How to do Business with Endeavor America

Transcription

1 GENERAL... 2 LENDER IDS... 2 FEES... 2 LOSS PAYEE AND MORTGAGEE CLAUSE... 2 REQUEST AND EASY LOGIN... 2 SUBMISSION REQUIREMENTS... 3 TURN TIMES... 4 DISCLOSURES... 5 DISCLOSING A NEW FILE... 5 CASE NUMBERS... 5 CASE NUMBER REQUEST... 5 CASE NUMBER TRANSFER... 6 APPRAISALS... 6 APPRAISAL TRANSFERS... 6 APPRAISAL COMPLETED... 6 VA APPRAISAL ORDER... 6 LOCKS... 6 PRE LOCKING... 7 PRICING... 8 QUALIFIED MORTGAGE RULE (QM)... 8 CHANGE OF CIRCUMSTANCE... 8 COMPENSATION POLICY... 9 VA APPROVAL... 9 EASY STATUS DEFINITIONS... 9 EASY ALERTS/NOTIFICATIONS... 9 BLITZDOCS ALERTS/NOTIFICATIONS LOAN APPROVALS DO/DU/LSC SUBMITTING CONDITIONS CLOSING WORKSHEET STATES ENDEAVOR AMERICA LENDS IN TRANSCRIPT POLICY COMMUNICATION EXPECTATIONS Revised October 5,

2 Lender IDs Endeavor America s NMLS: 6289 FHA Lender ID: VA Lender ID: Fees Fees: Underwriting Fee $995 Loss Payee and Mortgagee Clause How to do Business with Endeavor America General For properties located in AK, KS, NM, NY, SC use: The Money Source Inc. 135 Maxess Road Melville, NY For properties located in AL use: TMS Mortgages Inc. 135 Maxess Road Melville, NY For all other states use: Endeavor America Loan Services, ISAOA 135 Maxess Road Melville, NY Request and EASY Login Endeavor America s Client Management Department creates an EASY login for the Broker of record once the Broker is approved. Loan Officers and Processors can also request EASY logins through our website under Broker Center. Our IT department will provide a login within 24 hours of the request. Revised October 5,

3 Submission Requirements Follow our required documents list on the Submission Form found on EAWholesale.com. Credit Reports must be less than 45 days old (preferably from one of our approved vendors found here. Please review the Loan Estimate (LE) Cheat Sheet to avoid the top three mistakes made that result in a loan rejection. All loans must be submitted through EASY (Endeavor America s System for You). Upload your FNM file and loan documents on EASY. You may find the EASY guide here. At the time of submission, you have the option to buy out EA s Underwriting Fee of $995. NOTE: Once you have chosen to the buyout option, it cannot be reversed. Upload and click submit to underwriting. A confirmation popup screen will appear Revised October 5,

4 The option to buy out the Underwriting Fee will appear Reminder: Once the fee buyout option is chosen, it cannot be removed. To see if the fee buyout option was chosen, review the Loan Summary in EASY. Turn Times You can view our most recent turn times by logging into your EASY pipeline. Note: Submissions received after 4:00 p.m. Eastern Time count toward the next business day. Revised October 5,

5 Disclosures Disclosing a new file Endeavor America electronically discloses each loan within three business days of receiving a complete submission package. Borrower(s) are able to electronically sign the disclosures within the first 24 hours after electronic disclosures are sent. Once disclosures are electronically signed by the Borrower(s), our EASY system will show the date documents were signed so the Broker/Processor may know when it s okay to order the appraisal per the Mortgage Disclosure Improvement Act (MDIA). If Borrower(s) do not electronically sign the disclosures within 24 hours, the option will be disabled, and Endeavor America s staff will mail the disclosures to Borrower via USPS mail. You may find the date disclosures were sent and/or e signed on the EASY portal. Case Numbers Case Number Request You may request a Case Number once the loan is registered in EASY. A Case Number Request Form can be downloaded at and ed to FHAcase@EAloans.com. Endeavor America will notify the Broker/Processor once the case has been processed and the number is available in EASY. Note: Our Setup Department orders FHA Case Numbers if they re not available at time of submission. Revised October 5,

6 Case Number Transfer A Case Number Transfer Form can be downloaded from our website in the Broker Center section under Forms. Fill out the form and it to FHAcase@EAloans.com. To request a Case Number to be transferred to Endeavor America, contact the Lender who currently holds the Case Number and request to transfer it to FHA ID: Appraisals Appraisal Transfers Endeavor America will allow transfer/re assignment of Conventional appraisals provided all investor and appraisal independence policies have been met. Endeavor America reserves the right to accept or deny the appraisal, require corrections, or require a new appraisal based on the quality/inaccuracies identified in the original report. For FHA/VA/USDA loans, Endeavor America accepts any appraisal done by any AMC as long as an invoice is provided. If the invoice reflects the Borrower paid for the appraisal, a copy of the Lender generated TIL is required to show compliance with the MDIA waiting period. If the client would like an appraisal transferred from Endeavor America to another Lender, Endeavor America does not have any specific policies. Appraisal Completed It is the Broker s responsibility to deliver appraisals to Endeavor America by uploading it as a condition to EASY. Conventional appraisals must be ordered through one of Endeavor America s approved AMCs. For transferred appraisals from another AMC to Endeavor America, please have the AMC forward the color PDF and invoice to Appraisals@EAloans.com and also upload to EASY under Conditions. VA Appraisal Order The Broker is asked to complete the VA Order Form on EAWholesale.com and send it to VAAppraisal@ealoans.com. Once received, Endeavor America sends an invoice via FreshBooks to the cardholder on the order. Once the invoice is paid, the appraisal is ordered on WebLGY (VA Portal) and an confirmation is sent to the Broker. Once the appraisal is received, the Loan Approval is updated and NOV conditions, if any, are added to the approval. Locks If not pre locking, you can make a Lock Request through EASY during lock hours once the loan has been setup and disclosed. A confirmation will be sent to you and is also available on the EASY portal once Endeavor America s Secondary Department has confirmed the lock. Please refer to EA s Lock Policy here. Lock extensions are available on EASY for locked loans expiring within seven days. Refer to the EASY guide, pages 8 13 of How to Navigate EASY. Revised October 5,

7 Pre locking EA also offers the ability to pre lock during the Lock Desk s hours of operation. Only one pre lock per file is allowed. The minimum lock period for pre locking is 45 days. In order to pre lock, submit the FNM 3.2 file in EASY. Once submitted, the lock button will appear. Once a loan is pre locked, the Broker must deliver the loan file within seven (7) calendar days, after which the lock will be cancelled. The day of the lock counts as day 1. Pre locks are assigned to individual loans and therefore cannot be transferred to another loan. After confirmation that the above documents were uploaded, the Broker will receive their Lock Confirmation. At any time, you may view if a loan was pre locked by looking at the Loan Summary page in EASY Revised October 5,

8 Pricing On Lender Paid Compensation transactions, you will be shown note rates that are eligible based on your compensation plan. Below the LPC pricing, we will also show the Borrower Paid Compensation (BPC) pricing for your convenience. Please note that on some loans, due to DTI restrictions, or your LPC amount, Lender Paid Comp pricing may not be available and BPC is the only option. Qualified Mortgage Rule (QM) Endeavor America will run QM on all Lock Requests (not prelocks). If the loan passes QM, you will be able to proceed with the lock request. If QM fails, you will receive the below error that includes a PDF copy of the QM Findings Report. You can also review the results by clicking on the QM icon in the pipeline view EASY. If you are unable to resolve the issue you should contact your Account Manager or Account Executive for further assistance. Once the issue is resolved you may submit the Lock Request again in EASY. Change of Circumstance Endeavor America requires a Change of/in Circumstance Form to be submitted by the Broker only when the interest rate or loan amount changes. the completed form to Disclose@ealoans.com. When a loan is already locked and the Broker wants to change their compensation type, the Broker must Disclose@ealoans.com with the changes made so the loan file can be properly re disclosed. The Disclose Department will process the revised terms requested, however, the Underwriter will not validate the terms until all conditions have been sent in by the Broker. Revised October 5,

9 Compensation Policy Endeavor America Loan Services complies with applicable laws and regulation included but not limited to the originator compensation rules found in Regulation Z, implementing the Federal Truth in Lending Act. You may find more information about Endeavor America s Compensation Policy on our website. VA Approval Endeavor America allows Brokers to close up to four VA loans without VA approval/sponsorship. Once you have closed three loans, Endeavor America will contact you to send the $ check and VA Sponsorship Form. Please note our VA Lender ID is: EASY Status Definitions Reg d/registered: When you upload and starts a loan (uploading the FNM 3.2). SUBMIT D/Submitted: is when you have clicked Submit to Underwriting and EA starts working on your loan. Assigned: Is when the file is setup in our LOS and is in queue for an Underwriter to work on. CTC: Clear to Close. Your loan is ready to go to closing. The rest are self explanatory: Approved; Docs Out; Docs Back; Funded; Cancelled/Denied. The status bars change from blue to green and the date is entered as the loan file progresses through each step of the process. Once the loan has funded, only the submitted and funding dates remain. The number of days it took from submission to funded then appear. EASY Alerts/Notifications Brokers will receive a notification from EASY regarding the following: Submitted to Underwriting: Loan has been setup and submitted to UW Loan Approved: Loan is approved by our Underwriter and conditions have been generated. Broker can log into EASY to view/upload conditions Lock Expiring: Lock is expiring in seven (7) days. Broker may log into EASY to extend the lock and/or upload final conditions to clear the loan to close Revised October 5,

10 Loan Docs Drawn/Loan Sent to Closing: All conditions are cleared, loan docs are drawn and the loan is sent for Closing Loan Funded: Wire has been sent out to escrow/title Note: Broker can input a Processor s address to receive alerts from EASY when registering a file. BlitzDocs Alerts/Notifications Endeavor America uses BlitzDocs as its imaging system. This is a read only system for Brokers to view images and conversation log, if they desire. The Broker receives notifications from BlitzDocs in situations listed below: Missing documents at submission Loan approval Loan re approved or conditions updated Loan cleared to close/sent to final Q.C. (please make sure the loan is locked and the Doc Request Form is completed and sent to your AM, or uploaded on EASY) Revised October 5,

11 Loan Approvals Your loan approval will indicate who the Underwriter is on the file. For any questions regarding the conditions or clarification, please contact the Underwriter directly. All other questions should be directed to the Account Manager listed on the Loan Approval. DO/DU/LSC Endeavor America does not require AUS findings to be submitted by the Broker, although it is encouraged. We do not sponsor Brokers at this time in DO/DU. The Broker may view the actual AUS findings ran on the loan file by clicking the View AU Findings icon in the pipeline view. NOTE: This option is presently not available for USDA GUS loans and LP files. Submitting Conditions Upload all conditions on the EASY portal. To be in compliance with the Privacy Act, do not conditions to the Underwriter. You should only upload conditions online via EASY. Revised October 5,

12 Conditions can be uploaded individually in response to a condition on the loan file which will expedite the review process. Should you upload conditions on multiple days, turn times are based on last uploaded condition. Closing Worksheet Once a loan has been locked, a new icon is available for you to see the details of transaction with a breakdown of all fees and impounds. The assets verified are listed and based on the loan terms, a Pass or No Pass is shown on whether the Borrower is short to close or not. If you believe any of the fees are incorrect, provide the updated supporting documents to Disclose@ealoans.com and they will be updated. Revised October 5,

13 States Endeavor America Lends In You may view all states that Endeavor America is approved to conduct business in here Transcript Policy Endeavor America does not require full 1040 transcripts on all loans. For FHA and Conventional loans that receive an AUS Approved/Eligible finding, if the Borrower's only source of income is as a wage earner (including overtime, bonus, and commission income less than 25% of total income), a W 2 transcript may be ordered in lieu of a complete 1040 transcript. If the Borrower, receives retirement/disability income, or currently owns another property besides their primary one unit residence, complete 1040 transcripts must be ordered. If tax returns are not required, but are provided in the loan file, full transcripts must be ordered. As a reminder, full 1040 transcripts are needed on all VA and USDA loans, and on FHA loans that have a prior Mortgage Insurance Reject by another Lender. Revised October 5,

14 Some Clarification on certain scenarios: FraudGuard shows self employment or ownership of another property, full transcripts are required All manual underwrites require full transcripts IF AUS requires 1040s for any reason, full transcripts would be required If borrower s current home is a multi family or borrower owns rental property, full transcripts are required If one borrower is W2 and one borrower is SSI, full transcripts are required If commission income is over 25%, AUS will require full 1040s and full transcripts are required Communication Expectations Brokers may contact their Account Executives and/or Account Managers via or may call their direct numbers for questions regarding status or process. The Underwriters may only be contacted via and typically respond within 24 hours. You may also your phone number to the Underwriter and they will call you back to discuss your loan conditions. Revised October 5,