Disclosure Process. 1 WSL:1241 Issued: 09/04/15

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1 NYCB Gemstone Closing Disclosure Process 1 WSL:1241 Issued: 09/04/15

2 Items being covered today: Closing Disclosure Overview Gemstone Process Flow Overview Walkthroughs of the new modules in Gemstone The intention of this training presentation is to cover the process flow within Gemstone. In depth guidance on specific field level l behavior in Gemstone will be provided in a reference document. PLEASE NOTE: We will use the term Loan Estimate, t and it s acronym LE, as well as the term Closing Disclosure and it s acronym CD interchangeably throughout this presentation. 2

3 Closing Disclosure Overview 3

4 Background The Dodd-Frank Wall Street t Reform Act ( Dodd-Frank ) charged the Consumer Financial Protection Bureau (CFPB) with integrating the mortgage lending rules applied under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA). The final rule finalizes the RESPA-TILA combined forms, associated rules, and requires that lenders implement these changes by October 3, The final rule applies to most closed-end consumer mortgages. It does not apply to home-equity lines of credit and reverse mortgages, mortgages secured by mobile homes, and creditors who make five or fewer mortgages a year. The primary result of the new rule is the formal establishment of new RESPA- TILA forms that must be provided to consumers at application and closing: The Loan Estimate The Closing Disclosure Effective Date: The final rule finalizes the RESPA-TILA combined forms and associated rules and requires that lenders have implemented these changes by October 3,

5 The Closing Disclosure The final rule requires the use of the Closing Disclosure which will replace the HUD-1/1A Settlement Statement and the final TIL disclosure required under RESPA and TILA. The Closing Disclosure combines the HUD-1 and the Final TIL into one disclosure. 5

6 The Closing Disclosure For loans that require a Loan Estimate and that proceed to closing, the creditor must provide a Closing Disclosure. The Closing Disclosure must be provided three business days before consummation of the loan. If the terms or costs of the transaction change prior to the consummation of the loan, an updated disclosure must be provided. 6

7 Consummation Consummation of a loan occurs when the consumer becomes contractually obligated for a loan. This will differ from state to state given that each state defines when the consumer becomes contractually obligated differently. Consummation may commonly occur at the same time as the closing or settlement, but it is a legally distinct event. NYCB s trigger for imposing the Closing Disclosure wait period is the proposed closing date. 7

8 Responsibility to Provide the Closing Disclosure The Closing Disclosure must be provided either by the creditor or the settlement agent. However, since the creditor retains ultimate responsibility and liability, NYCB Mortgage will generate and ensure that the Closing Disclosure is provided to the consumer in accordance with the rule. For purchase transactions, the settlement agent is responsible for providing the Closing Disclosure to the Seller(s). 8

9 LE Waiting Periods Before Consummation Initial Loan Estimate After the initial NYCB Loan Estimate is delivered to the consumer there will be a 7 business day waiting period before the loan can be closed (presuming you have delivered a Closing Disclosure and met all applicable wait periods). Revised Loan Estimate The loan cannot close until the fourth business day after a revised NYCB Loan Estimate is received by the consumer. 9

10 CD Waiting Periods Before Consummation Closing Disclosure The NYCB CD must be received by the consumer no later than 3 business days before consummation of the loan. Revised Closing Disclosure If one of the following occurs after delivery of the NYCB CD and before consummation, NYCB will provide a revised CD containing all changed terms and impose a new 3 business day wait period before consummation: o o o The APR increases by more than.125% (.250% for irregular transactions). Please note an Adjustable Rate Mortgage is NOT considered an irregular transaction. A decrease in APR will not require 3-day review if it is based on changes to the interest rate or other fees. Loan product change (such as a switch from fixed rate to adjustable rate). Addition of a prepayment penalty to the loan. If changes are made that do not fall into the three categories above, no additional waiting period is required. However, NYCB will ensure that the consumer receives the revised CD at or before consummation. o o The revised NYCB CD must remain within the baseline tolerances as established by the final Loan Estimate. Any increase in cost above the NYCB LE baseline tolerances must be borne by the creditor. 10

11 Gemstone Process Flow 11

12 Closing Disclosure Process Flow 12

13 Closing Fees & Request Docs Modules The new Closing Fees Module and the Request Docs Module can be completed once the following have occurred: The underwriting disposition is Approved with PTCs The Gemstone Appraisal has been ordered d (or a PIW has been received in AU) The loan is locked The Flood Cert has been ordered MI has been received (if applicable) PLEASE NOTE: The Closing Fees Module must be completed first before Request Docs can be submitted. 13

14 Closing Disclosure Module- SAVE ONLY The Closing Disclosure Module can be completed and SAVED when the following conditions have been met: The underwriting disposition is Approved with PTCs The Fees module has been saved Request Docs have been submitted There are no Mavent or QM Failure messages in the View Docs module PLEASE NOTE: Saving the Closing Disclosure module will NOT result in the creation of the NYCB CD, and the NYCB CD will not be sent to the consumer. 14

15 Closing Disclosure Module- SUBMISSION The Closing Disclosure Module can be completed and SUBMITTED, resulting in creation of the NYCB CD that is then sent to the consumer when the following conditions have been met: The underwriting disposition is Approved The Fees module has been saved Request Docs have been submitted There are no Mavent or QM Failure messages in the View Docs module 15

16 Pre Closing Review A loan cannot Close and Fund until completing the Pre Closing Review (even if all other requirements and waiting periods have been met). Once the CD has been created and sent to the consumer, the Client must initiate the Pre-Closing Review. Ideally the Pre Closing Review will be completed during the 3 business day review period that occurs after the consumer has received the NYCB CD, adding no additional delay before closing. The Client must upload the following documentation to initiate the Pre-Closing Review: Intent to Proceed Documentation (Example: or letter from the Borrower(s), Loan Officer, or Staff notes regarding a conversation with the Borrowers that instructed the Loan Originator to proceed with the loan. MLO Compensation Election Form Hazard Insurance Flood Insurance (if applicable) Signed Ohio Notice of Change in Mortgage Terms (if applicable) Proof of current tax payment The Pre-Closing Review will consist of a review of the above documents as well as a review of Real Estate Tax Set- Up and Escrows set-up in Request Docs (if applicable). 16

17 Closing/Funding The NYCB CD and an Addendum to the Closing Disclosure document will be included in the Gemstone Closing Docs package. All consumers must sign the NYCB CD and the Addendum to the Closing Disclosure at closing. On rescindable transactions, each consumer that has the right to rescind must sign the NYCB CD at closing. On purchase transactions, NYCB will not generate the Seller s CD from Gemstone. The Settlement Agent is responsible for generating the Seller s CD and providing it to the Seller. The Seller s CD, signed and dated by all Sellers at closing, must be uploaded to NYCB as part of the Complete Closing Package. 17

18 CD Certification Within 10 calendar days of the loan Funding, the Settlement Agent must enter Gemstone and Certify the accuracy of the NYCB CD. Any post-closing changes must be made to the NYCB CD prior to Certification. The Settlement Agent has the ability to make minor updates themselves in Gemstone prior to Certification. The Settlement Agent must ask NYCB to make more significant updates, which if approved, will be made by NYCB prior to Certification. A revised NYCB CD will be generated and sent to the consumer if any post closing changes are made. 18

19 New Closing Fees Module 19

20 New Closing Fees Module For loans Registered on or after 10/03/15, the current Request Docs Fee Screen will be removed. Instead, there will be a stand-alone link for the Fee screen on Gemstone. Both NYCB Clients and Settlement Agents will have access to the Closing Fees Module (the Settlement Agent must be selected in the Request Docs module to gain access). 20

21 New Closing Fees Module The new Closing Fees module will allow for fees to be input into categories according to the alphabetical format of the CD, as opposed to the current HUD Line structure. 21

22 New Closing Fees Module- Layout 22

23 New Closing Fees Module- Paid By Columns 23

24 New Closing Fees Module- Movable Rows 24

25 New Closing Fees Module- Tolerances 25

26 New Closing Fees Module- Tolerance Violations 26

27 New Closing Fees Module- Saving 27

28 New Closing Fees Module Edits to Fee $ Amts The new Closing Fees module will automatically ti pre-fill with the Fees from the NYCB Loan Estimate Module. The Closing Fees module will allow clients to make the following updates: Input Payees for the Fees Update the Paid To selection (Borrower, Lender, Seller) Update fee amounts if Change Circumstances have occurred* Add Fees* Delete Fees* * *These actions must be carefully considered. Errors made in performing these actions can lead to Tolerance violations and the need to apply tolerance cures. The following slides will detail the risks associated with these actions. NOTE: Ensure that duplicate fees for the same service are not being charged to the consumer (example: Both the lienholder and settlement agent charging a lien release fee covering the same lien). 28

29 Updating Fee Amounts Updating Fee Amounts Updating Fees amounts from what has automatically carried over from the most recently disclosed NYCB LE will cause the new higher/lower fee amount to be disclosed to the borrower on the Closing Disclosure. For Fees that are held to tolerances, and that are updated from the most recently disclosed NYCB LE: If the new Fee amount is higher, and is not a result of a valid change circumstance disclosed within 3 business days of the change circumstance, this could potentially result in a tolerance violation requiring a tolerance cure. If the new Fee amount is lower, then this will reset the baseline from the Loan Estimate once the CD has been disclosed to the borrower. Future changes to the Fee will have a tolerance limit based on the new Fee amount. If this lowering was done in error, and it needs to be re-disclosed at the correct higher amount, this can potentially ti create a tolerance violation. Therefore, be very careful when lowering Fee amounts from what carried over from the LE! 29

30 Adding Fees Adding Fees Without a valid Change Circumstance, adding Fees may result in a tolerance violation, requiring a tolerance cure. Clients/Settlement Agents can add fees themselves in A. Origination charges, F. Prepaids, H. Other Only NYCB can add fees to B. Services Borrower Did Not Shop For, C. Services Borrower Did Shop For, and E. Taxes and Other Government fees. 30

31 Deleting Fees Deleting Fees A user cannot truly delete a fee that has automatically carried over from the most recently disclosed NYCB LE. Instead, Fees can be reduced to $0.00 amount in the Closing Fees module. When reduced to a $0.00 amount, the Fee will not appear on the NYCB CD, but will remain visible ibl in the Fees Module with the zero $ amount. For Fees that are held to tolerances: When reduced to a $0.00 amount, this will reset the baseline for the Fee once the NYCB CD has been disclosed to the borrower. If this was done in error, and it needs to be re-disclosed at the correct higher amount, this can potentially create a tolerance violation. Therefore, be very careful when lowering Fee amounts from what carried over from the LE! 31

32 Tolerance Violations As long as all Fees are within the allowable tolerance limits of the most recently disclosed NYCB LE, no manual review of the Fee entry is required before the NYCB CD can be sent to the borrower. In addition, tolerance violations that result in Tolerance Cures of $50 or less will not require manual review of the Fee entry before the NYCB CD can be sent to the consumer. In those cases where a Tolerance Cure of greater than $50 occurs, a manual review process is automatically initiated and the user will not be able to submit the CD Module and send the NYCB CD to the consumer until manual review by NYCB has been completed. PLEASE NOTE: All Tolerance Violations and Cures should be avoided, regardless of the dollar amount. Tolerance Violations can be avoided by the accurate and timely disclosure of Fees to the consumer throughout the LE and CD process. Repeated Tolerance Violations and resulting Tolerance Cures may result in the Suspension or Termination of a Client or Settlement Agent. 32

33 Closing Fees Module Walkthrough Link to a recording of a click through of the Closing Fees module. 33

34 Request Docs 34

35 Access to Request Docs The Gemstone Request Docs module can be accessed once the following have occurred: The underwriting disposition is Approved with PTCs* The Gemstone Appraisal has been ordered (or a PIW has been received in AU) The loan is locked, the Flood Cert has been ordered, and MI has been received (if applicable). Both NYCB Clients and Settlement Agents will have access to the Request Docs module (the Settlement Agent must be selected in the Request Docs module to gain access). *Currently, a full Approved underwriting disposition is required to request Gemstone closing docs. 35

36 Closing Date in Request Docs The earliest allowable Closing Date that t can be entered into Request Docs is controlled by all waiting periods that are applicable to a given loan: ECOA Appraisal Receipt Waiting Period Flood Notice Waiting Period Commitment Letter Waiting Period (in applicable states) New Initial loan Estimate Waiting Period New Revised Loan Estimate Waiting Period New Closing Disclosure Waiting Period Gemstone will provide detailed messaging when a date is entered that is earlier than allowable. Please Note: Request Docs is only assessing the CD waiting periods for the amount of time that is the best case scenario (3 business days from the present date). At the point of Request Docs, the NYCB CD has not been created and sent to the borrower, and the borrower has not received the NYCB CD. Once the NYCB CD is generated and received by the consumer, it may be necessary to update the closing date in request docs. 36

37 Initial LE Waiting Period Before Closing The Initial LE waiting period before closing is 7 business days after the NYCB Initial LE has been delivered to the consumer and is not impacted by delivery method (i.e. US Mail, Electronic, In Person/Fax). All examples assume that no Federal Holidays occurred in the given time spans, as Federal Holidays would not be counted. 37

38 Revised LE Waiting Period Before Closing The Revised LE waiting period before closing is 4 business days after the NYCB Revised LE has been received by the consumer. The waiting period in Gemstone will be impacted by the delivery method of the Revised LE. All examples assume that no Federal Holidays occurred in the given time spans, as Federal Holidays would not be counted. 38

39 CD Waiting Period Before Closing The CD waiting period before closing is 3 business days after the NYCB CD has been received by the consumer. The waiting period in Gemstone will be impacted by the delivery method of the CD. The waiting periods below apply to both the initial CD that is generated, as well as any Revised CDs that have a Change Circumstance of the type that requires a new 3 business day waiting period (see slide 11 for details). All examples assume that no Federal Holidays occurred in the given time spans, as Federal Holidays would not be counted. 39

40 View Docs The success of a Request Docs submission can be checked in the View Docs module: If the preliminary, truncated paper docs package (Closing Instructions, etc.) is available, the submission was successful and the CD module will allow entry to Save and/or Submit. If an error, Mavent Compliance Failure message, or QM Failure message is present, then the error/failure must be addressed before access into the CD module will be granted. 40

41 Closing Disclosure Module 41

42 Completing the Closing Disclosure Module Completion of the CD module requires information that t has not already been captured in Request Docs or any other module. This information must be completed by the NYCB Client or the Settlement Agent. Once Gemstone closing docs have been successfully requested (passing all regulatory reviews, etc.), the CD module will become available and can be completed. The CD module is a new link on the left hand nav in Gemstone. Both NYCB Clients and Settlement Agents will have access to the CD Module (the Settlement Agent must be selected in the Request Docs module to gain access). 42

43 Closing Disclosure Module- Layout The CD Module was created to look very similar to the CD Form itself. Each page of the CD form has a tab within the CD module. 43

44 Closing Disclosure Module- Fields to Complete Most of the CD module will be automatically completed based on information input into other Gemstone modules. Most of the information that has auto-populated from other Gemstone modules is not editable in the CD Module. Instead, the information must be updated in the module from which it was autopopulated (e.g. Registration module, 1003, Closing Fees module, etc.) There are some fields that have auto-populated with information and are open and allow editing in the CD module, rather than requiring the user to make updates in the module from which the information was sourced. There are several fields that do not auto-populate and that require completion. PLEASE NOTE: NYCB will be making a detailed guide available regarding completion of the Closing Disclosure Module, and that covers the above mentioned fields. 44

45 CD Module Demonstration Link to a recorded click through of CD module 45

46 Pre Closing Review 46

47 Pre-Closing Review A loan must pass the Pre Closing Review in order to close and fund. Once a loan has reached an Underwriting Approved status, the Client can generate the NYCB CD in Gemstone. Once the CD has been created and sent to the consumer, the Client can go through the Pre-Closing Review. >>>TIMING CONSIDERATION: It is recommended that the Client initiate the Pre Closing Review soon after generation of the CD. Once the consumer has received the CD, there is a 3 business day waiting period, during which h the Pre Closing Review can be completed. 47

48 Pre-Closing Review The Client must upload the following documentation to initiate the Pre- Closing Review: Intent to Proceed Documentation (Example: or letter from the Borrower(s), Loan Officer, or Staff notes regarding a conversation with the Borrowers that instructed the Loan Originator to proceed with the loan. MLO Compensation Election Form Hazard Insurance Flood Insurance (if applicable) Signed Ohio Notice of Change in Mortgage Terms (if applicable) Proof of current tax payment The Pre-Closing Review will consist of a review above the above documents as well as a review of Real Estate Tax Set-Up and Escrows s set-up in Request Docs (if applicable). 48

49 Uploading for the Pre-Closing Review Upload all necessary documents to Pre-closing Review to start the review process. Intent to Proceed Documentation (Example: or letter from the Borrower(s), Loan Officer, or Staff notes regarding a conversation with the Borrowers that instructed the Loan Originator to proceed with the loan. MLO Compensation Election Form Hazard Insurance Flood Insurance (if applicable) Signed Ohio Notice of Change in Mortgage Terms (if applicable) Proof of current tax payment 49

50 Pre Closing Review Deficiencies If there is an issue with the documentation ti provided d or the information in the Request Docs module, NYCB will issue a deficiency notice to the client. The deficiency notice will be ed, faxed, and posted in Gemstone s View Loan module. The loan status will appear as Funding Requested- Deficient. Clearing the deficiency may require Re-Requesting Docs or uploading additional documentation. 50

51 Closing/Funding 51

52 Closing Disclosure at Closing The NYCB CD and an Addendum to the Closing Disclosure document will be included in the Gemstone Closing Docs package. All consumers must sign the NYCB CD and the Addendum to the Closing Disclosure at closing. On rescindable transactions, each consumer that has the right to rescind must sign the NYCB CD at closing. 52

53 Seller s CD On purchase transactions, ti NYCB will not generate the Seller s CD from Gemstone. The Settlement Agent is responsible for generating the Seller s CD and providing it to the Seller. The Seller s CD, signed and dated by all sellers at closing, must be uploaded to NYCB as part of the Complete Closing Package. 53

54 Settlement Agent Certification 54

55 Change Circumstances Post Closing Due to the regulatory timing requirements to correct information that becomes inaccurate after consummation, NYCB requires the assistance of settlement agents to provide NYCB with correct information as soon as it is known n to the settlement agent. If within 30 Calendar days following consummation the Closing Disclosure becomes inaccurate and causes a change to an amount already paid, then an updated Closing Disclosure must be sent to the borrower within 30 days after receiving the information. If non-numeric errors are found, then an updated d Closing Disclosure must be sent no later than 60 days after consummation. 55

56 CD Certification In Gemstone In an effort to ensure compliance with the timing requirements for Change Circumstances that occur post closing (i.e. 30 days for numeric changes, 60 days for non-numeric changes), NYCB requires the Settlement Agent to certify the accuracy of the NYCB CD within 10 calendar days after the loan has funded. A new module has been created in Gemstone, in which the Settlement Agent must perform the certification. The Settlement Agent therefore must make any updates to the NYCB CD that have occurred since the closing before performing the Certification. 56

57 Thank you!! 57

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