Point Folder Definitions

Transcription

1 CALYX TRAINING 1

2 Point Folder Definitions All definitions below will assure compliance is met and reporting for MLOs, Managers and Operations is accurate. This will support more accurate production projections and operations work load monitoring. TBD/Prospect- Non Active AMP ed Folder Content-Loans located in this folder are designated as borrowers without properties or refinance shoppers. Functionality- Able to run credit in this folder and import the liabilities. Able to generate a Fee Worksheet from this folder to provide to potential client for fee comparison. TBD/Borrower- Active AMP ed Folder Content-Loans located in this folder are designated as borrowers that have been pre-qualified by you and a pre-approval letter has been issued. Letter is located on FastTrac /Resource Center/ Compliant Pre-Approval Letter The loan should have been renamed to match the FastTrac loan number issued after you have run DU If any of the AMP ed status triggers located in the Track/ Status are clicked then AMP ed will deliver messages to the addresses inputted into Point. Active /Prospect- Active AMP ed Folder MLOs should be Printing Disclosures from this folder Loans located in this folder are borrowers that have accepted purchase contacts and or have made a commitment to enter into a refinance. CONV/FHA/VA loan program templates in this folder have been adjusted to meet compliance. Print Groups in this folder have been optimized to meet disclosure compliance standards and investor standards. Active/ Borrower AMP ed Folder This will be the hand off from a MLO to Setup/Processing. Loans will be moved into this folder by Setup to Processing. MLOs are not to modify a loan once it has reached this folder without consent from the processor. 2

3 Loan Creation/Templates All Loans with or without addresses must be created in TBD/ Borrower Master templates are defaulted in the system to assist you during the input process The Master templates must be used to assure accuracy and compliance. 3

4 Closing Cost Scenarios (CC Scenario) Closing Cost Scenarios have been programmed as they relate to Branch and Loan Type. Use the Series that your branch is associated with. (Example Branch 204 would be the 200 Series) The fees will populate the Initial Fee Worksheet. 4

5 Loan Input/ Auto Save Feature Always use the Auto File Naming feature. Be sure you are connected to the internet/server when saving your files, so your processor with be able to support your file in the future. 5

6 Moving a Loan Always chose MOVE versus COPY. Click on the drop down to chose the folder (TBD or Active) and then the sub folder Prospect or Borrower). See Point Folder Definitions. 6

7 Manual Naming a Loan This feature is used when you have imported a loan into FastTrac and now have a Loan number. Always choose MOVE versus COPY. Click on the Manual Naming and follow the 5 steps illustrated. 7

8 Prospect Information Page Complete all the Borrower/ Co Borrower Fields. Make sure all borrower information matches exact for spelling, including or excluding middle initial. Include clients address /cell phone number if available. Verify that the Originator field name matches your NMLS license exactly. No nicknames Validate the processor s name appears in the Processor field and is spelled correctly Correct Spelling or Loan will not be visible to processor 8

9 Initial Fee Worksheet (Box1) The Master Template will populate some of the fields, but you are ultimately responsible to audit all fields. Suggestion While you are getting acclimated to PRMG, have your BM or processor review this document. Make sure all dates are correct in all fields Dates are not auto populated. Example to the left applies to Corp. Retail Used the Closing Cost Scenario -CC Scenario to determine proper fees. Docs/ DU are set Fees 9

10 Initial Fee Worksheet (Box2) All loans originated after April 6 th 2011 will require Box 2 to be populated on the Fee Worksheet, unless the rate is priced at Par. It is imperative to populate this section when a credit or discount is given or charged based off market the day that the loan was disclosed. 10

11 Initial Fee Worksheet (Box2) When you are providing the initial disclosure on the file, refer to FastTrac for Discount or Credit to be used in Box#2 of the Fee Worksheet. Don t guess at the number. Price out the loan based off 40 day pricing and put a copy in the file. A Float/ Lock Disclosure has been provided in the Early Disclosure package to assist you. 11

12 Initial Fee Worksheet Box ¾ Check boxes to the right are set to calculate APR to meet compliance. Do not change them. Several of the Escrow and Title fees are auto populated to cover possible fees that will be included in the transaction. Title/ Escrow base fees will need to be populated either by hard entry or by using the calculation buttons. These fees can be changed if you have a fees sheet from Title /Escrow. 12

13 Initial Fee Worksheet Box 6/7/8 These sections only have 3 different fees included. Termite is defaulted, but VA is the only loan that requires it, unless the purchase contract specifies it. County Recording and Transfer Tax will be determined by individual Counties. Caution Some counties and city combinations have a substantial transfer fee. (Refer to the Transfer Tax Charts for your local area) 13

14 Initial Fee Worksheet Box These sections are defaulted to cover worst case scenario in most cases. The numbers can be changes by referring to the impound chart for taxes, insurance quote and the time of month the loan will be closing. When disclosing taxes refer to the PRMG impound chart which references first payment due. Located on Fastrac /Resource Center/ Impound Chart 14

15 Initial Fee Worksheet Summary The amount that you enter into the Seller concessions most match the fully executed contract. Make sure to check all addendums for consistent seller concessions. 15

16 Initial Fee Worksheet Print Out This form can be issued to the client for prequalification purposes. Keep in mind that all fees for third parties are estimated when providing this to clients. 16

17 GFE Lock Dates Loans that are not locked should show an interest rate available through the date of application ending at 3:00pm PST, but the fees always need to be dated for a 10 business day period after the application date. Loans that are locked will need to display the dates that coincide with the lock duration and once again the fees need to be dated for a 10 business day period after the application date. NOTE- Docs can not be issued the same day of a lock. (24 hr. waiting period) NOTE- Docs can not be issued If the APR rises by.125% or greater at time of lock. (3 day waiting period is required) Not Locked Locked 17

18 Lock Policy Loan approval with clearance of all PTD conditions is required to lock under a 15 day lock term. (Fastrac Status-READY FOR DOCS) Loans in approved status with pending PTD conditions require a 30 day or greater lock term. (Fastrac Status- Approved w/ Conditions) All Pre-locks (loans not yet submitted for underwriting) must be locked under a 40 day or greater lock term. In accordance with recent changes affecting originator compensation practices, PRMG will require each loan be locked-in and have a minimum of (7) calendar days remaining on the lock before the docs can be drawn. 18

19 Lock GFE A few steps are required once you lock the loan. Send an to your processor indicating the loan has been locked and the rate. Update the Status screen in Point. Either you or you processor must sent a LOCK GFE to the client if the rate has stayed the same or has been reduced If the rate has increased from the original disclosure, then it is required that you issue a LOCK GFE and a new TIL. 3 business days will have to pass before the client can sign loan documents. Not Locked Locked 19

20 Importing Missed Loan Templates This is a template page but you need to verify that the page has populated fully. If it has not populated then follow the slide to the right to auto populate the page. All of the fees are defaulted high enough to give you a buffer. If you are utilizing the vendor mentioned on the list then you might want to change the name of the vendor before printing out the form for signature by the client. 20

21 Service Providers List Each GFE must be accompanied by a Service Providers List. This list pre-populated when using the set templates in most cases. If the list is not available, follow the directions to the right to create providers. 21

22 TIL Dates/ Calculation You will need to click on the TIL page and complete this page before printing out your disclosure package. Be certain that you match prepare date, disclosed dates, and disclosed method to the GFE/ Make sure all date fields are complete and match the actual date of each stage. Carry the (Current) APR to Disclosed APR block. 22

23 TIL Dates/ Calculation Cont. Check the entire page for accuracy and click Calculate before printing disclosures. The templates will populate the required check boxes as long a as a template was used when creating the original loan package. 23

24 Preparing the APR to Test the HPML Due to recent HUD changes your FHA loans will require an additional test in the TIL screen to ensure that loans do not fall into the HPML criteria. To complete the HPML Test: 1. Insert the Current APR in the disclosed APR Box. 2. Click Calculate

25 Testing HPML 1. Input the Average Prime Offer Rate (APOR) Date The APOR Date is the date the loan is disclosed and or locked. 2. Input the Average Prime Offer Rate The Average Prime Offer rate is the rate that is provided by FFIEC. Click on the Blue Hyperlink to access the current rate or go to The APOR is a weekly published rate. This HPML test must be perform each time the APR is affected. This field must reflect the APOR in effect on the day the loan is locked for the final test. 3. Click Calculate A message will appear making an indication whether the loan passes HPML or not

26 Verifying the proper Mortgage Insurance Factors and Terms are used As FHA continues to update monthly and Up Front Mortgage Insurance, it is imperative that you always verify the Point System have the factors that fit your scenario. Point does not automatically update. Updates are entered into the system as the point the change is in effect. Your scenario could have a previous case# that does not make the most recent revision. Use the chart below to determine the monthly and upfront factors. 26

27 Inputting the cancellation period for Mortgage Insurance in the TIL FHA has also changed the cancellation period on all FHA loans. Point has been updated to reflect the new cancellation terms, but loans inputted previously will not have the new changes. Below are examples of the fields and the changes that need to be made. Previously Blank Previously Blank Previously 78% Previously 78% All loan terms (e.g., 15 or 30 years) with LTVs <78% up to 90% = MMI stays on the loan for 11 years All loan terms (e.g., 15 or 30 years) with LTVs over 90% = MMI for the full term of the loan 27

28 Ordering Credit Credit can be ordered easily through the Point interface with our Credit Provider ACRAnet Inc. The first time you login into the Credit Report Request Screen you will need to populate the login and password information. The system will allow you to populate liabilities into the 1003 automatically, while having the option to ignore 0 balances once the credit is pulled. 28

29 Status/Tracking/AMP Point provides fields to populate all specific dates for origination, disclosure, order/ due date/ receipt of documentation. It is important to populate these dates as you build the loan package before it goes to processing. This is also the area that the processors will update as the loan progresses. Several of these fields are trigger points for the AMP system to send out notification. It is imperative to update the fields immediately to reflect accurate AMP notifications to 3 rd parties. (See AMP Triggers) 29

30 Exporting a File When Exporting a file Best Practice is to Create a Client Folder to store the Data in. You will now be ready to Import the file into Fastrac

31 Status/Tracking /AMP Cont. The MLO will be responsible to check the denoted statues if they are applicable at the time they submit the loan into processing. Refer to the arrows. It is imperative to click the Initial Disclosures (Received) once you get them back from the client. This is a trigger for the appraisal order to be released. Secondly an can be sent to appraisals@prmg.net referencing the loan number and communicating Disclosures Received. 31

32 Printing of Disclosures Always use the templates provided to assure that you are in compliance with required disclosures. All loan types are listed, just match your loan with the list and print If you are ing the file to the client then the Best Practice, would be to save it to your computer as a PDF first. This gives you a reference to review the disclosures with the client over the phone 32

33 Custom s Custom s have been created that are installed into the print groups and also forms that can be used individually. Most Common s Doc Order Manual Lock Submission These forms will auto populate based off the information that is input into the Point File. 33

34 Required Disclosures Disclosure Caylx Name Comment Source HUD Settlement Costs Booklet PDF Document 1st lien purchases only Good Faith Estimate same all loans GFE Service Provider List (without fees) same all loans Borrower's Consent to Proceed same all loans Truth-In-Lending (2011) Pg 1/2 same all loans Itemization of Amount Financed same all loans (Florida) Lender Application Disclsoures FL Lender Disclosure all loans Retail Rate Lock/Float Disclosure same all loans Custom Loan Application- All (1003) same all loans Borrower's Consent & Authorization Borrower Signature Authorization & or Borrower's Certification & Authorization all loans Patriot Act- Information same all loans Copy of Appraisal Disclosure AIR Borrower Appraisal Disclosure (intial) or AIR Borrower Appraisal Acknowledge (closing) or Right to Receive Appraisal or Appraisal Delivery all loans Custom Appraisal Delivery Disclosure Disclosure conventional loans only Custom Privacy Disclosure with Opt-out PRMG Important Privay Choices for Consumers all loans Custom ECOA Disclosure Equal Credit Opportunity Act Disclsoure all loans RESPA Servicing Disclosure Servicing Disclosure Statement 1st liens only (purchase or refi) Affiliated Business Arrangement Disclosure Affiliated Business Arrangement Disclosure Notice all loans Custom Anti-coercion Disclosure Disclsoure Notices all loans IRS 4506T Tax Return Request- Copy of Transscripts (4506T)- Pg 1-2 all loans Consumer Credit Score Disclosure Credit Score Information Disclosure pg 1-2 all loans (if credit score available) Appraisal Credit Card Authorization Appraisal Credit Card Authorization Custom 34

35 Required Disclosures Continued Disclosure Caylx Name Comment Source Additonal Disclosures for ARMs Consumer Handbook on Adjustable Rate Mortgages Have PDF all ARMs ARM Loan Program Disclosure ARM Disclsoure Notice (Initial) 1-3 all ARMS - including FHA ARMs Additional Disclosures for FHA Loans FHA/ VA Addendum pg 1-4 all FHA loans FHA Informed Consumer Choice Disclosure Consumer Choice Disclosure Notice all FHA loans Important Notice to Homebuyer Notice to Homebuyers (HUD B) Pg 1-2 FHA purchases For Your Protection: Get a Home Inspection Home Inspection (HUD-92051) FHA purchases Lead-Based Paint Disclosure What else would this be called FHA purchases No HUD Warranty same FHA purchases FHA Identity of Interest Certification same all FHA loans FHA Amendatory Clause/ Real Estate Certification same all FHA loans FHA Social Security Number Certification same all loans SS89 Same all loans custom form 35

36 Required Disclosures Continued Disclosure Caylx Name Comment Source Additional Disclosures for VA Loans: Counseling Checklist for Military Homebuyers VA Military Counseling Checklist VA purchases standard calyx form VA Escape Clause same VA purchases standard calyx form Request for Certificate of Eligibility VA same all VA loans standard calyx form standard calyx Request for Certificate of Veteran Status VA a same all VA loans form standard calyx VA Debt Questionnaire VA same all VA loans form Federal Collection Policy Notice VA same all VA loans standard calyx form VA Relationship Letter VA Nearest Relative & Child Care all VA loans custom form Verfication of VA Benefits VA same all VA loans standard calyx form Additional Disclosures for Brokered Out Transactions Florida Mortgage Broker Fee Agreement & Disclosure FL Fees Disclosure all brokered out loans standard calyx form 36