Mortgage Cadence User Guide Submitting Loans for Underwriting (Non-Delegated)

Transcription

1 Purpose Link to Mortgage Cadence Additional Documentation or Other Resources Mortgage Cadence User Guide Submitting Loans for Underwriting (Non-Delegated) Follow these steps to submit a loan to underwriting for review. If you have a VHDA second loan, this procedure must be done for both loans EXCEPT the reimporting feature. Only the first mortgage can be reimported. Step 1 After successfully logging in to Mortgage Cadence, select the desired loan for underwriting submission by searching in the Pipeline Vista. 2 The underwriter must confirm accuracy of all information shown on the Loan Summary Information C and 1003 screens. SUBMITTING LOANS FOR UNDERWRITING (NON-DEL) 1

2 3 The underwriter must confirm that the household income figure is correct (It may need to be updated after the underwriter has performed the income calculations). NOTE: The household income must be the annual income, not monthly. 4 Confirm the ratios are accurate on the Loan Summary Information C screen. If the information is not correct, a re-import may be required or the underwriter can go to the 1003 screen to make updates (which is explained in later steps). 5 Confirm that the AUS information in the Underwriting box on the Loan Summary Information C screen has been entered. 6 To re-import an existing file with updates (Examples of potential updates/changes: qualifying income, PITI, and/or liabilities), the underwriter can click Import from the top-left navigation. SUBMITTING LOANS FOR UNDERWRITING (NON-DEL) 2

3 7 File type is FNMA, then click Update Active Loan. Select Browse to find the Fannie Mae Flat File (.FNM file or MISMO 3.2 file). Select Operations Center Main, then click OK. Select File Type first!.fnm file **IMPORTANT** CHANGE TO UPDATE ACTIVE LOAN IF THIS ISN T DONE THEN AN ENTIRELY NEW LOAN WILL BE CREATED. NOTES: Underwriter must ensure the correct.fnm file is uploaded. Clearly name the.fnm file to be uploaded so it can easily be found after clicking Browse. A re-import can occasionally remove information such as the first time homebuyer flag (if applicable)or credit score. The user must ensure any completed fields that had information removed must be completed again. 8 If the information is not correct and the loan was not originally imported or if the user prefers to update manually, updates may be made to the 1003 screen. SUBMITTING LOANS FOR UNDERWRITING (NON-DEL) 3

4 9 Updates to income can be done in section V. Other Income is entered below by clicking Add. 10 Updates to housing expenses can also be updated in section V. SUBMITTING LOANS FOR UNDERWRITING (NON-DEL) 4

5 11 Changes to liabilities can be updated in Section VI. 12 If the ratios are still not calculating correctly, then the user should confirm that the box below is checked for both the borrower and co-borrower (if applicable) on the 1003 screen. Save the loan. 13 If the Details of Transaction (Section VII of the 1003 screen) information from the user s Loan Origination System does not appear to match what was imported, it s acceptable to leave it as it is. VHDA will review other documents (such as the lender s 1003, the Closing Disclosure, etc.) to confirm the accuracy of funds required at closing. SUBMITTING LOANS FOR UNDERWRITING (NON-DEL) 5

6 14 For FHA Plus Loans only (If the product is not a FHA Plus loan, skip this step): Confirm that the Plus second mortgage loan amount is correct and is shown in the Sub Financing box on the Loan Summary Information C screen. NOTE: If the calculation of the second mortgage yields cents and it has not been removed by previous users, the lending underwriter must remove the cents (always round down to the nearest dollar). 15 For loans with Subordinate Financing other than a VHDA Subordinate Loan (If no other subordinate financing, skip this step): Confirm the outside subordinate financing loan amount is correct and is showing in Other Financing, not Sub Financing, on the Loan Summary Information C screen. SUBMITTING LOANS FOR UNDERWRITING (NON-DEL) 6

7 16 For FHA Loans only (If the product is not an FHA loan or an FHA Plus loan, skip this step): Confirm the FHA Case Assignment information is complete on the Loan Summary Information C screen. NOTE: 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. 17 For RD Loans Only (If the product is not an RD loan, skip this step): If the GF percentage isn t calculating correctly, the underwriter can enter the RD Conditional Commitment Date on the Loan Summary Information C screen to change it. 18 For MCC Loans only (If the loan does not have an MCC, skip this step): If the loan has an MCC, the underwriter must confirm that the MCC box is checked. Save the loan. 19 The underwriter must select his/her name as the underwriter from the drop down list at the bottom of the Loan Summary Information C screen. This ensures the applicable loan documents such as the loan approval are sent to the underwriter via . Save the loan. SUBMITTING LOANS FOR UNDERWRITING (NON-DEL) 7

8 20 After saving the loan, if a Warning message appears 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. 21 To upload the underwriting 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. NOTES: 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) SUBMITTING LOANS FOR UNDERWRITING (NON-DEL) 8

9 22 Choose s, Utilities, and then choose Submit for Loan Review. By completing this utility VHDA is notified that the loan has been submitted for underwriting review. NOTE: If there is a VHDA second mortgage, the lender must complete these steps for the second mortgage also. 23 A pop-up box will appear indicating that the submission was successful. The system changes the status of the loan to Submitted for Credit Approval. 24 Once VHDA acknowledges the receipt of the file, the system changes the loan s status to In Underwriting. The VHDA underwriting department reviews the loan to include all data entered for the loan in Mortgage Cadence and all documents uploaded. 25 If the loan is approved: The system changes the status of the loan to Approved with Conditions and an notification is sent with the Approval Letter to the lender along with the Recapture Letter and Income Limits Chart (if applicable). The lender will also be able to access these documents by choosing s and then Attachments. NOTE: If there is a VHDA second mortgage, an notification is sent with the Approval Letter for the second along with the Awards Letter and Letter of Obligation. VHDA will then change the status to Clear to Close. NOTE: The underwriter can monitor the status of your loan(s) within the Pipeline Vista. SUBMITTING LOANS FOR UNDERWRITING (NON-DEL) 9

10 26 If the loan is suspended: The system changes the status of the loan to Suspend and an notification is sent with a Suspense Letter to the lender. The lender uploads the necessary conditions to resolve the suspense to the Attachments module. The lender then chooses Utilities, then Submit Conditions for Review. CLICK NOTE: DO NOT click Submit Loan for Review or Submit Pre Purchase Conditions. 27 If the conditions can be cleared: The system changes the status of the loan to Approved with Conditions and an notification is sent with the Approval Letter to the lender along with the Recapture Letter and Income Limits Chart (if applicable). The lender will also be able to access these documents by choosing s and then Attachments. NOTE: If there is a VHDA second mortgage, an notification is sent with the Approval Letter for the second along with the Awards Letter and Letter of Obligation. VHDA will then change the status to Clear to Close. 28 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. 29 If the loan is cancelled or withdrawn: Refer to lender company procedures for the process of cancelling/withdrawing a loan. The system changes the status of the loan to Cancelled/Withdrawn. SUBMITTING LOANS FOR UNDERWRITING (NON-DEL) 10