Correspondent Lending Client Job Aid

Correspondent Lending Client Job Aid

2 Table of Contents Purpose... 3 Procedures... 3 1. Login... 3 2. Automated Importing of Loan Data... 4 3. Manually Input Loan... 6 4. Product Selection, Submitting and Locking... 14 5. Searching and Tracking Loan Status... 20 6. Review/Submit Conditions... 23 7. Submitting to Underwriting... 26 8. Loan Pipeline... 27 9. LP Loan Assignment... 27 10. Closing Process... 30 11. Reports... 32 Appendix A... 36 2 P a g e

3 Purpose The purpose of this client job aid is to give LenderLive Network s correspondent customers a reference on how to use the EOriginator system to complete submission/locking/submitting conditions and general usage of the system for non-delegated and delegated correspondent clients. Procedures 1. Login 1.1 Go to https://eoriginator.lenderlive.com 1.2 Input your Client ID (This information was e-mailed to you or your main company contact. If you cannot locate this information please call 1-877-616-8185 for assistance with this and any other login questions) 1.3 Enter your Username usually your email 1.4 Enter your password 3 P a g e

4 1.4.1 If you have forgotten your password click Forgot Password this will send an email to set up a new password and will reset your current password. 1.4.2 Click Login 2. Automated Importing of Loan Data 2.1 Select the Create New Loan Link from the left navigation area. 2.2 Select the Import Loan File link. 4 P a g e

5 2.3 Identify the contact person for the loan by either: 1. selecting the I am the Contact Person check box or, 2. inputting all required fields manually. Note all fields in the system in red are required. 2.4 Click the Browse button to attach a FNMA 3.2 file from any other originations systems. Note the system will only accept a FNMA 3.2. A Mismo XML files will not import. 5 P a g e

6 2.5 Go to the folder where the file is stored. Select the file for upload and click Open. 2.6 Select Validate File. A congratulation message will appear if there are no import issues. If you have errors and cannot resolve them please call the Technical Support team at 1-877- 616-8185. 2.7 Next, review loan screens under section 3 to ensure all required fields are input in to the system. 3. Manually Input Loan 3.1 Select Create New Loan under the left navigation area 6 P a g e

7 3.2 Select Manual Entry 3.3 Identify the contact person for the loan by either: 3. selecting the I am the Contact Person check box or, 4. inputting all required fields manually. Note all fields in the system in red are required.. 3.4 Input Interviewer Information. Any information the system knows about the contact person will be populated in the appropriate fields. For example, the Company will be the company the person is assigned to in the system if the Check box was used in Step 3.3. 7 P a g e

8 3.5 Under the seller section you can add the seller of the property by selecting the Add Seller button. 3.6 Add Subject Property Information. All fields in red are required. For a purchase the Purchase Price field is used in the LTV/CLTV if it is a refinance the system will use the Appraisal Value. 8 P a g e

9 3.7 Add the applicant information for each borrower. Co-Applicant fields will be red as a required field even when there is not a Co-Applicant. If there is no Co-Applicant they are not required. (THIS IS CONFUSING. IF THE FIELDS ARE RED AND THERE IS NO COBORROWER WILL THE SYSTEM ALLOW YOU TO ADVANCE? 9 P a g e

10 3.7.1 Additional borrowers can be added by clicking the Add Borrower Pair button. This will provide another location for up to two more borrowers. 3.8 Click the Save and Continue 3.9 Add the employment information next 10 P a g e

11 3.10 Click the Add Income button to add the borrowers income. Clicking the Add income button will add a section for income. You can add as many income types as needed on the loan. 3.11 Select the type of income from the drop down to be used on the loan and then add the amount. 3.12 Click Save and Continue 3.13 Click the Add Asset button 11 P a g e

12 3.14 Add the asset info and select the appropriate drop downs. Continue to add as many assets as needed on the loan by clicking the Add Asset button for each additional asset. 3.15 Click Save and Continue 3.16 Add the credit score based on the LenderLive underwriting guidelines (See Correspondent Lending Manual). The Risk Base Pricing section will be left blank. 3.17 Click Save and Add New Liability. Add all liabilities as show on the credit report by clicking Save and Add New Liability for each item. 3.18 Click Save and Continue 12 P a g e

13 3.19 Verify the property address and add additional properties by selecting the Add Property button. 3.20 Click Save and Continue 3.21 In the declarations section, answer all borrower questions appropriately. 13 P a g e

14 3.22 Add all the HMDA related fields in the Info for Government Monitoring section. 3.23 Click the Save and Continue 4. Product Selection, Submitting and Locking 4.1 Select the Select Product & Rate from the left navigation 4.2 Review the sections and update any information as needed. 14 P a g e

15 4.2.1 Radio buttons for all sections will default to no. Please review them and correctly answer the items as needed. 4.2.2 Under the Property Address select the county as it will not come in from the import of the FNMA 3.2 file. 4.2.3 Put in Credit Related info under the Credit History section. The credit score will need to be manually put in the box. 4.3 Select up to three of the available products under Product Types to Check by checking the box in front of the product. The products selected will be checked for eligibility. 4.4 Select the Select the Product Types and Continue button. 15 P a g e

16 4.5 The system will list the products selected in section 4.3 as either Eligible Programs or Ineligible Programs. 4.5.1 If the loan is listed as ineligible click View Reason(s) to see why the loan is not eligible. If there are corrections to be made go back to Edit Loan Information and correct any item(s). See section 3 for more information on manually entering loan data. 4.5.2 If the loan is listed as Eligible then click the product for submission. 4.6 Select the desired rate and lock period. The pricing displayed includes all loan level pricing adjustments. Note the screen will highlight the closest rate to par. 16 P a g e

17 4.7 To save the product at the rate and price selected click Save and Continue. 4.7.1 At any time after the product is selected the loan can be submitted to underwriting and or locked by going to the Edit Loan Information and then Loan Summary page. 4.8 To submit, select the Loan submission type of Submit for Lock or Float at the bottom of the screen and click Submit Loan. 4.9 To submit and request a lock request at the same time, select the Request Lock Prior to Loan Submit. To submit as and float, click Submit to Fulfillment Center and 17 P a g e

18 FLOAT rate. 4.10 The system will display a Thank You screen. From this screen select the Submit Loan option under Services. 4.11 Next, from the drop down options for Loan Submission Comments, select Preclose Review to submit to underwriting for non-delegated reviews. 4.12 Add any additional comments and then select Continue. 18 P a g e

19 4.13 To lock a loan submitted as a float above select the Request Lock under the Services left navigation menu. 4.14 Check the price and then select Save and Submit Lock Request. 19 P a g e

20 4.15 At that point you will receive the lock message. Click OK and you are completed with submitting for a lock. 5. Searching and Tracking Loan Status 5.1 Quick Search 5.1.1 To do a quick search on one loan number or one borrower, from the drop down options for Quick Search By select the appropriate search criteria, input the value for the search criteria and then click Locate. 5.1.2 If the loan is not found please reevaluate the search criteria and try again. 20 P a g e

21 5.1.3 If the loan is found the system will bring you to the General Information Screen, or if there are multiple loans meeting the search criteria the system will display the search screen as shown in section 5.4. 5.2 Loan Search 5.2.1 Loans input into the system can be found by selecting Existing Loans under the Choose A Loan left navigation. 5.2.2 Next select the Search Loans 5.2.3 In the search area loans can be pulled up by status, Name, Social Security Number, Email, Mailing Address, Subject Property Address, Loan Type, and Agency Case #. Select the appropriate search and click Search. Example: below is a search on loans for Last Name Customer. The search results will be displayed at the bottom of the 21 P a g e

22 screen. 5.3 Tracking Loan Status 5.3.1 To find the status on any given loan click on the Borrower name in the search to bring up the loan. 5.3.2 Go to the Services section under the Loan Menu and then select Track Loan Status. 22 P a g e

23 5.3.3 In the status history screen the chronological flow of statuses and notes can be viewed. 6. Review/Submit Conditions 6.1 Find loans using the search criteria (explained above). 6.1.1 Under Choose A Loan and Services select the View Loan Conditions. 6.1.2 From the View Conditions page, all conditions assigned to the loan will show up and display the status of the loan. 23 P a g e

24 6.1.3 To upload a document to satisfy a condition select the condition to be satisfied. Please note multiple conditions can be satisfied with one document upload. Statuses listed below are the status a condition could be in and their definitions. Status Type New Added Waived Accepted Description A condition without any review or without any documentation uploaded by the client. A condition where a correspondent uploaded a document to satisfy a condition and Lenderlive has verified a document exists. A condition where an underwriter has determined a condition is not needed based on their review. A condition an underwriter reviewed and accepted the documentation. 6.1.4 Browse to the location of the document to satisfy the condition. 24 P a g e

25 6.1.5 Select the document and click Open 6.1.6 Add a description and then click the Upload button. The system will only accept PDF s and Tiff s for upload. 6.1.7 The system will put a date/time stamp on all selected conditions from step 6.1.4. These documents will then show up in the Document Management under View 25 P a g e

26 Documents. 7. Submitting to Underwriting 7.1 The initial submission will start the underwriting process and the loan should only be submitted when all conditions from AUS findings are gathered and there is an Accept finding on the AUS decision. When there are loan changes after the submission go to the Submit Loan under Loan Menu/Services and select the Pre-Close Review. This will notify an underwriter of additional work to be completed. 7.2 Ensure there are detailed comments on the change. 7.3 Before submitting ensure you have attached the documentation under the Document Management and Upload Documents to the appropriate type. 26 P a g e

27 8. Loan Pipeline 8.1 Under the Choose A Loan and Existing Loan a selection for the My Pipeline can be used to see all loans submitted and not funded with basic loan information. From this pipeline you can select the Borrower Name to pull up any loan for additional review. 9. LP Loan Assignment 9.1 For Loan Prospector loans which have been run through LP with an Accept finding will need to be transferred to Lenderlive Underwriting using the assign loan feature with Loan Prospector. This section explains how to transfer the finding to LenderLive Network Inc. 9.1.1 In the Loan Prospector system select Assign Loan from the left navigation bar. The Assign Loan page displays with the following sections Initial Assignment, Final 27 P a g e

28 Assignment, or MSP Assignment. 9.1.2 The Initial Assignment should be used when an underwriter is requesting to see the findings in LP. The Initial Assignment gives an underwriter the ability to get an early look at the loan for answering questions the correspondent may have around the findings. 9.1.3 The Final Assignment is used when the correspondent submits the loan to LenderLive Network Inc. to complete underwriting. The Final Assignment should not be made until the processing is complete and the loan application is ready for final underwriting. 9.1.4 Once the loan is assigned to LenderLive the underwriter will resubmit to view full feedback certificate and credit files. LP will pull new credit if one of the following is true. 9.1.4.1 A Borrower was added 9.1.4.2 A new CRC is selected 28 P a g e

29 9.1.4.3 Single or joint merged indicator changes 9.1.4.4 Date of credit report exceeds 120 days on conventional loans or 180 days on FHA/VA new construction loans. 9.1.4.5 A change in the primary borrower on the joint merged credit request. 9.1.4.6 The MSP Assignment selection can be used to allow the correspondent and LenderLive to modify the data and resubmit. The MSP Assignment should only be used as directed by LenderLive s underwriting department. 9.2 After Selecting LenderLive and the appropriate assignment click Confirm. Note the wholesaler pick list will not appear until either the Initial Assignment or Final Assignment is selected. 9.3 The Loan Prospector system will display *******Your assignment is complete****** 29 P a g e

30 10. Closing Process 10.1 Once the loan has closed there are several steps needing completed before submitting the loan for purchase by LenderLive. 10.1.1 Under the Loan Menu then Edit Loan Information there is a section called Additional Information. 10.1.1.1 Add the funds disbursement date 10.1.1.2 Click the Save and Continue 10.1.1.3 When the documents are mailed to LenderLive input the Date Collateral docs shipped to LenderLive. 30 P a g e

31 10.1.1.4 Click Save and Continue 10.1.2 Uploading documents 10.1.2.1 Under the Document Management section of click on the Large File Upload. Please ensure all documents are stacked according to appendix A. Document stacking order for conventional documents. 10.1.2.2 Upload the Credit and Collateral package using the Browse button to find the file location of the correct documents used on the loan. 10.1.2.3 After the file is opened click Upload File. 10.2 Updating the loan status in Eoriginator for Pre-purchase review. 31 P a g e

32 10.2.1 Under the Loan Menu/ Services select Submit Loan 10.2.2 In the Loan Submission Drop down select Pre Purchase Review and add comments as needed. 10.2.3 Then click Continue. At this point the loan will fall into LenderLives Purchase Review process. Correspondents will need to complete this step after the loan package is scanned into the system. 11. Reports LenderLive provides standardized reports to clients providing updates on the status of loans in their pipeline, capacity and certain turn times. Custom reports can be created and/or modified to fit the client s needs for a nominal fee. A detail list of the standardize reports are listed below: Report Name Updated Hourly Weekly Activity Report Description of Report Weekly Results New Applications by day, FICO Distribution, Approvals and Funds Disbursed by Day (Count and $ Dollar.) 32 P a g e

33 Updated Nightly Daily Lock Report Dashboard Report Correspondent Lending Score Card Estimated Closing Report Monthly Activity Monthly Progress MTD-Declined Loans MTD-Disbursed Loans 33 P a g e Report shows all active locks on one tab then all daily new locks, re-locks and cancellations on a second tab Key Report of clients Data Daily Application Volume, Pipeline Data, Product Distribution, Outstanding Work Queue Task, Completed Tasks and Turn Time, Turn Time on Closed Loans Provides overall performance and loan production of loans produced through the Correspondent lending channel. List of all active files grouped by Estimated Closing dates with basic loan information Running Total of Applications Received To Date, Funded, Referred, Declined, Withdrawn and Invalid loans. Grouped by month/year Monthly totals based on App In date showing conversion percentages Detailed report of Declined loans. Three versions are posted. Month to Date updated nightly, Previous Month and Year to Date updated monthly. Annual historical reports are also available Detailed report of Disbursed loans. Three versions are posted. Month to Date updated nightly, Previous Month and Year to Date updated monthly. Annual historical reports are also available

34 MTD-New Applications MTD-Withdrawn Loans Scheduled Closing Report YTD-Complete Database YTD-Reasons for Decline YTD-Reasons for Withdraw Detailed report of new applications received month to date Detailed report of Withdrawn loans. Three versions are posted. Month to Date updated nightly, Previous Month and Year to Date updated monthly. Annual historical reports are also available Report includes all active files and disbursed loans with scheduled closing dates in the current month and the next month. Excel Spreadsheet of over 60 Key Data Elements client can use to create in-house reports. Data set is active files and year to date completed. Annual historical reports are also available Year to date and monthly breakdown of decline reasons Year to date and monthly breakdown of withdrawn reasons Optional Reports HMDA Reporting Active Database Active Database-Registered Leads HMDA reporting can be provided at various levels of detail Excel Spreadsheet of active files only with over 100 Key Data Elements client can use to create in-house reports and track file progress. Excel Spreadsheet of registered leads only with over 50 Key Data Elements client can use to create in-house reports 34 P a g e

35 YTD-Post Closing Tracking List of Funded loans year to day showing postclosing activities 35 P a g e

36 Appendix A Conventional Stacking Order Date: Loan Type: Purchase Borrower: Limited Cash Out Cash Out LLN loan number: Documents to be fastened in a manila folder in the following order Left Side CLOSING Stacking Order Right Side CREDIT Stacking Order Escrow breakdown Loan approval/cover letter Pay history (if applicable) MI Certificate Note with Allonge 1008 Mortgage/Deed of Trust 1003 Application Assignment LP finding MERS print out Credit report HUD-1 Settlement Statement Inquiry Letter Pay off statement Any credit-related Final typed application (1003) documents and letters Hazard insurance policy Divorce Decree Mortgagee change letter VOM/VOR Flood cert Verification of Employment Flood insurance 30 days consecutive pay stubs Mortgagee change letter dated within 30 days of application MI certificate reflecting YTD income for 30 days MI disclosure Verbal VOE Closing protection letter 2 years Tax Transcripts Preliminary title commitment 2 yrs. W2's, 1099, K1's Survey (if applicable) YTD Profit and Loss Statement Final TIL Income analysis form Right to Cancel 2 yrs. 1040's 36 P a g e

37 First payment letter 2 yrs. Business returns Transfer letter VOD/monthly statements Borrower ID Gift letter Notary cert Copy of gift check and deposit slip Completed SSA form Source of gift funds Validation of qualified parties HUD 1 for sale of previous property 4506 signed at closing Purchase agreement/cancelled EM check Closing instructions Freddie/FNMA SSR Remaining closing documents Appraisal report All "at closing" conditions MC 1004 Operating income statement 216 Comparable rent schedule 1007 Initial 1003 Application Signature authorization GFE TIL Misc. disclosures Please send closed loans for purchase to: Lenderlive Correspondent Department Attn: Acquisitions 700 South Ash Street, #200 Denver, CO 80246 37 P a g e