Correspondent XChange SM Functionality Manual. April 2019

Transcription

1 SM Functionality Manual April 2019

2 Table of Contents Overview of SM... 2 Third Party Process Flow for the... 2 Originator Pipeline, Navigation and Functions... 2 Create and Access Loans in Loan Selling Advisor... 5 Assess Loans... 6 View Assessment Issues... 7 View/Modify Loans... 8 Submit Loans to an Aggregator View Loans Submitted to an Aggregator View Loans Transferred to an Aggregator Delete Loans Export Customized Data Sets April 2019

3 Overview of SM Freddie Mac s is an online tool designed to assist you with managing and monitoring loans you transfer to an aggregator. You ll use the Third Party functions in Loan Selling Advisor to manage and transfer your transactions. With this service, you can take advantage of the technology capabilities you need to make transferring loans easy, convenient, and seamless. After you create a save a loan in Loan Selling Advisor, you will use the Third Party, Manage Originator Pipeline functions for the loans you intend to transfer and sell to an aggregator. The aggregator will review the loan data in your Third Party pipeline and select the loans that are eligible for purchase. Under this arrangement, the Originator must comply with the requirements of the tri-party agreement including, Section 10, (i) through (iv) which contains: Loan Selling Advisor User Agreement, Consent to Electronic Transactions, Incorporation of Loan Selling Advisor, Special Warranties and Representations and The Functionality Amendments. Third Party Process Flow for the Loan Selling Advisor s Third Party functionality simplifies the process of submitting and transferring loans to an aggregator. To submit loans to an aggregator, you must: 1. Create and Save Loans in Loan Selling Advisor. Options to create loans include: a. Import loans using the Uniform Loan Delivery Dataset (ULDD) in XML format b. Use the Loan Selling Advisor function to import loans from Loan Product Advisor c. Manually create loans in Loan Selling Advisor. 2. Use the Third Party, Manage Originator Pipeline functions to a. Evaluate loans. Loans will be evaluated against the aggregator s terms of business. Loans that pass purchase edits will display as compliant. Loans that have critical edits will display as non-compliant. To clear critical edits and warning messages, you must modify loans and re-evaluate them prior to submitting them to the aggregator. Loans should be compliant before you submit them to the aggregator. b. Submit loans to the aggregator. The aggregator has the option to accept or reject the submitted loans. Originator Pipeline, Navigation and Functions You ll use the Originator Pipeline functions to access and manage your loans. 1. To access the Originator Pipeline, from the main menu, click Third Party and then click Manage Originator Pipeline. The Originator Pipeline page displays. It is the gateway to the functions you ll use to manage and transfer loans to the aggregator. It contains the status tabs of Candidate and Rejected, Submitted and Transferred. When you arrive in this page, the system defaults to the Candidate & Rejected tab. 2. Click the tab name and complete the search criteria fields to search for loans. The search fields will vary depending on the tab you select. Click List Loans. If you want to search for a rejected loan, click the Candidate & Reject tab, then click the Loan Transaction Status of Rejected. The example below depicts the Candidate & Rejected tab. 2 April 2019

4 Refer to the table below for a description of each status tab. Originator Pipeline Status Tabs Tab Name Candidate & Rejected Submitted Transferred Description Candidate indicates the loans are new or non-transferable. These loans have not been submitted to an aggregator and are also visible in your regular loan pipeline. Rejected indicates an aggregator has rejected the loans. Click the Rejected status to view reason for rejection. Indicates the loans have been submitted to an aggregator and are waiting to be accepted or rejected. Indicates loans are compliant and have been accepted by an aggregator. It also indicates non-compliant loans that have been transferred. 3. The page refreshes with your search results and includes: a. Action buttons you ll use to perform specific functions b. A table that contains status and general loan and/or contract information 3 April 2019

5 See the table below for a description of each action button. The buttons may differ depending on the tab you are viewing. Originator Pipeline Action Buttons Button Name Tab Name Description of Action Evaluate Send to Aggregator View Evaluation Issues View/modify Delete Candidate & Rejected Candidate & Rejected Candidate & Rejected Candidate & Rejected Candidate & Rejected Evaluates the selected loans against Freddie Mac s purchase edits and the selected aggregator s terms of business. If you evaluate loans from a location other than the Originator Pipeline, it is important to remember that the loans will be evaluated against Freddie Mac s purchase edits and your company s terms of business (not the aggregator s). Selected loans are evaluated and moved to the Submit Verification page to complete the submission to the aggregator or cancel the transaction. Displays evaluation issues for the selected loans you have evaluated. The most recent evaluation occurrence will display. The loans will be sorted by Seller Loan Identifier order. If there are no critical messages, nothing will display for that loan. Allows loans to be viewed or modified. You will be able to modify loans in the candidate and rejected status. You are not permitted to modify submitted or transferred loans. Deletes loans from Loan Selling Advisor. You can only delete candidate or rejected loans. Loans in any other status may not be deleted. Export All tabs Exports certain loan data using a dataset or a customized dataset based on your export criteria. Send Remove from View Candidate & Rejected Transferred Executes the Evaluate and Send to Aggregator action. Note, if the selected loans have been previously evaluated, this action will re-evaluate those selected loans and submit to the aggregator. Remove the loan from the search results you are viewing. 4 April 2019

6 Search tab results displays general loan, contract and status information. The table below describes each column and the tab which they display. Click the blue column headers to sort information in ascending/descending order. Tab Name Column Title Description All tabs Seller Loan Identifier The loan identifier assigned to the Originator by the Aggregator. Click the loan identifier, a hyperlink, to access the Modify Loan page. All tabs Last Name Borrower s last name. Candidate & Rejected Loan Transaction Status Candidate or Rejected. If the status is Rejected, click the hyperlink to view a window that displays the reason for the rejection. Candidate & Rejected Loan Created Date The date the loan was created or saved in Loan Selling Advisor. All UPB Amount The unpaid principal balance of the loan. Candidate & Rejected Certified The certification status of the loan: Y = Yes, N = No. All tabs Interest Rate The interest rate percent for the loan. Candidate & Rejected Aggregator Cleared Edits Indicates if the loan passed the aggregators critical edits: Y = Yes, N = No. All tabs R&W Relief/Representation and Warranty Relief Indicates the following Representation and Warranty Relief types and their status: CO = Collateral IN = Income AS = Asset The following statuses display as a hyperlink. Click the link to view details: Y = Yes N = No U = Unavailable All Loan Referenced Product Label System derived loan product. Submitted Loan Submitted Date Date loan was submitted to the Aggregator. Submitted Submitted To Aggregation Name and ID number. Transferred Loan Transfer Date Date the loan was transferred to the aggregator. Transferred Loan Transfer Type Compliant or non-compliant. Create and Access Loans in Loan Selling Advisor When you create and save a loan in Loan Selling Advisor, it must contain the aggregator assigned loan number (issued at time of loan lock and/or registration with the aggregator) in the ULDD data point, Seller Loan Identifier (Sort ID #402). For detailed instructions on how to create and save loans, access Online Help by clicking the icon in Loan Selling Advisor or access the Create and Modify Loans tutorial. Loans can be accessed in the Originator Pipeline after they are saved in Loan Selling Advisor. It is important to note that loans not allocated to either a Freddie Mac contract or to an aggregator, will display in both the Loan Pipeline (available via the Loans menu) and the Originator Pipeline (available via the Third Party menu). Therefore, be sure to manage your pipelines and delete loans that you do not intend to transfer to an aggregator. 5 April 2019

7 Assess Loans You must assess loans, known in Loan Selling Advisor as evaluate and clear critical assessment edits before you submit the loans to your aggregator. The Originator Pipeline allows you to assess your loans against the aggregator s terms of business. This step must be completed prior to submitting loans to the aggregator. This step prevents you from submitting ineligible loans, reduces time spent on resolving loan data issues, and facilitates a more streamlined loan data transfer process. If you assessed loans upon import, they were assessed against your company s terms of business and not the aggregator s. You must then re-assess the loans before they are submitted to the aggregator. Perform the following procedure to evaluate your loans. 1. From the main menu, select Third Party, and then select Manage Originator Pipeline. The Originator Pipeline: Candidate & Rejected page displays. Step 2 Step 3 2. Enter your search criteria. 3. Click List Loans. The Originator Pipeline: Candidate & Rejected page lists the loans that meet your search criteria. Your search results will display. The links at the top of the columns can be used to sort your loan data. 6 April 2019

8 If a loan is rejected, go to the Loan Transaction Status column and click the Rejected link to view the date, time and reason for rejection. The R&W (Representation and Warranty) Relief link allows you to view Collateral, Income, and Asset Representation & Warranty Relief Summary Information for all loans displaying in the results. 4. Select the loans to assess. 5. Select the Evaluate radio button to assess loans. 6. Select the aggregator from the drop down menu. 7. Click Send. The Originator Pipeline: Candidate and Reject page re-displays indicating if loans cleared the aggregator s edits in the Aggregator Edits Cleared column. Y indicates the loan did clear critical edits. N indicates the loan did not clear critical edits. This column also shows the aggregator s name. You can view the loans that did not clear edits by selecting them and clicking View Evaluation Issues. View Assessment Issues Assessment issues are known in Loan Selling Advisor as Evaluation Issues and they are classified as either critical errors or warnings. Critical errors will prevent loans from being accepted by the aggregator and will display as noncompliant if submitted to the aggregator. Perform the following procedure to view evaluation issues. 1. From the Originator Pipeline Candidate & Rejected page, enter your search criteria 2. Click List Loans. The page lists the loans that meet your search criteria. 3. Select the loans to view the evaluation issues. 7 April 2019

9 Step 4 Step 3 4. Click View Evaluation Issues. The View Aggregator Evaluation Issues page displays showing Critical Errors and Warnings for the selected loans. 5. You may print the page by clicking Print Preview. The evaluation issues display in a separate window. Click File and Print in your browser menu to print the issues. 6. You may also export the file by clicking Export Evaluation Issues File. View/Modify Loans You can make changes to loans that did not pass evaluation edits or loans that need to be updated or modified. Perform the following procedure to view and/or modify loans in your originator pipeline. 1. From the Originator Pipeline Candidate & Rejected page, enter your search criteria. 2. Click List Loans. The page lists the loans that meet your search criteria. 8 April 2019

10 3. Select the loans to view or modify. Step 4 Step 3 If you only want to view or modify one loan, you may click the Seller Loan Identifier link for that loan and skip to step Click View/Modify. The Modify Loan page displays for the selected loans. The Modify Loan page displays with the first loan you selected. Step 7 Step 6 5. Make your changes (if any) to your loan information. 6. Click Finish to save your first loan and continue to the additional loans that need modifications. The next loan will display. Click Next Loan (No Save) if you have additional loans that need modifications, but you are not making any modification to the current loan. 7. Click Finished once complete and you will return to the Originator Pipeline: Candidate & Rejected page. 9 April 2019

11 Remember to click Evaluate to re-evaluate loans if you made any changes. Repeat steps 1-7 if critical errors remain. Submit Loans to an Aggregator Submitting loans to an aggregator is how you will transfer loans from your pipeline to the aggregator s pipeline so they can accept or reject your loans. Perform the following procedure to submit your loans to the aggregator. 1. From the Originator Pipeline Candidate & Rejected page, enter your search criteria. 2. Click List Loans. The page lists the loans that meet your search criteria. 3. Select the Send to Aggregator radio button. 4. Select the aggregator from the drop down menu. 5. Select the loans to send to the aggregator. 6. Click Send. The Review Compliant and Non-Compliant Loans to be sent to Aggregator page displays. Remember, non-compliant loans are loans that did not pass the aggregator s purchase edits. You should de-select non-compliant loans before clicking Submit. To clear the purchase edits, view critical messages, modify the loan, re-evaluate the loans and re-submit. If a loan that previously passed purchase edits displays as non-compliant, modifications have been made to prevent that loan from passing purchase edits. Loan Selling Advisor automatically runs purchase edits during the submission process when you click Send. Therefore, these loans will display as non-compliant. Correct the errors, then re-submit. There are various reasons why a loan is Non-Transferable. For example, you entered settlement details in error. If a loan is Non-Transferable, it will revert to Candidate status. Print this page if you have a Non-Transferable loan for your records because the reason will not display on any other page. 7. Select the compliant loans to send to the aggregator. Click Select All to select all loans in a section. 8. Click Submit. The Originator Pipeline Submit/Transfer Confirmation page displays. 10 April 2019

12 Step 9 9. Click <Back to Originator Pipeline to return to the pipeline. View Loans Submitted to an Aggregator Loans submitted to an aggregator are loans that are waiting to be accepted or rejected by the aggregator. Perform the following procedure to view loans submitted to the aggregator. 1. From the Originator Pipeline Candidate & Rejected page, click the Submitted tab at the top of the page. The Originator Pipeline: Submitted page displays. Step 1 Step 2 Step 3 2. Enter your search criteria. 3. Click List Loans. The loans that meet your search criteria display at the bottom of the page. You have the option to export the loan data by selecting the loans you wish to export and clicking the Export button. For more information on exporting, review the Export section in this reference guide. 11 April 2019

13 View Loans Transferred to an Aggregator Loans transferred to an aggregator are loans that have been accepted by the aggregator. Perform the following procedure to view loans that have been transferred to the aggregator. 1. From the Originator Pipeline - Candidate & Rejected page, click the Transferred tab. The Originator Pipeline: Transferred page displays. Step 1 Step 2 Step 3 2. Enter your search criteria. 3. Click List Loans. The Originator Pipeline: Transferred page lists the loans that meet your search criteria. Loans will remain on this page until they are removed from view. 12 April 2019

14 Step 4 4. To remove the loans from view, click Remove from View. Loans will remain in the transferred page until they are removed from view. Once a loan is removed from view, you will not be able to retrieve this data. You also have the option to export the loan data by selecting the loans you wish to export and clicking Export. For more information on exporting, review the Export section in this reference guide. Any non-compliant loans transferred in error would also display in the Transferred tab Remember loans rejected by your aggregator will display under the Candidate & Rejected tab in the Originator Pipeline Delete Loans You may only delete loans in the Candidate & Rejected loans status. Perform the following procedure to delete loans from your originator pipeline. 1. From the Originator Pipeline: Candidate & Rejected page, enter your search criteria. 2. Click List Loans. The Originator Pipeline: Candidate & Rejected page lists the loans that meet your search criteria. 13 April 2019

15 Step 2 Step 4 Step 3 3. Select the loans to delete. 4. Click Delete. You will get a message stating Are you sure you want to delete the selected loan(s)? 5. Click OK to delete your selected loans. Export You can export data from Loan Selling Advisor using pre-set data sets or you can create customized data sets. Follow the steps below to export data: 1. From the Originator Pipeline page, click the tab name for the type of loans you want to export; Candidate & Rejected, Submitted or Transferred. The example below depicts, the Candiate & Rejected tab. Step 3 Step 5 14 April 2019

16 2. Enter your search criteria. 3. Click List Loans. The page lists the loans that meet your search criteria. 4. Select the loans to export. 5. Click Export. Export Data page displays and defaults to the Loan Delivery Data MISMO 3.0 data set Step 6 Step 7 Step 8 6. If you want to export a different data set, select it from the Data Set drop down menu. 7. Select a File Format from the drop down menu. 8. Click Create Export File. The View Export Results page displays showing Pending in the Status column. 9. Click Refresh File Status until Completed shows in the Status column. 10. Click the File Name of the file to export in the File Name column. The Open/Save options window displays. 11. Click the button that represents your choice. Customized Data Sets You can create customized export reports using a mix of data from pre-set data set. Customized exports can be saved in the system and can be reused, modified or deleted. Customized data sets work in a similar manner as other data sets except that they are not available in the.xml format. The following pre-set data sets can be customized: 1034 MISMO 3.0 Aggregator Evaluation Issues MISMO 3.0 Transferred Loans MISMO April 2019

17 From the Originator Pipeline page, click the tab name for the type of loans you want to export; Candidate & Rejected, Submitted or Transferred. The example below depicts, the Candiate & Rejected tab. 1. Enter your search criteria. 2. Click List Loans. The page lists the loans that meet your search criteria. 3. Select the loans to export. 4. Click Export. The Export Data page displays and defaults to the Loan Delivery Data MISMO 3.0 data set 5. Select one of the data sets from the Data Set drop down menu. Select the data set that contains the fields you need. This will be the basis for customizing your new data set. You must select from the data set menu to activate the Customize, edit or preview data set link. 6. Select a File Format from the drop down menu. 7. Select the Customize, edit, or preview data set link. The Export: Customize Data Set page displays. 8. Select the field(s) in the Current Fields box that you want to add to your new data set. To add more than one field at a time, press Ctrl on your keyboard while selecting data fields. Step Click the button. 10. Repeat this process to continue adding data fields. 16 April 2019

18 11. Remove fields by clicking the field name in the New or modified data set box and click the button. 12. Add fields from other data sets by selecting a different data set from the Current data set drop-down menu. Step Continue adding fields as outlined in steps 7, 8, and Enter your new data set name in the Data Set Name: field. 15. Click Save as new. You can now begin working with the new data set. This document is not a replacement or substitute for the information found in Freddie Mac Single-Family Seller/Servicer Guide or terms of your Master Agreement or other Pricing Identifier Terms Freddie Mac 17 April 2019