notify the Processor, via P a g e R e v. 10/17 / 13

102 SETTING THE LOAN TO IN PROCESS When the status of a loan has been changed to "In Process", the Loan Originator will no longer have the ability to upload documents into the loan file. All trailing documentation will have to be routed through the Opener or the Processor. 1. Access the LOAN STATUS under the STATUS AND TRACKING menu in FastTrac by clicking on the pencil icon. 2. Once in the LOAN STATUS screen, choose IN PROCESS from the drop-down menu and click UPDATE STATUS, then click CLOSE 3. Create a Loan NOTE indicating that the file has been submitted to Processing. 102 P a g e R e v. 10/17 / 13