Submitting a loan to Freedom Mortgage through our Banking channel

Transcription

1 Submitting a loan to Freedom Mortgage through our Banking channel Account Executive: Zaida Dykes at Freedom Mortgage (760) cell (866) office FHA ID VA ID Submit loans by to phoenix.subs@freedommortgage.com or by fax (866) Submit conditions by to jennifer.oleson@freedommortgage.com or by fax (602) She can be reached at (866) ext Pricing your loan 2. Preparing your Initial Disclosures and Good Faith Estimate 3. Our Fees 4. Ordering Appraisals 5. Submitting a loan to Freedom Mortgage a. Exporting loan to a FNMA 3.2 format b. Uploading loan onto Freedom s website c. Run DU or LP d. Prepare complete loan file in the correct stacking order e. Fax or complete loan file 6. Confirm pricing and locking loan 7. Submitting Conditions 8. Checking Loan Status 1. Pricing your loan Rates can be obtained at Guest login of pacific and password pacific will get you accurate rates. For pricing a loan already submitted in to underwriting, please see section below regarding, Confirming Pricing and Locking. 2. Preparing your Good Faith Estimate: See Memo regarding step-by-step directions on how to prepare a GFE. When you are preparing a GFE for Bank loans Rebate is not disclosed in Block 1 or Block 2 line items. Freedom / lender discount is entered in Line 3 of Block 2. If not charge, mark Line 1 or 3 and enter "0". See your Calyx Point print list of which disclosure are required.

2 Please have all disclosure reviewed and approved prior to having them signed by borrowers. Please send borrower last name, first name, or actual disclosures to for review. 3. Our Fees: Our Fees on all Bank loans are as follows and must be consistent on all loans. o $740 Lender Fee for Conventional and VA loans o $695 Admin Fee must be charged on all loans. This fee is paid to the loan officer. o $595 Processing Fee can not change. Loan officers can reduce their Admin fee and increase the Processing fee if an increased processing fee is agreed upon between the Loan Officer and the Processor. 4. Ordering Appraisals: Can be ordered through Streetlink. Your processor will have a login for that. You can obtain your own login by sending your request to admin@nanwm.com Fee for a standard California appraisals is $385.

3 5a. Submitting a loan to Freedom: Exporting File to FNMA 3.2 When you are in Calyx Point go to: File / Export to / Fannie Mae 3.2 DO/DU (Local)

4 A window will pop up called, Export 1003 data to Fannie Mae DO/DU Remember the file name that popped up in the File name: box and click Save or you can change the name if you want. Make sure you note where you saved the file. Many people choose to save it to their desktop.

5 5.b. Submitting a loan to Freedom: Uploading loan in to Freedom s website Go to For Technical Assistance Call Be sure to use logins specifically for the Banking channel. Do not use the Broker logins. You will not be able to transfer your file over if you do.

6 Click on the green Loan Center tab on the top left. At the top of the screen, Click file upload.

7 Select Other from the drop-down menu of POS systems (do NOT choose Calyx Point.) Select the, File Location button, NOT the Case number button. Click on the grey browse button to locate, select, and save your exported FNMA file. You should get a message that says, Exported to Fannie Mae Select the loan type as Conventional or VA. (We can not do FHA in the Banking channel at this time) Select the Rate type as Fixed, Arm or All rates. Select the amortization period. Then click the green Generate List button.

8 Make a selection from the, Product Description section and then select the green Submit button at the bottom. Contact your Account Executive for questions regarding products. Do not click the Register this loan button, or enter in data in to the fields that open after Register this loan is selected. 5.c. Submitting a loan to Freedom: Run DU or LP: Always do this step even if you think it may be a manual underwrite. DO NOT RUN DU OR LP ON A STREAMLINE Go back to pipeline and view your loan. Click on actions drop down box and choose: Run DU or Run LP (if your not sure which one to choose call your Account Executive because you may not switch back and forth.)

9 Choose Re-issue credit and input credit agency user name and FNMA password along with credit reference number. Follow the prompts from there until it states your file has been successfully submitted to DU/LP and shows as loan created with a loan number, and approve/eligible findings in the pipeline view. 5.d. Submitting a loan to Freedom: Prepare COMPLETE loan file in the stacking order of the checklist attached. Your loan will be held up or rejected if any of the Starred items not completed or included from the Checklist. Always include in the subject line if ing or on your fax cover sheet if faxing: 1. Loan number 2. Borrower s name 5.d. Submitting a loan to Freedom: Fax or Complete loan file phoenix.subs@freedommortgage.com or Fax: (866)

10 5. e. Submitting a loan to Freedom: Confirm Pricing and Locking loan Go to Be sure to use logins specifically for the Banking channel. Click on the Loan Center tab on the top left of the screen. Click on Floating Loans. When your loan appears, select the drop down arrow to the right of the word, Actions It will give you the option to select Lock Policy. That will bring you to a screen that will provide your pricing as it pertains to your loan.

11 If your Loan Information does not appear accurate your loan you can click Edit. If you want to change the interest rate or lock period to see how it changes your pricing you can select the drop down beside the Lock Policy button. Otherwise click Next to proceed to the locking screen. 6. Submitting Conditions: Please wait to send conditions until you have ALL OF THE CONDITIONS needed. Always include borrowers name and loan number Send Conditions: by to or fax to: (602) Jennifer s phone number: (866) x Checking Loan Status:

12 Please check the website first for status. It is real-time status under loan center in your pipeline. Your loan decision will be faxed to you but you can also view it in the pipeline if you click on the Real Time System Docs link in the bottom right page. There you can view your decision under UW Terms and Conditions If you cannot get your question answered call or Jennifer. or (866) x165