Mortgage Cadence User Guide Reserving a VHDA Down Payment Assistance Grant

Similar documents
Mortgage Cadence User Guide Underwriting Submission (Delegated)

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

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

Mortgage Cadence User Guide Registering a New Loan MANUALLY

Seller Procedures Non-Delegated. Seller Portal

For Lenders. Accessing LOS: LOS is a web based program that can be accessed at the following URL address:

Seller Procedures Delegated. Seller Portal

Mortgage Cadence User Guide Registering a New Loan MANUALLY

Mortgage Cadence User Guide IMPORTING a New Loan (Recommended)

Log in at LMS Xpress 2

MORRIS 2.0. Updates to our Wholesale Mortgage Portal. Equal Housing Lender Member FDIC NMLS#

Merchants Bank, National Association

PriceMyLoan.com Broker s Guide. Revision 0705

TRID QUICK REFERENCE GUIDE

Porting Application Guide

Obtain Pricing and Register CalHFA CalPLUS MyHome & ZIP Programs WHOLESALE

CenterState Bank Financial. TPO Connect Portal User Guide

Standard Operating Procedure. 7 Mortgage

Nations Direct Mortgage Loan Manager Guide

AIO DELIVERY ESSENTIALS-WHOLESALE

ASDS. Draft. Use the Maintain Term Budgets component to manually create or maintain an existing term budget.

Chapter 18. Indebtedness

HomePath Online Offers Guide for Public Entity and Non-Profit Buyers

Registering a Deal and Requesting Waivers

MSI New Loan Submission. Table of Contents

Instructions for submitting a Loan to 5 th Street Capital

CREATE FILE IN BLITZDOCS

THE 2018 VAT CHANGE Updating VAT in QuickBooks Manually. Creating new VAT Codes a VAT Checklist

Loan Officer Directory

VHFA Loan Origination Center

Uniform Collateral Data Portal Reference Series for the Lender Admin: 5 - Managing Aggregator Profile

Quick Start Guide: Growth Plans

Platinum Mortgage, Inc. Operations Manual

USDA / GUS Basics for Success

FGMC Correspondent Announcement: First Guaranty Mortgage Corporation Correspondent Lending Seller Guide Updates

Your Mortgage Company. Policy & Process. Locks, Reservations, Changes for Secondary Marketing

DPA ADVANTAGE PROGRAM COPYRIGHT 2019 AMERICAN FINANCIAL RESOURCES, INC. ALL RIGHTS RESERVED

I. Creating a one-time close construction to permanent loan or a one-time close renovation to permanent loan.

Responsible Lending Requirements & Objectives FAQs Non-Electronically Lodged Broker Loans

The Jump Start Guide. Version 10.17

Title: CA Property PUP Quote to Bind Purpose: This job aid will walk you through quoting and binding a CA PUP. Starting the PUP Quote

Uniform Collateral Data Portal Reference Series for the Lender Admin: 4 - Managing Lender Agents

Integrated Payments: Online Payment Control & Online Payment History Quick Reference Guide

Claims Packaging Tool Servicer Support User Manual Version 1.0 Effective Date : 07/11/2018

NEW LOAN REGISTRATION PROCESS

HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY

IHDA Commitment / Reservation Manual

Construction Budget Application Using Procorem

Table of Contents. Part I Processors. Byte User Guide. 1 Processing. Appraisal Review. Multiple Branches. Order Title Order Hazard Insurance

IHDA Commitment / Reservation Manual

Borrower Summary (EPM)

Lender Record Information Form 582

State of New Jersey Department of Banking & Insurance. Annual Report Worksheet for Residential Mortgage Lenders. Year Ending December 31, 2017

i-power Institution Menu - - Loan Draft Options Guide

DUS DocWay TM Loan Documents User Guide. January 2019

CREATING SECONDARY CLAIMS IN SERVICE CENTER

PROFITstar November PROFITstar Budget Manager Reference Guide. Hosted Version

Locking and Change Request Manual. Correspondent User Guide

HomePath Online Offers Guide for Selling Agents

Uniform Closing Dataset Quick Guide

VFW Auxiliary. MALTA Training Auxiliary Treasurers June Unwavering Support for Uncommon Heroes tm

SAMIS Fiscal Approval Workflow Chain Guide

Set up repricing in 3 easy steps < 1 >

Stewart Title. Closing Protection Letter Integration

WealthCare Administration System

MI Online Loan Servicing Training Guide. Version 11.14

Union Bank Wholesale Loan Submission Guide LOAN SUBMISSION

Sewer Utility Billing System Created On: 3/16/2005 Last Revision: 3/16/2005

Section 1 Pricing Policies and Procedures

Uniform Collateral Data Portal Reference Series for the Lender Admin: 1- Lender Admin Registration

Web Quoting Guide. Low Speed Vehicles

Quick Reference Guide Welcome TEST USER

Product Eligibility and Pricing Services. Loan Originator User Guide

Did you know that there is a new version of the CMS 1500 form? You need to be prepared to switch.

Portal User Manual (Retailer) Web Rating Portal for our Retail Agents. Contents. Creating a new Indication. Creating a GL Indication

PriceMyLoan.com Lender AE Guide. Revision 0707

egms Applications University Program Training

Uniform Collateral Data Portal Reference Series for the Lender Admin: 4 - Managing Lender Agents

Manually entering employee data

2016 Federal & State Amend Instructions for the TurboTax Online product:

User Guide for Pricing Engine

Player Exclusion Utility. User Guide

INSTRUCTIONS TO SETUP AHFA CONVENTIONAL HFA STEP UP LOAN IN MORTGAGE BUILDER As of 7/15/14

Payroll Processing Previous Tax Year Payslip Adjustments

Next Year Budget Entry Monroe County, WI

Document Uploading and MITAS Data Verification Guide

Additionally, please note that Transact Now and Transformation Station connectivity has been restored for both Commercial and Personal lines.

CLOSING DISCLOSURE FORM FREQUENTLY ASKED QUESTIONS

Uniform Collateral Data Portal (UCDP) Lender Agent Admin User Guide February 2016

The following Key Features describe important functions in the Account and Loan Transfer service.

SaversPlus Processing Guide

HALIFAX INTERMEDIARIES

Chapter 6 DRAWDOWNS ACCESSING THE DRAWDOWN FUNCTIONS

d. This will redirect you the Encompass TPO Webportal Login Screen e. Enter your address and temporary password (from your admin )

Third Party Transaction Services. December 2017

OVERVIEW GUIDE TO HOME COUNSELOR ONLINE NATIONAL FORECLOSURE MITIGATION COUNSELING (NFMC) FEATURES

Arch Rate Quote and Standard MI Order. Loan Fulfillment Center Feature Enhancement

Section 1.03 Loan Registration and Lock-in Procedures

Edit 1003 Form. Figure 1 - Tabs of the 1003

Transcription:

Purpose Mortgage Cadence User Guide Reserving a VHDA Down Payment Assistance Grant Link to Mortgage Cadence This quick reference guide provides a step-by-step list of actions to reserve a VHDA Down Payment Assistance (DPA) Grant on an existing loan. https://vhda.mortgagecadence.com/orchestrator/ Points to remember about a DPA Grant: An eligible first mortgage must be locked prior to reserving the Grant. Not every VHDA first mortgage is eligible to be used in conjunction with the VHDA DPA Grant. Review the Program Guidelines to determine first mortgage eligibility. Only those with security level 1 (typically Admins), level 2 (typically Underwriters), and level 3 (typically Secondary) have the ability to reserve or edit a Grant. The other security levels will have read only access to the Grant information. Step Reserving a VHDA DPA Grant 1 After successfully locking the first mortgage (Reference user guide Locking a Loan Interest Rate), select the desired first mortgage loan to which a DPA Grant reservation is to be added by searching in the Pipeline Vista. RESERVING A VHDA DPA GRANT 1

2 Enter the Appraised Value on the Loan Summary Information C screen. If the actual appraised value is unknown at the time of reservation, the user can copy data from the Estimated Appraised Value. The lender or the lender s subsequent user must update the Appraised Value once the appraisal is obtained and the value is known, and ensure the DPA Grant amount is still acceptable. 3 Locate the Grant screen to the left: RESERVING A VHDA DPA GRANT 2

4 NOTE: The DPA Grant should not be reserved on the Loan Summary Information C screen. The reservation must be made on the Grant screen. The purpose of the DPA Grant information on the Loan Summary Information C screen is for user viewing only. Don t reserve DPA Grant on this screen! RESERVING A VHDA DPA GRANT 3

5 Complete the following in the Grant screen: Select the dropdown for Grant Name and change to DPA Grant and find the appropriate fiscal year (There should typically be only one year listed and the user can select it). Complete the Original Grant Amount. The maximum grant amount allowed is reflected on this screen; however, the user can confirm the maximum grant amount allowed in the Program Guidelines. If a calculation of either yields a dollar amount plus cents, the cents must be removed. Always round down by removing the cents. In the dropdown for Grant Status select Reserve/Reserved. 6 Save the loan. Once Save is clicked, the following is completed: Grant Flag Grant Reservation Date (the current date) Current Grant Amount (matching the Original Grant Amount) Grant Expiration Date will populate (with the first loan rate lock expiration date) Grant Status Change Date (the current date) RESERVING A VHDA DPA GRANT 4

7 Also, once the loan is saved: a Grant Award Letter and Obligation Letter will be automatically generated and will be distributed to the Secondary Contact. The letters will also be available in Attachments (titled Grant Award Letter). 8 The DPA Grant information carries over to the Loan Summary Information C screen. Reservation of the DPA Grant also results in the Yes box automatically being marked for Gift in the Delegated Submission screen. 9 The Grant screen appears to the user until the user clicks the Submit Closed Loan Package utility. Once that utility is run, the Grant screen no longer appears but a user can confirm there is a grant by going to the Loan Summary Information C screen where the status of the grant as Reserve/Reserved is housed and the Grant Flag is checked (as well as Grant letters found in Attachment). RESERVING A VHDA DPA GRANT 5

Changing a VHDA DPA Grant Amount 1 If a change in the grant amount is needed: Update the Current Grant Amount towards the bottom of the Grant screen. The Original Grant Amount cannot be changed this field is only entered upon initial entry. Any subsequent changes to the grant amount must be changed only in the Current Grant Amount field. Original Grant Amount can t be changed! 2 Click Save. After clicking Save, new grant letters will be generated and distributed to the Secondary contact, with the updated Current Grant Amount. The updated letters will also be available in Attachments. New RESERVING A VHDA DPA GRANT 6

Cancelling a VHDA DPA Grant Note: If your first mortgage is cancelled then the grant will automatically be cancelled when you click the Cancelled/Withdrawal Loan utility to cancel or withdraw your first mortgage. Step 1 If you need to cancel your grant but not the first mortgage, then go back to the Grant screen. 2 In the Grant Status dropdown, select Cancelled/Withdrawn. 3 Then select the appropriate reason in the Grant Cancellation Reason dropdown. RESERVING A VHDA DPA GRANT 7

If the reason for cancelling the grant is because the borrower is not eligible, but is still eligible for the first mortgage, reject the DPA Grant by following these steps: Step 1 In the Grant Status dropdown, select Rejected. 2 In the Grant Cancellation Reason dropdown, select the rejection reason (Exceeds Maximum Income or Not FTHB). RESERVING A VHDA DPA GRANT 8