Using the Broker s Credit Report for Underwriting Wholesale Version

Transcription

1 Using the Broker s Credit Report for Underwriting Wholesale Version Pacific Union Financial, LLC (PacUnion) will accept a Broker s credit report for underwriting purposes as long as the following requirements are met: Credit report is from a Fannie Mae approved vendor Desktop Originator (DO) is run and credit is reissued through FLOW Findings are in a Final stage and released to Pacific Union Financial, LLC **********IMPORTANT********** For loans submitted without a Fannie Mae approved credit vendor s report or not reissued in FLOW, PacUnion will request a new credit report or require the Broker to submit a new loan and complete the steps enclosed. NOTES: Requesting a second credit report could adversely affect the borrower s credit score and may result in a different DU recommendation. Loans not run through DO (Jumbo, FHA Streamline, VA IRRRL) will not display the DO icon and will require a credit report to be pulled by PacUnion. USING THE BROKER S CREDIT REPORT FOR UNDERWRITING 1 of 7 12/23/2013

2 BROKER S CREDIT REPORT PROCESS FLOW ALERT message displays two options: Continue with reissuing the Broker s credit report Continue with loan submission. 1 Click the Continue with Submission button if you have already run DO and reissued your credit report through FLOW, or if you do not intend to use the broker credit report for underwriting purposes. 2 Click the Return to FLOW to Run DO button to complete the steps necessary to run DO and reissue the broker s credit report for underwriting purposes. 3 Click the SUBMIT button to run Desktop Originator (DO). NOTE: Submitting to DO will take you out of FLOW and to DO sign-on page. USING THE BROKER S CREDIT REPORT FOR UNDERWRITING 2 of 7 12/23/2013

3 4 Enter your DO User Name and Password. 5 Click the Login button. 6 Select Credit and Underwriting from the drop-down box and click the Next button. USING THE BROKER S CREDIT REPORT FOR UNDERWRITING 3 of 7 12/23/2013

4 7 Click the appropriate radial to Reissue an existing credit report or Request a new one, and click the Next button. You may request or reissue a credit report with any FNMA approved vendor you have established a relationship with. 8 Select Pacific Union Financial, LLC from the Select a submission option drop-down menu. NOTE: Pacific Union Financial, LLC will only appear in the drop-down menu if you have requested and received DO Sponsorship from us. 9 Click the Interim radial to request DO loan review. Click the Final radial used for Final submission ( 13). 10 Click the Submit button. USING THE BROKER S CREDIT REPORT FOR UNDERWRITING 4 of 7 12/23/2013

5 11 CLICK View to review existing DO findings. CLICK Revise to make changes to the data in DO. NOTE: Data in DO may be revised until you submit the loan to Pacific Union for underwriting. Changes made in DO will transfer back to FLOW. However, changes made in FLOW do not transfer to DO. If you update FLOW, be sure to go back and re-run DO so the loan will be properly evaluated. 12 Click the Final radial for final submission. NOTE: Once Final is selected, you will not be able to edit the loan in DO. If the loan was submitted with another sponsoring Lender, it is necessary to re-run as a new loan in order to process the loan in DO through FLOW. USING THE BROKER S CREDIT REPORT FOR UNDERWRITING 5 of 7 12/23/2013

6 13 Complete the submission of the loan through FLOW from the pipeline dashboard. Click the View Package s icon. 14 Click the Submit to Lender Now button. USING THE BROKER S CREDIT REPORT FOR UNDERWRITING 6 of 7 12/23/2013

7 15 Click the Continue with Submission button to finalize your submission. SPONSORSHIP If our name does not appear in the dropdown menu, refer to Fannie Mae DO Quicksteps for requesting sponsorship. Include your Account Executive s name when submitting your request. If additional assistance is needed please contact Production Support at brokerapproval@loanpacific.com. NOTE: Sponsorship is per company request. Pacific Union Financial does not issue sponsorship approvals on an individual level and only one request may be approved. Fannie Mae allows each company to obtain an administrator who can manage individual login for their staff. For more information, contact Fannie Mae at USING THE BROKER S CREDIT REPORT FOR UNDERWRITING 7 of 7 12/23/2013