TRID - WORKFLOW LOAN ORIGINATORS

Transcription

1 TRID - WORKFLOW 1. Prospects: All loans must be started in the Prospects folder using a loan template (to ensure fees and other pertinent information is populated). a. Click the [Add] button ( ). b. Select the desired loan program from the list of Loan Template Sets that appear. c. Click the [Select Template] button. 2. Assigning LO and Loan #: To assign the LO, click the Log tab and then click the File Started milestone; click the spyglass next to the Loan Officer field that appears on the right, select the LO and then save the file. A loan number is assigned with your first save. To save click on the blue floppy disk that appears on the top right hand corner of the screen. The first 4 digits of the loan number are your branch code. The last five digits of the loan number are unique to your loan. 3. Tasks/Required Fields If there are Tasks or Required Fields listed on the Send to Processing Worksheet (the screen that appears when you click the Send to Processing milestone), use them as a guide (in addition to this workflow document) for completing the milestone. 4. AFN - Borrower Summary Origination a. All blue shaded fields (at a minimum) are required. b. Check the appropriate box(es) under California Domestic Partnership if the subject property is in the state of California. (Continued) AFN-F-Orig_TRIDWorkflow-LO Rev. 06/30/2015 Page 1 of 6

2 c. Ensure the Loan Program is selected. TRID - WORKFLOW 1) The Closing Cost Scenario will change according to the Loan Program selected; if you change your Loan Program be sure to look at loan fees to ensure they are correct. 2) Transaction Details, such as loan type, loan term, and amortization type change according to the Loan Program selected; in order to change these fields, you must change the Loan Program. d. For FHA and VA loans: Get MI: An alert will pop up advising you to Get MI when a value is entered or changed in the following fields: Subject Property Appraised Value Subject Property Estimated Value Transaction Details Agency Case Number Transaction Details Interest Rate Transaction Details Lien Position Transaction Details Loan Amount Transaction Details Loan Type Transaction Details LTV Transaction Details Purchase Price Transaction Details Purpose of Loan Transaction Details Term Go to the Total Monthly Payment field and select/edit Mtg Ins then click the [Get MI] button (Pages 1 4) When completing the 1003, be sure to enter the following fields: Pg 1, Section III. address(es) Borrower complete name(s), phone number(s) and Page 3, Section X. Information for Government Monitoring, including the Loan Originator Information section Information Provided By dropdown (Face to Face, Internet, Mail or Telephone) Itemization a. Ensure all fees are entered and correct. 1) To disclose a Credit or Charge for the Rate, go to section ) Edit the fields in this window according to your loan specifics, taking careful note of the following: Line a only applies to Brokered Out and Wholesale loans. Line b only applies to credits for rate. Line e only applies to charges for rate; be sure to check both the [ ] Bona Fide and [ ] APR checkboxes on this entry (APR checkbox is located next to the Paid to column beneath the A ) *** Remember, this section is only used to disclose credits or charges associated with the rate selected. This is not where lender credits are, for any reason, disclosed. Also note, credits/charges disclosed in this section are not expressed in dollar amounts. AFN-F-Orig_TRIDWorkflow-LO Rev. 06/30/2015 Page 2 of 6

3 TRID - WORKFLOW Credits/charges are expressed in percentages to ensure the amounts credited/charged will scale with the loan amounts. b. Be aware that if you disclose a lender credit, you and your branch are bound to it. At AFN, we only give specific lender credits, meaning we indicate which fees we will pay for. See below how to mark a fee as lender paid, and effectively give a lender credit: You can indicate that a fee is complete lender paid by marking a fee as paid by L in the Paid By column next to the fee. You can also indicate a fee is partially paid by lender by clicking the fee details button ( ) to the left of the desired fee to see a Fee Details popup window. To Complete the Fee Details fields, indicate how much of the fee the lender will pay and click the [Close] button. c. Calculate Impounds (section Reserves Deposited with Lender) 1) Five pieces of information are required to complete this task: (Continued) AFN-F-Orig_TRIDWorkflow-LO Rev. 06/30/2015 Page 3 of 6

4 Property tax premium * Property tax due dates Hazard insurance premium * Hazard insurance due date Estimated closing date * Will carry over from the 1003 if previously entered. TRID - WORKFLOW 2) To have Encompass automatically calculate estimated impound requirements: Click the [Aggregate Setup] button that appears next to field 1011; the Initial Escrow Account Setup window will appear. Enter a 2 in the Cushion field in the Tax and Haz Ins columns (unless the subject property state prohibits it). Enter due dates for Tax and Haz Ins. Click the [OK] button. Estimated impound requirements will calculate based on this data entry Loan Estimate Loan Details: LE Date Issued enter today s date (this is the date that is used as the preparation date of all disclosures in the initial disclosure package). 8. Request for Transcript of Tax a. Click the [Add] button on the form s toolbar. b. Complete the Tax Form is for dropdown (Borrower, Co-borrower, Both, Other). c. Click the [Copy from Borrower Summary] button. d. Scroll down to item 5 and enter AFN s address. e. Go to item 6 and enter the applicable tax form number (typically 1040) and check the checkbox next to a. Return Transcript f. Go to item 9 and enter the last two years in the first two date boxes (i.e., if you want 2014 and 2013, enter 12/31/2014 and 12/31/2013). 9. FHA and VA: HUD 1003 Addendum HUD 1003 Addendum Screen required fields: First-Time Homebuyer? Section 18 (field ID 934) Purpose of Loan Section 20 (field ID 28) I, the Undersigned Borrower(s) Certify that: (Occupancy) Section 25 (field ID 1065) VA Only: Title will be Vested in Section 19 (field ID 1497) AFN-F-Orig_TRIDWorkflow-LO Rev. 06/30/2015 Page 4 of 6

5 10. VA Only: VA Nearest Living Relative/Childcare Statement This form must be completed before initial disclosures can be sent. 11. efolder (for Disclosures) a. Click [efolder] then click [edisclosures]; a dialog box will open. b. Select a Plan Code then click [Order edisclosures]. c. The [Disclosure Audit] dialog box will appear. TRID - WORKFLOW Items that require an edit before proceeding will appear in red and must be corrected. Items that are recommended for edit will appear with an option to Go To Field and edit. TIP: Click the [ ] Always show this window on top checkbox to keep the Disclosures Audit window open while correcting the fields. d. To generate disclosures, click [Order edisclosures]; after generation is complete, the Select Documents dialog box will appear. The documents listed should be all that are required for your loan. e. Click [Print ] if you will hand-deliver or mail the forms. f. Click [Send] if you will a secure link for the Borrower to esign. The Send edisclosures dialog box appears. Ensure Borrower address is correct. Click the Notify Me checkboxes so you can be notified for follow-up. Borrower Authentication Method: If you select Authorization Code, you may select an authorization code that the borrower will need to input before accessing their edisclosures. Suggestion: use the borrower s last four digits of their Social Security Number. This is the preferred method as it helps limit the margin of error when the borrower tries to verify their identity. If you select the Answer security questions option, borrowers will be prompted for a security question when accessing their edisclosures. Click [Send]; a message will appear indicating you need to esign the 1003 (and possibly other documents). Click [OK]; the documents will compile and your borrower will receive an message with instructions for esigning. If the person sending disclosures is not the Loan Officer a link will be sent to the LO asking them to sign the Click the link for e-signing the 1003 on the you receive. Use Client ID and your Encompass login credentials to access esigning. After receiving notification that Borrowers have esigned disclosures, access the file efolder and click the [Retrieve] button; a dialog box will open with a list of documents ready to retrieve. Click the [Download] button. efolder. Borrower s e-signed disclosures will be filed in the AFN-F-Orig_TRIDWorkflow-LO Rev. 06/30/2015 Page 5 of 6

6 TRID - WORKFLOW 12. efolder (for Uploading Miscellaneous Documents)Outlook:\\Personal Folders a. You can upload any miscellaneous documentation you have received from the borrower and saved to your computer (i.e. copy of Driver s License, Bank Statements, etc.) by entering the efolder, clicking the [Add] button and then using the Browse and Attach feature. Be sure to name the document in the upper left corner of the Document Details screen, otherwise it will come in as Untitled. OR b. You can upload miscellaneous documentation by opening a PDF you have received, clicking Print and selecting Encompass efolder as your printer. IMPORTANT NOTE: It is against company policy to keep borrower information on your computer desktop or your computer s local (C:) drive. After documentation has been uploaded to the efolder you must remove it from your computer. c. See the Encompass efolder Quick Reference Guide for more information. 13. Milestone Completion (App Received) Click the Log tab and select the App Received milestone. Ensure the correct name is in the Loan Officer field. Click the spyglass next to Loan Processor and select the Processor. Click the [ ] Finish checkbox. 14. File Access Encompass360 Banker is a start-to-finish system and only allows one user to edit a file at a time. You must exit the file so the Processor can access it and begin processing. AFN-F-Orig_TRIDWorkflow-LO Rev. 06/30/2015 Page 6 of 6