Mortgage Cadence User Guide Registering a New Loan MANUALLY

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1 Purpose Link to Mortgage Cadence Additional Documentation or Other Resources Mortgage Cadence User Guide Registering a New Loan MANUALLY Follow these steps to manually register a new loan in Mortgage Cadence. If there is a VHDA second loan, follow the steps outlined in Creating a Second Mortgage. Step 1 Before creating a New Loan: Confirm the zoom value is set at 100%. Click View on the toolbar of the Internet browser, Zoom, and then select 100%. (Or press CTRL and 0 or - ). 2 After successfully logging into Mortgage Cadence, click New, then New Loan. The PPE Wizard should then appear. MORTGAGE CADENCE USER GUIDE 1 LAST UPDATED: 8/14/2018

2 3 Select Correspondent in the Channel drop-down list and then the Ops Center should default to Main. NOTE: Household Income must be the annual amount. If this is a refinance, enter the Appraised Value into the Sales Price field. Available Cash is also a required field; this is only used for product eligibility. Consider inflating the assets to ensure all eligible products appear. The FTHB (First Time Home Buyer) box must be checked if applicable in order to ensure all available VHDA programs appear (to include the first time homebuyer programs). If the user wishes to lock a CHRP loan, please select a CHRP type from the CHRP Requested Field that can be seen in the above screenshot in the bottom left corner. The PLUS 2 nd MTG field must be filled in. If the user intends to add a VHDA Plus 2 nd Loan, input the loan amount to the field based upon the allotted program guidelines. If there is no VHDA Plus 2 nd Loan, the user must enter 0 for this field. The Other Financing field must be filled in. If the user intends to add an Outside 2 nd, 3 rd, or 4 th Loan, input the total for the outside loan amounts to the field. If there is no Outside 2 nd, 3 rd, or 4 th Loan, you must enter 0 for this field. All of the fields notated in the below screenshot with a red dot will be required in order to lock the loan. MORTGAGE CADENCE USER GUIDE 2 LAST UPDATED: 8/14/2018

3 NOTE: If the user wishes to lock a CHRP loan, please select a CHRP type from the CHRP Requested Field that can be seen in the above screenshot in the bottom left corner. Click Next once all of the required fields are input. 4 Click the Duplicate Check button. Do not click the Duplicate Check button if clicked already. If no duplicates are found, click the Next button. If duplicates are found, verify there is not an active borrower and address matching the data being entered. Additionally, if a duplicate is found, the system notifies the VHDA Lock Department. The user will not be able to lock the loan until the duplicate flag is removed by VHDA. Click Next. MORTGAGE CADENCE USER GUIDE 3 LAST UPDATED: 8/14/2018

4 5 For Loans with PLUS 2 nd Mtg Funds only (Please reference the VHDA PLUS 2 nd Guidelines for a complete list of eligible first mortgage products) Skip this step if no VHDA PLUS 2 nd Mortgage Funds: Once a value greater than 0 for the PLUS 2 nd Mtg field has been entered on the Loan Information screen, a new screen will appear in the navigation window called Subordinate Financing. From this screen the user must select Yes to the question Will there be a VHDA PLUS 2 nd Mortgage? If there is also other outside subordinate financing (Other Financing) in addition to the plus 2 nd Mortgage, it must be itemized here (enter in values for the Third and Fourth Mortgage Fields). If there is no additional financing outside of the VHDA PLUS 2 nd, add 0 for both of these fields. Click Next once the Subordinate Financing has been itemized. MORTGAGE CADENCE USER GUIDE 4 LAST UPDATED: 8/14/2018

5 6 For Loan with Non-VHDA Subordinate Financing only - skip this step if no Non-VHDA subordinate liens and/or have already followed step 6 above: Once a value greater than 0 for the Other Financing field is entered on the Loan Information screen, a new screen will appear in the navigation window called Subordinate Financing. From this screen, select No to the question Will there be a VHDA PLUS 2 nd Mortgage? and enter in values for the Second, Third and Fourth Mortgage Fields as applicable. If you do not have any additional financing other than the Non-VHDA 2 nd lien, add 0 for both of the Third and Fourth Mortgage fields. Click Next once the Subordinate Financing has been itemized. 7 On the Product Eligibility screen, make sure the correct Mortgage Type and Lock Periods are selected. NOTE: Only one Mortgage Type can be selected and should match the Loan Information screen. Only one Lock Period can be selected but all lock period options will be shown and will be available to select on the Pricing screen. MORTGAGE CADENCE USER GUIDE 5 LAST UPDATED: 8/14/2018

6 8 The Loan Information and Loan Characteristics sections are not required to be completed. NOTE: If the monthly debt and monthly income are not included under Loan Information, the user will have to enter this information on the 1003 screen after registering the loan. Scroll down and click the Run Eligibility button. This will return only eligible products based upon the loan information entered. See below for all product codes. Click the Select button to the far right of the product the user wants (not the checkbox to the left of it). Click Save and Exit (Or the user can click Next and proceed to the Pricing screen where pricing can be selected). Refer to the user guide Locking a Loan Interest Rate for instruction on selecting pricing. Once done selecting Pricing, click Save and Exit. 9 VHDA s current product codes are: Conventional Programs: F30F_PREF_NOMI: F30F_HFA_PREF: REO30F_CONDO: PLUS_2nd_MTG: Government Programs: FHA30F: FHAStreamline: RH30F: VA30F: VA30F_IRRRL: FNMA Preferred No MI 30 Year Fixed FNMA Preferred Reduced MI 30 Year Fixed REO Condo 30 Year Fixed Plus Second Mortgage FHA 30 Year Fixed FHA Streamline Rural Housing 30 Year Fixed VA 30 Year Fixed VA IRRRL 30 Year Fixed MORTGAGE CADENCE USER GUIDE 6 LAST UPDATED: 8/14/2018

7 10 To find the reason why a product is Conditionally Valid or Invalid, click on the arrow to the left of the product name. 11 The system creates the new loan record with a loan number and an initial status of Registered l Float. Save the loan. 12 Return to the Loan Summary Information C screen. Complete the following information: Credit Scores (The credit scores entered in the PPE Wizard do not carry over to the Loan Summary Information C screen. A credit score is required for both the borrower and coborrower - if applicable) Household composition Number of wage earners / minors Loan Officer (If available if the loan officer s name does not appear, it is ok to leave this blank) Secondary contact (This person will receive the lock confirmation automatically via after locking the loan) NOTE If creating a loan with PLUS 2 nd Mtg Funds (Please reference the VHDA PLUS 2 nd Guidelines for a complete list of eligible first mortgage products): Proceed to the user guide Creating a VHDA Second Mortgage for more information on creating the second mortgage. If the calculation of the second mortgage yields cents, be sure that the cents is removed (always round down to the nearest dollar). Save the loan. 13 For FHA Loans only (If the product is not an FHA loan, skip this step): Add the FHA Case Number Assignment information. The FHA Case Number must be the 10 digit number from FHA Connection. The ADP code should not be included at the end of the FHA Case Number. The ADP Code should be selected below. The FHA Case Assign Date and Section of the Act must also be completed. MORTGAGE CADENCE USER GUIDE 7 LAST UPDATED: 8/14/2018

8 14 For FHA Streamline Refinance Loans only (If the product is not a FHA Streamline Refinance loan, skip this step): The user must include the Previous Endorsement Date so the MIP calculates correctly and must also select the NCO Refi Doc Type (Non-Credit Qualifying). MORTGAGE CADENCE USER GUIDE 8 LAST UPDATED: 8/14/2018

9 15 For RD Loans Only (If the product is not an RD loan, skip this step): If the loan is an RD loan that is being manually created (not importing), follow these steps to ensure the guarantee fee (GF) is appearing in the system correctly: Remove the cents from Financed UFMIP / FF / GF in the Loan Summary Information C screen. The system will then automatically place the cents in the Cash UFMIP / FF/ GF field and the total loan amount will update accordingly. Remove cents from financed GF and it will automatically place in Cash GF Total Loan Amt Now Correct without cents NOTE: If the GF percentage isn t calculating correctly, the user can enter the RD Conditional Commitment Date to change it. If an RD Conditional Commitment is not yet obtained, enter today s date. The lender can update once the date is known. 16 For MCC Loans only (If the loan does not have an MCC, skip this step): If the loan has an MCC, the MCC box must be checked. MORTGAGE CADENCE USER GUIDE 9 LAST UPDATED: 8/14/2018

10 17 Save the loan. All necessary steps have now been completed for the initial status of Registered l Float. 18 If the user receives a Warning message such as this: The lender can go to the Products and Pricing Validation screen to see the warning in more detail: If the warning message is not valid the lender will need to make the necessary correction and then click Save. MORTGAGE CADENCE USER GUIDE 10 LAST UPDATED: 8/14/2018