Disclosing a Loan Retail Business Channel Revised 6/27/18
Introduction: In this training material and supplemental training exercises, we explore the items necessary to disclose a loan. PRMG has integrated WebMax within FasTrac360 as a Retail Sales workflow solution for requesting initial loan disclosures. We will step by step walk you through the general processes and required procedures. The information contained here is meant to be a basic guide for all retail sales upon triggering their loans for proper disclosure
WebMax Workflow for Retail Sales Requesting econsent Qualification Tasks Borrowers econsentview Loan Validation Testing Preparing Initial Disclosures MLO Required Disclosure Tasks Triggering Initial Disclosures Milestone Requirements WebMax Navigation Encompass Loan Center (FT360) SmartFees (LE) Completing 2015 Itemization Aggregate Setup for escrow account Borrower Account Creation Borrower Signing Process Intent to Proceed
Guideline for econsent and TRID/RESPA Disclosures: Per TRID/RESPA and prior to a borrower electronically signing any documents the econsent process must be completed. In the event the econsent has not been received, a disclosure fulfillment package must be mailed and postmarked by the third business day Please note: Disclosures are to be mailed and postmarked (if you do not have an econsent) by the third business day. It is imperative they are prepared and queued on the second business day Regardless of which method is utilized for the process of disclosing, the disclosures still must be prepared. In regards to preparing the disclosures, please refer to the disclosure training materials located in the resource center
Requesting econsent: Retail Business Channel
Requesting econsent: Once you ve created your loan prospect(s) in FT360 and prior to triggering initial disclosures, you can request an econsent from your loan prospect An Alerts & Messages econsent Not Yet Received will appear after you ve inputted basic information from your loan prospect
WebMax Navigation econsent: 1. From your Forms tab, locate WMX- Disclosure Module. Double click to open the WebMax Disclosure Module navigation work screen
WebMax Navigation econsent: 2. Click on the E-Consent icon
WebMax Navigation econsent: 3. Check the box next to the applicants name. This will need to be done for all loan applicants 3a. Make sure subject line remains as 1R this is for all retail sales 4. Click Send to email the econsent to your applicant Note: If the check box is greyed out that means that your applicant has already econsented or their email address isn t present
WebMax econsent Borrowers View: 1. Your applicant will receive an email. He/She will need to click on the Create Account Now link 2. Your applicant will be asked to create their new account by inputting the subject property street number, his/her name and creating a password
WebMax econsent Borrowers View: 1. Your applicant will receive a 2 nd email for he/she to confirm their account activation. They need to complete the activation process by clicking on the link Click here to activate this account
WebMax econsent Borrowers View: 2. The applicant will be taken to a screen that will ask he/she to input the password he/she just created A. Click on Activate New Account
WebMax econsent Borrowers View: 1. The applicant will now be taken to the MLO personal webpage. He/she will need to click anywhere on their loan request 2. Click on View
WebMax econsent Borrowers View: 3. The applicant can now click on I Agree for the econsent 4. Click Done to save and close Consent is Accepted
WebMax econsent acknowledged: After the applicant has econsented two things will happen; The MLO will be notified by email that the documents have been received by the borrower and the econsent has been accepted The FT360 system Alerts & Messages will disappear or become green as econsent Accepted
Preparing Initial Disclosures Retail Business Channel
Triggering Required Initial Disclosures: An active Loan Application is when you receive the following six pieces of information from the applicant; 1. Property Address 2. Estimated Value of Property 3. Name of Applicant 4. Credit/Social Security Number received 5. Income/Employment 6. Loan Amount Requested Note: FastTrac 360 automatically populates the TRID required GFE/LE application date based on the information provided in the system
Alerts & Messages Send Initial Disclosures: Once the (6) six pieces of required information are received, an application is considered to be taken and the GFE/LE application date will auto populate. An Alerts & Messages will appear. Clicking on the Alert will open the disclosure compliance window reflecting the Trigger Fields The Loan Originator must provide a Loan Estimate within (3) three general business days to the consumer
Initial Disclosure Preparation: 1. Review the entire Loan Application thoroughly Prior to sending initial disclosures Best practice is to start with the Borrower Summary and work your way down through each of the forms highlighted
Initial Disclosure Preparation: 2. Verify Loan Application date matches GFE/LE Application date 3. Be sure to input an Estimated Loan Closing Date found on the Borrower Summary Screen
WebMax Navigation Initial Disclosures: 1. From your Forms tab locate WMX- Disclosure Module and click to open
WebMax Navigation Disclosures: 1. Click drop down and select your Lead Source for your loan applicant 2. Click on Apply Today s Date. You may also select a different date if you re not ready to send out disclosures same day
WebMax Navigation MI: 1. If MI is required, click on the Mortgage Insurance icon 2. Click on the Get MI button 3. Click OK to save and close
WebMax Navigation SmartFees: 1. Click on ClosingCorp Smart Fees icon 2. Select the provider; SmartFees by ClosingCorp 3. Click Submit to save and close Note: If not shown in My Providers tab you will use All Providers tab
WebMax Navigation Input License Key: Note: If this is your first time utilizing SmartFees by ClosingCorp you will need to Insert Smart GFE License Key Please copy and paste and Insert license key if required; 09180378-1bd3-47c2-a812-f06da8c79066
WebMax Navigation SmartFees: 1. Correct any Required Fields 2. Select Appraisal Product Name 3. Click Continue to Fees Note: You can always come back and update any fields or make fee or provider changes prior to disclosing
WebMax Navigation SmartFees: 1. Click Add Additional Services to add additional fees such as Notary or Inspection fees 2. You may Change your Title or Closing Service providers to shop for different providers or better fees by clicking on the Select Provider link 3. You may edit or add recording fees/transfer taxes 4. Click Export to Encompass
WebMax Navigation 2015 Itemization: 1. Click on 2015 Itemization icon. This Quick Entry 2015 Itemization can be edited for any additional changes to HUD line items. Scroll to view all HUD entries are correct A. The video clip icon can be opened by double clicking to watch tutorials for specific HUD line items and closing costs information
WebMax Navigation Aggregate Setup for Escrows or Impound Account: 1. Click on Aggregate Setup icon. A separate window will appear for your data entries 2. Locate the Row for Cushion and the Columns for Tax, Haz Ins and Mtg Ins. With the exception of Mortgage Insurance you will need to input two months worth of cushion under each column to start your aggregate setup Note: State Tax Impound Schedules are found inside the resource center
WebMax Navigation Aggregate Setup for Escrows or Impound Account: 1. Enter your property tax due date(s): Special Note: If you are unsure of your property tax due dates, please locate the State Tax Impound Schedule for your state 2. Enter the Hazard Insurance due dates. Typically (1) one year from your estimated closing date 3. For Mortgage Insurance, locate the escrow first payment date at the top of the screen and enter the first four monthly payment due dates accompanied by the number 1 twelve times (count to verify entered correctly) ex; 5/1/2018 6/1/2018 7/1/2018 8/1/2018 4. Click OK. Any Aggregate Adjustments will be calculated and added or subtracted from the Initial deposits for escrow account line 1011 in the 2015 Itemization
Qualification Tasks Retail Business Channel
WebMax Navigation Qualification Tasks: 1. Click on the Log tab and navigate to the Qualification milestone 2. Click on Qualification
WebMax Navigation Qualification Tasks: 1. Complete any Required Fields 2. Clear any Task by completing the task and placing check mark in the box 3. Use the Look Up icon and select the Loan Officer(s) and click Finish Upon completing the Qualification Milestone, return to your WebMax screen
WebMax Navigation Automated Underwriting System: Upon return to the WebMax Navigation Qualification Tasks; you should have a Pass and the minimum qualification task should reflect as being checked off. 1. Click on AUS Tracking
WebMax Navigation AUS: 1. A pop up window will open. Select your desired AUS provider 2. Click Submit Note: If your DU or LPA are not shown in the My Providers tab you will use All Providers tab and add Fannie Mae s DU or Freddie Mac s LPA to your My Providers list
WebMax Navigation AUS: 1. You will now be in Services View. Click on Submit to DU on epass (in this example)
WebMax Navigation AUS: 1. Input your Credentials 2. Click submit to move forward. Follow any prompts that may follow
WebMax Navigation Qualification Tasks: Review your AUS findings and make any adjustments to your application by using the Loan Tab.
Loan Validation Testing Retail Business Channel
WebMax Navigation Loan Validation Testing: 1. If you ve reached this point you should have either Pass or Fails. Click on the Fix icon if you have a fail. Pop-up windows will appear according to each section of the 1003 for you to correct any items that have Fails
MLO Required Disclosure Tasks Retail Business Channel
WebMax Navigation Required Disclosure Tasks: 1. Click on Settlement Service Providers List SSPL icon
WebMax Navigation Required Disclosure Tasks: 2. If you need to add additional Settlement Services click on next available open field number 3. You can either add them by using Address Book or Add New icons
WebMax Navigation Required Disclosure Tasks: 1. Click on HMDA icon
WebMax Navigation Required Disclosure Tasks: 2. Complete HMDA data
WebMax Navigation Required Disclosure Tasks: 1. Click on Payoffs & Payments icon
WebMax Navigation Required Disclosure Tasks: 2. Review and mark any required payoffs 3. Click OK to save and close (You will need to navigate back to WebMax)
WebMax Navigation Required Disclosure Tasks: 1. Click on Get Late Fee icon 2. The Late Fee section has been updated on page 3 of your Loan Estimate (LE)
WebMax Navigation Required Disclosure Tasks: 1. Click on IRS icon
WebMax Navigation Required Disclosure Tasks: 2. Make a borrower selection 3. Click on Copy from Borrower Summary to populate your 4506-t form
WebMax Navigation Required Disclosure Tasks: 1. Click on Home Counseling icon
WebMax Navigation Required Disclosure Tasks: 2. Click on Get Agencies button
WebMax Navigation Required Disclosure Tasks: 3. Select at least five (5) service organizations under Multiple Services 4. Click on Get Agencies
WebMax Navigation Required Disclosure Tasks: 5. Click Save to close Note: Minimum of ten (10) Home Counseling Agencies will appear. You may select more if needed.
WebMax Navigation Required Disclosure Tasks: 1. Click on Home Counseling Disclosure Date and select your disclosing date
WebMax Navigation Required Disclosure Tasks: 1. Click on Run Mavent icon 2. Click on Order button
WebMax Navigation Required Disclosure Tasks: Your Mavent compliance service will appear within a few seconds You may click on any of the headings to view further information. Pass, Warning & Alert statuses allows you to move forward. Fail or Error statuses will need to be addressed and must be corrected before you can send out initial disclosures
Milestone Requirements Retail Business Channel
WebMax Navigation Milestone Requirements: 1. Click on Request Disclosures
WebMax Navigation Milestone Requirements: 2. Select a Plan Code 3. Click on Order edisclosures
WebMax Navigation Milestone Requirements: 4. Perform any data corrections by clicking on Go to Field links 5. Click on Refresh Audit button after making any data corrections 6. Click on Order edisclosures
WebMax Navigation Milestone Requirements: 7. (DO NOT uncheck any items) Click Send
WebMax Navigation Milestone Requirements: 8. If you wish to overnight documents; you will need to move out the scheduled fulfillment date to the next business date 9. If you wish to email documents; you will need to uncheck the box so Fulfillment won t get notified to overnight the documents 9a. Keep Subject line as 2R for Retail Sales
WebMax Navigation Milestone Requirements: 10. Depending on the loan product, some documents may require only an esign or esign + Wet Sign. Make a selection Note: You can make a selection if your borrower will do All as Wet Sign and he/she can print the document set and fax or scan back the signed documents 11. Locate the Borrower Authorization Method and Input an Authorization Code. You will need to call your borrower directly to give them their Four (4) digit code as a security measure 12. Type in their Four (4) digit Borrower Authorization Code
WebMax Navigation Encompass Loan Center: Upon completion a pop-up will appear notifying that the MLO will receive a notification email and that the MLO has their own esignable Documents to complete 1. Click the link to esign your documents
WebMax Navigation Encompass Loan Center: 2. Input the PRMG Client ID # 3011140893, then input your FT360 credentials 3. Click to Login Note: you may also use the following URL: https://encompass.mortgageapplication.net/encompassaccount/ AccountLogin.aspx
WebMax Navigation Encompass Loan Center: 3. Click on your Borrower 4. Click on esign
WebMax Navigation Encompass Loan Center: 5. DocuSign window will appear. Click Next to move forward 6. Click Start to take you to your signature line
WebMax Navigation Encompass Loan Center: 7. Click to esign where indicated Note: Upon esigning you will notice your digital signature as been reflected with date and time stamped
WebMax Navigation Encompass Loan Center: 8. To move forward; continue to click on Sign until you ve finished the document(s). 9. Click Finish when complete Note: If you refresh your browser when done, the status will reflect esign in green as having completing your task. Additionally the MLO will be notified via email
WebMax Navigation Borrowers Account Creation: Your borrower will receive an email. Upon opening their email, you may instruct he/she as follows; 1. Click on the link or the esigndocumentsnow! button
WebMax Navigation Borrowers Work Flow: Your borrower will be asked to Create New Account 2. Input the Subject Property Street Number. 3. Input their Name and create a Password. 4. Click on Create New Account button. Note: A pop-up will appear to let the borrower know to expect another email
WebMax Navigation Borrowers Work Flow: 5. Upon opening the email the borrower will Click on the link to Activate this Account 6. Input the Password created 7. Click Activate New Account Your borrower s account has now been created. Your borrower from this point on will be directed to login from the MLO personal webpage.
WebMax Navigation Borrowers Signing Process: 1. Click on the link or the esigndocuments Now! Button 2. Input the Email and Password 3. Click Login
WebMax Navigation Borrowers Signing Process: 4. Click anywhere on their loan information that s in bold. 5. Click on esign button
WebMax Navigation Borrowers Signing Process: 6. Type in the four (4) digit Authorization Code 7. Click on Next to move forward
WebMax Navigation Borrowers Signing Process: 8. DocuSign window will appear. Click Next to move forward 9. Click Start to take you to your signature line
WebMax Navigation Borrower Signing Process: 10. Click to esign where indicated 11. The first time the Borrower is required to create a digital signature to Adopt and Sign
WebMax Navigation Borrower Signing Process: Note: Upon esigning; notice the digital signature as been reflected with date and time stamped 12. Click Finish when complete Upon completion you will be returned to the MLO webpage and the esign will reflect as green for task completed
WebMax Navigation Borrower Wet Signing Process: 1. If the Borrower is required to Wet Sign certain documents he/she will have a Print button instead of an esign button. Click on Print 2. Click on the Printer icon to print the documents to your local printer. Note: A Fax Cover Page is also provided with Fax # and Bar Code. The Borrower must provide the Fax Cover Page as the first document to fax in if faxing versus uploading.
WebMax Navigation Borrower Wet Signing Process: 3. Click OK to print to local printer 4. Click Back to Loan Detail to return back to tasks Note: After the Borrower wet signs the borrower can either Fax in or Upload the documents
WebMax Navigation Borrower Wet Signing Upload Process: 5. Click Upload button 6. Click Browse button a. Locate the PDF document to be uploaded from your desktop that matches the description. 7. Click Upload button
WebMax Navigation edisclosures esigned Alert & Messages: Note: FT360 Alerts & Messages will reflect Green signifying that the Borrower has completed signing of the edisclosures
Intent to Proceed Retail Business Channel
WebMax Navigation Intent to Proceed: 1. Click Intent to Proceed Instructions 2. A pop up will appear. Click on the magnifying glass icon. 3. Review the Disclosed LE information 4. Click OK to save and return
WebMax Navigation Intent to Proceed: 5. Input your Comments 6. Click Exit to save and return
Questions? Questions? PRMGUniversity@prmg.net