Mortgage Rescue. Scheme & Payment Processing in IMS. System Guide for Providers. Version 1.0

Transcription

1 Mortgage Rescue Scheme & Payment Processing in IMS System Guide for Providers Version 1.0 Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 1 of 51

2 CONTENTS INTRODUCTION... 3 STEP 1 ALLOCATION SUBMISSION SCHEDULING SECURITY AUTHORITIES REQUIRED TO SCHEDULE ALLOCATIONS IN IMS NAVIGATING TO THE SUBMISSION SCHEDULE SCREEN CREATING A NEW SCHEDULE ENTRY FOR AN INDIVIDUAL MORTGAGE RESCUE SCHEME UPDATE/REVIEW PARTNERSHIP DATA VALIDATING AND SUBMITTING THE SCHEDULE CHANGES INPUTTING & SUBMITTING INDIVIDUAL MORTGAGE RESCUE SCHEMES A. MORTGAGE TO RENT SCHEMES A.1 MORTGAGE TO RENT OPEN SCHEME TASK (OPEN FILE) A.2 MORTGAGE TO RENT PROPERTIES TASK A.3 MORTGAGE TO RENT APPLICANT DETAILS TASK A.4 MORTGAGE TO RENT REFINANCE & HCA PAYMENT CALCULATION TASK A.5 MORTGAGE TO RENT ALLOCATION MATCHING TASK A.6 MORTGAGE TO RENT DEVELOPMENT CODES TASK A.7 MORTGAGE TO RENT PROVIDER SUBMISSION TASK B. SHARED EQUITY SCHEMES B.1 SHARED EQUITY OPEN SCHEME TASK (OPEN FILE) B.2 SHARED EQUITY PROPERTIES TASK B.3 SHARED EQUITY APPLICANT DETAILS TASK B.4 SHARED EQUITY REFINANCE & HCA PAYMENT CALCULATION TASK B.5 SHARED EQUITY ALLOCATION MATCHING TASK B.6 SHARED EQUITY DEVELOPMENT CODES TASK B.7 SHARED EQUITY PROVIDER SUBMISSION TASK STEP 3. HCA APPROVAL AND GRANT PAYMENT Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 2 of 51

3 Introduction This is part 2 of the Mortgage Rescue System Guidance for Providers and covers the processing of individual Mortgage Rescue schemes and payments in the HCA s Investment Management System. Part 1 of the guidance covering Mortgage Rescue Bids is published at Step 1 Schedule individual unit in Allocation Submission scheduling At the point where the Provider is ready to process the scheme and payment for a particular Mortgage Rescue application, if the Allocation contains multiple units then an individual unit entry must be scheduled for the application at allocation stage using the submission schedule function. Step 2 Input scheme data and submit scheme to HCA The Provider then opens a new scheme record in IMS for the individual Mortgage Rescue scheme and inputs data specific to that individual Mortgage Rescue application. At this scheme stage, the Provider must match the scheme back to the individual allocation schedule created for that scheme in step 1 above. Once all data is entered and saved, the Provider then submits the scheme to the HCA for approval. Step 2a covers Mortgage to Rent Step 2b covers Shared Equity Step 3 HCA Approval and Payment Release Depending on the information submitted by the Provider in the scheme, the HCA will sign-off the scheme by giving HCA approval of the grant confirmation event for the scheme. The HCA will then authorise a payment of the HCA Grant specified in the scheme to the Provider in time for the completion date specified by the Provider in the scheme grant confirmation event. Steps 1 and 2 above requires a specific security authority in IMS as confirmed in the guidance for each step below. Please consult your organisation s Security Administrator if you do not have the correct security authorities. Any problems encountered when using the system should be logged with the HCA service desk on The service desk is available from Monday to Friday, 8.00am to 6.00pm. For further information about Mortgage Rescue, please consult the Mortgage Rescue section of the Affordable Housing Capital Funding Guide. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 3 of 51

4 Step 1 Allocation Submission scheduling After the Mortgage Rescue bid has been accepted by the HCA Regional Office it will be transferred to become an allocation within IMS. If the bid was for multiple/bulk Mortgage Rescue units these will all be contained within a single allocation. In order to process an individual Mortgage Rescue scheme a new, separate, submission schedule entry must be created in the allocation for each individual unit and this change must be submitted to the HCA for authorisation. It is possible to input more than one new single schedule entry at a time for submission to the HCA. 1.1 Security Authorities required to schedule allocations in IMS The following IMS Security Authorities need to be assigned to a User id in order to amend and submit schedule entries in IMS. Please contact your organisation s IMS Security Administrator if you need the following authorities added to your User Id: Organisation Type Registered Social Landlord Unregistered Body (NPXXXX) IMS Security Authority Required RSL Maintain Forecast URB Maintain Forecast 1.2 Navigating to the submission schedule screen From the IMS System Manager screen, select Allocations > Review Manage Allocations Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 4 of 51

5 The Allocation Parameters screen below will then be displayed. This screen allows you to filter your search for allocations based on a range of parameters. Multiple parameters can be selected for each search. In the example screen below Mortgage Rescue is selected for Sub Product which will return all Mortgage Rescue allocations for the Provider. Select to return a list of allocations matching the parameters entered. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 5 of 51

6 Allocations matching the parameter entered in the filter screen will then be listed: In order to access Submission Scheduling for a particular allocation, highlight the row for that allocation, right-click to view the allocation menu and select Submission Scheduling: Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 6 of 51

7 The following Submission Schedule screen is displayed: 1.3 Creating a new schedule entry for an individual Mortgage Rescue scheme In order to add a new schedule entry, select The following Allocation Milestone Maintenance screen will be displayed: Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 7 of 51

8 You must enter the following information in the Allocation Milestone Maintenance screen: Scheme Description Please add a scheme description that is easily identifiable, e.g. the address of the Mortgage Rescue property HC Grant This field is automatically calculated (Net Grant + Administration Fee). Units When adding a new schedule entry for an individual HomeBuy Direct purchase please select Units = 1 Net Grant Enter HCA Grant requested Administration Fee Enter 4,500 Reason for Change Enter New schedule entry Approved Forecast Date A date must be entered for each of the following Scheme Milestones: Exchange of Contracts This refers to exchange of contract date for the Mortgage Rescue scheme. Grant Confirmation This is the date that you are going to enter all of the details relating to the HomeBuy Direct scheme into the system. Final Cost Please enter the likely purchase completion date in this field. Final Cost is an IMS Milestone event usually related to the final payment on a scheme Create From Bulk? This check-box should be selected as the grant and units in the bulk schedule entry will then automatically be reduced by the grant and in this new schedule entry. If the check-box is not selected then the bulk schedule entry will remain unchanged. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 8 of 51

9 Approved Forecast Date To enter the date for a milestone, click in this field and select the drop-down arrow. The Select Approved Forecast Date screen will then be displayed. Put cursor in a date field to highlight the date. Use the up and down arrows to change Year and Month. Click on the Select button to select the highlighted date. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 9 of 51

10 Allocation Milestone screen with data entry complete: Once all the data is entered in the screen above, select Save. If the Create From Bulk? check-box is ticked the following window will be displayed which invites the user to confirm the bulk allocation from which the new schedule entry is being separated from. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 10 of 51

11 Highlight the schedule entry and select the Select Allocation button: The submission schedule screen will then show the new schedule entry and will also show Revised Units and Revised Grant for the bulk schedule entry (id below) reflecting the unit and grant that has been added to the newly-created schedule entry. Please note: The system automatically updates the Update/ Review Partnership data screen for all of the schedule entries so that Providers do not have to enter any further data in that screen. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 11 of 51

12 Prior to submission it is possible to delete a newly-added schedule entry line. Highlight the schedule entry > right-click > Delete Scheme The system will generate an Are you sure? message: Select Yes and the schedule entry will be deleted. If the new schedule was created from the bulk schedule entry then when it is deleted the grant and the unit will be automatically returned to the bulk schedule entry. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 12 of 51

13 1.4 Update/Review Partnership Data Please note: If the Provider is the only organisation within the IMS Partnership then the system will automatically complete these fields when schedule entries are added, amended or deleted. However, if there are other Developing, Managing or Owning organisation in the Partnership the Provider will have to select the Developing, Managing and Owning organisation for each of the schedule entries and must manually input grant and units in the Update/Review Partnership data screen. Highlight the row of the new Schedule entry and select Update/Review Scheme Partnership Data as per the screen below: The update active organisations screen below will be displayed. This screen lists all Developing, Managing and Owning Organisation within your partnership. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 13 of 51

14 If you have more than one of each then you need to specify which will be the Developing Organisation. The Developing Organisation processes the schemes and payment within IMS. You also need to specify who the Managing and Owning Organisations are going to be. To select Developing Organisation tick the Active column for the Developing Organisation. To select Managing Organisation - tick the Active column for the Managing Organisation. To select Owning Organisation - tick the Active column for the Owning Organisation. The units and grant for each of the above will be automatically added in when the screen is saved. Select to save the data in this screen and to return to the main submission schedule screen. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 14 of 51

15 1.5 Validating and Submitting the Schedule Changes Once you have added a new schedule entry for an individual HomeBuy Direct purchase you can then validate and submit these schedule changes to the HCA. In the Submission Schedule screen for the allocation below, you will see that after making the schedule changes the Schedule Status is set to Invalid. To validate your changes, select If all the data is all correct and no additional data is required the schedule status will then change to Valid Ready to Submit. If there are any errors the system will provide error messages with the details and the Schedule Status will remain Invalid. These errors must be corrected before the changes can be validated... Please note: At this point prior to submission it is still possible to amend the submission schedule entries and re-validate. To submit the schedule change to the HCA, select. An Apply Comment screen will be displayed for any comments to be added. Once submitted, the Schedule Status will be set to Submitted. Submission schedule changes are then subject to approval by the HCA Regional Office before they take effect. Once the HCA Regional Investment contact has approved the changes the Schedule Status will be set to Approved. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 15 of 51

16 Step 2 Inputting & Submitting Individual Mortgage Rescue Schemes Security Authorities required to input and submit schemes in IMS The following IMS Security Authorities need to be assigned to a User id in order to input and submit schemes in IMS. Please contact your organisation s IMS Security Administrator if you need the following authorities added to your User Id: Organisation Type Action IMS Security Authority Required Registered Social Landlord Input scheme data RSL Input Schemes Registered Social Landlord Submit scheme to HCA RSL Submit Schemes Unregistered Body (NPXXXX) Input scheme data URB Input Schemes Unregistered Body (NPXXXX) Submit scheme to HCA URB Submit Schemes Step 2A Mortgage to Rent Schemes 2A.1 Mortgage To Rent Open Scheme Task (Open File) To open a new Mortgage Rescue scheme in IMS, select the Scheme menu and New Scheme The Open File task screen below will be displayed. Some fields will automatically be populated when the Open File screen opens: Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 16 of 51

17 Open Scheme Task screen Not Started Sub Product Please select Mortgage Rescue from the drop-down menu Route Select Partnership or Specialist depending on the Partnership type the bid was entered under. Partnership This will be automatically populated depending on what is selected for Route Grant Claimed Enter total grant to be claimed (including admin allowance) Mortgage Rescue Type Select Mortgage to Rent Scheme Title Please insert a title which will make this scheme record easy to identify in any subsequent list of Mortgage Rescue schemes. Scheme Address 1 In the first field please enter house/flat number. The house/flat number must be entered for a Mortgage Rescue scheme. In the second part of the field please enter the specific street name. If the property is a flat or apartment in a building, please put the flat number in the first Scheme Address 1 field and then the building/development name in the second Scheme Address 1 field. Scheme Address 2 Enter area/town as appropriate Postcode Enter Postcode of scheme (must be in valid postcode format). Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 17 of 51

18 Location LA (Local Authority) Enter the three digit code for the Local Authority. To find a Local Authority code: click in the Location Local Authority field and rightclick to open the LA Search screen opposite: Enter partial Local Authority Code or Name information and select Find and the search screen will return all records matching those partial characteristics. Once the Local Authority has been located, highlight the row and select OK. The LA Search screen will close and the Location LA field will be populated in the Project screen with the LA code selected. HC Contact (should be HCA contact) A HCA contact must be selected. Left-click in the field and then right-click to see the HCA Contact search screen. This will display a list of HCA contacts for the HCA region where the bids is located. Please contact the local HCA Regional office if you are unsure of who the HCA contact is. Contact details for each Regional Office can be found on the HCA site at When the contact has been identified, highlight the name and select Save. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 18 of 51

19 Duplicate Addresses For any given scheme address there may be duplicate addresses for schemes which have previously been opened. If so, the message below will be displayed: If you wish to view the duplicate addresses, select Yes and the following Duplicate Address Details screen will be displayed: Check you have entered your scheme address correctly in the Open File and then select the Duplicate Address check box before saving the Open File screen. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 19 of 51

20 Saving the Open Scheme record Once all the above data has been entered, click the save icon in the top left of the screen and the following Save Open Schemefile message will be displayed which confirms the following information: Example IMS Scheme Number (prefaced by HCA region code 21) Example Transaction Reference R Completed Mortgage Rescue Open Scheme Task screen: Once all data is saved select the following icons: - Proceed to the next task screen - Return to the task list Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 20 of 51

21 2A.2 Mortgage To Rent Properties Task Properties/Property Details Task screen not started Fields to be completed: Property Type Select either Terraced House, Detached House, Semidetached House or Flat/Maisonette from drop-down menu. Tenure Select Freehold or Leasehold from drop-down menu No. Of Bedrooms No. Of Persons system validation = must be between 1 and 20 Full Market Rent p.w. Proposed Rent p.w. Must be less than or equal to 80% of Full Market Rent Service Charge per week Eligible for Housing Benefit - Must be more than or equal to 0 Ineligible for Housing Benefit - Must be more than or equal to 0 Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 21 of 51

22 Properties/Property Details Task screen Completed Once all data is saved select the following icons: - Proceed to the next task screen - Return to the previous task screen - Return to the task list Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 22 of 51

23 2A.3 Mortgage To Rent Applicant Details Task Applicant Details Task screen, Applicant Details tab Not started Applicant Details tab Fields to be completed: Name - Name of Lead Applicant Number of Adults in Household Number of Children in Household Vulnerability Classification - Select one of the following: Disability Applicant Date referred to RSL Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 23 of 51

24 Once all the above data has been entered, click the save icon of the screen to save the data. Once all data is saved select one of the following icons: in the top left - Proceed to the next task screen - Return to the previous task screen - Return to the task list Applicant Details Task screen, Applicant Details tab Completed Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 24 of 51

25 Current Financial Circumstances Tab Applicant Details Task screen, Current Financial Circumstances tab Not started Fields to be completed: Number of People joining in Application Please enter the number (to a maximum of 4) Income Please enter each applicant s income. The total household income should be 60,000 or less. If total income is more than 60,000 a variations task will be inserted into the task list after submission which will be subject to specific approval by the HCA. Savings Please enter each applicant s savings Valuation Date Must be before today s date Property Value First Mortgage Amount ( ) First Mortgage Interest Rate (%) Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 25 of 51

26 First Mortgage Monthly Payment ( ) Second Charge Mortgage ( ) - if applicable Second Charge Mortgage Interest Rate (%) if applicable Second Charge Mortgage Monthly Payment ( ) if applicable Secured Debt This field is automatically calculated by adding First Mortgage Amount to Second Charge Mortgage Amount. Secured Debt should be between 75% and 120% of Property Value. If not then a variations approval will be inserted and additional HCA sign-off will be required. Unsecured Debt Once all the above data has been entered, click the save icon of the screen to save the data. Once all data is saved select one of the following icons: in the top left - Proceed to the next task screen - Return to the previous task screen - Return to the task list Applicant Details Task screen, Current Financial Circumstances tab Completed Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 26 of 51

27 2A.4 Mortgage To Rent Refinance & HCA Payment Calculation Task Payment Calculation Mortgage to Rent Tab Mortgage Rescue Refinance & HCA Payment Calculation Task screen Payment Calculation Tab All of the fields in the above screen are automatically calculated except for: Written off by Lender Applicable where secured debt is more than Property Value less Household contribution. In which case the lender must write-off at least the secured debt less 97% of the property value. Repairs Please input the cost of any repairs Provider This field defaults to 45% but the Provider can input a lower figure. If a lower figure is input a scheme variations approval will be generated. The HCA regional office will approve Provider funding rates from 35% up. RCGF Please input any contribution from Recycled Capital Grant Fund OPS Please input any Other Public Subsidy Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 27 of 51

28 Timetable Tab Date of Exchange of Contracts must be earlier than or equal to today s date and later than or equal to the valuation date. Expected Date of completion Should be greater than or equal to the Exchange of Contracts date. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 28 of 51

29 2A.5 Mortgage To Rent Allocation Matching Task Allocation Matching Task screen Not started Select the Match icon in the above screen to show a list of Allocations that you can match the scheme to. In the Select Allocation screen below, highlight the particular allocation and click on the Select Allocation button. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 29 of 51

30 In the Select Schedule Entry screen below, highlight the row for the appropriate schedule entry and then click on the Select Schedule Entry button. The scheme should then match to the allocation schedule entry and the following message will be displayed: Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 30 of 51

31 2A.6 Mortgage To Rent Development Codes Task To enter the details of any Other Public Subsidy, double click on the Other Public Subsidy Grant Funded row. The following Other Public Subsidy Grant Funded screen will be displayed: Select the Other Public Subsidy source by ticking the check-box in the Select column and then enter the Amount in the Amount column. You must also enter a Comment in the comment field. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 31 of 51

32 2A.7 Mortgage To Rent Provider Submission Task To submit the scheme for HCA Approval, click on the Save button. The following certification window will be displayed: The following message will then be displayed. The scheme will now be subject to the approval by the HCA regional office. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 32 of 51

33 2B. Shared Equity Schemes 2B.1 Shared Equity Open Scheme Task (Open File) To open a new Shared Equity Mortgage Rescue scheme in IMS, select the Scheme menu and New Scheme The Open File task screen below will be displayed. Some fields will automatically be populated when the Open File screen opens: Sub Product Please select Mortgage Rescue from the drop-down menu Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 33 of 51

34 Route Select Partnership or Specialist depending on the Partnership type the bid was entered under. Partnership This will be automatically populated depending on what is selected for Route Grant Claimed Enter total grant to be claimed (including admin allowance) Mortgage Rescue Type Select Shared Equity Scheme Title Please insert a title which will make this scheme record easy to identify in any subsequent list of Mortgage Rescue schemes. Scheme Address 1 In the first field please enter house/flat number. The house/flat number must be entered for a Mortgage Rescue scheme. In the second part of the field please enter the specific street name. If the property is a flat or apartment in a building, please put the flat number in the first Scheme Address 1 field and then the building/development name in the second Scheme Address 1 field. Scheme Address 2 Enter area/town as appropriate Postcode Enter Postcode of scheme (must be in valid postcode format). Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 34 of 51

35 Location LA (Local Authority) Enter the three digit code for the Local Authority. To find a Local Authority code: click in the Location Local Authority field and rightclick to open the LA Search screen opposite: Enter partial Local Authority Code or Name information and select Find and the search screen will return all records matching those partial characteristics. Once the Local Authority has been located, highlight the row and select OK. The LA Search screen will close and the Location LA field will be populated in the Project screen with the LA code selected. HC Contact (should be HCA contact) A HCA contact must be selected. Left-click in the field and then right-click to see the HCA Contact search screen. This will display a list of HCA contacts for the HCA region where the bids is located. Please contact the local HCA Regional office if you are unsure who the HCA contact is. Contact details for each Regional Office can be found on the HCA site at When the contact has been identified, highlight the name and select Save. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 35 of 51

36 Duplicate Addresses For any given scheme address there may be duplicate addresses for schemes which have previously been opened. If so, the message below will be displayed: If you wish to view the duplicate addresses, select Yes and the following Duplicate Address Details screen will be displayed: Check you have entered your scheme address correctly in the Open File and then select the Duplicate Address check box before saving the Open File screen. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 36 of 51

37 Saving the Open Scheme record Once all the above data has been entered, click the save icon in the top left of the screen and the following Save Open Schemefile message will be displayed which confirms the following information: Example IMS Scheme Number (prefaced by HCA region code 21) Example Transaction Reference R Completed Mortgage Rescue Open Scheme Task screen: Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 37 of 51

38 2B.2 Shared Equity Properties Task Properties/Property Details Task screen not started Fields to be completed: Property Type Select either Terraced House, Detached House, Semidetached House or Flat/Maisonette from drop-down menu. Tenure Select Freehold or Leasehold from drop-down menu No. Of Bedrooms No. Of Persons must be between 1 and 20 Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 38 of 51

39 Properties/Property Details Task screen Completed Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 39 of 51

40 2B.3 Shared Equity Applicant Details Task Applicant Details Task screen, Applicant Details tab Not started Applicant Details Tab Fields to be completed: Name - Name of Lead Applicant Number of Adults in Household Number of Children in Household Vulnerability Classification - Select one of the following: Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 40 of 51

41 Applicant Details Task screen, Applicant Details tab Completed Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 41 of 51

42 Current Financial Circumstances Tab Applicant Details Task screen, Current Financial Circumstances tab Not started Fields to be completed: Number of People joining in Application Please enter the number (to a maximum of 4) Income Please enter each applicant s income. The total household income should be 60,000 or less. If total income is more than 60,000 a variations task will be inserted into the task list after submission which will be subject to specific approval by the HCA. Savings Please enter each applicant s savings Valuation Date Must be before today s date Property Value First Mortgage Amount ( ) First Mortgage Interest Rate (%) First Mortgage Monthly Payment ( ) Second Charge Mortgage ( ) - if applicable Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 42 of 51

43 Second Charge Mortgage Interest Rate (%) if applicable Second Charge Mortgage Monthly Payment ( ) if applicable Secured Debt This field is automatically calculated by adding First Mortgage Amount to Second Charge Mortgage Amount. Secured Debt must be between 60% and 75% of Property Value. Unsecured Debt Applicant Details Task screen, Current Financial Circumstances tab Completed Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 43 of 51

44 2B.4 Shared Equity Refinance & HCA Payment Calculation Task Shared Equity Tab Mortgage Rescue Refinance & HCA Payment Calculation Task screen Payment Calculation Tab All of the fields in the above screen are automatically calculated except for: Buyout % figure Cost of Repairs RCGF contribution from Recycled Capital Grant Fund OPS any Other Public Subsidy amount Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 44 of 51

45 Post Rescue Finances Tab Post Rescue Finances Tab not started All of the fields in the above screen are automatically calculated except for: Interest Rate - Enter interest rate Monthly Payment - Enter monthly mortgage payment Post Rescue Finances Tab completed Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 45 of 51

46 Timetable Tab Expected Date of RSL transfer (first mortgage) Expected Date of RSL transfer (second mortgage) Only if second mortgage exists. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 46 of 51

47 2B.5 Shared Equity Allocation Matching Task Allocation Matching Task screen Not started Select the Match icon in the above screen to show a list of Allocations that you can match the scheme to. In the Select Allocation screen below, highlight the particular allocation and click on the Select Allocation button. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 47 of 51

48 In the Select Schedule Entry screen below, highlight the row for the appropriate schedule entry and then click on the Select Schedule Entry button. The scheme should then match to the allocation schedule entry and the following message will be displayed: Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 48 of 51

49 2B.6 Shared Equity Development Codes Task To enter the details of any Other Public Subsidy, double click on the Other Public Subsidy Grant Funded row. The following Other Public Subsidy Grant Funded screen will be displayed: Select the Other Public Subsidy source by ticking the check-box in the Select column and then enter the Amount in the Amount column. You must also enter a Comment in the comment field. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 49 of 51

50 2B.7 Shared Equity Provider Submission Task To submit the scheme for HCA Approval click on the Save button. The following certification window will be displayed: The following message will then be displayed. The scheme will now be subject to approval by the HCA regional office. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 50 of 51

51 Step 3. HCA Approval and Grant Payment Once the Mortgage Rescue scheme has been submitted, the HCA regional office will then assess the submission and approve the scheme, as appropriate. This stage is known as grant confirmation in IMS. The HCA regional office will then authorise the grant payment which is automatically logged once the scheme is approved. The payment will be released according to the date entered in the scheme for either the expected date of RSL transfer (for Shared Equity) or the expected date of purchase completion (for Mortgage to Rent), subject to the scheme being submitted sufficiently in advance of these dates. Mortgage Rescue Scheme & Payment Processing in IMS for Providers v1.0 Page 51 of 51