Uploading Documents to the efolder. Completing the Canceled Screen

Transcription

1 ISSUED 02/20/2014 PAGE 1 OF 5 Uploading Documents to the efolder 1. Ensure all documents obtained in relation to originating the loan are uploaded to the efolder. This includes but is not limited to (as applicable): the 1003, 92900A, Credit Report, Appraisal, GFE, TIL, other miscellaneous initial disclosures, and Credit Report & Appraisal invoices. Completing the Canceled Screen Officer/ 2. There are two manners in which to cancel loans in Encompass. The first is referred to as a Quick Cancel and is used for loans in the Prospects (Retail) or TPO Pending (Wholesale) folder. s are only eligible for a Quick Cancel if they meet one of the following criteria: a. The loan was entered in Encompass, but we DID NOT receive the 6 pieces of information (for RESPA*) AND disclosures were never sent to the borrower; or b. We DID receive the 6 pieces of information (for RESPA*) AND initial disclosures were issued HOWEVER the borrower did not respond and we do not have signed disclosures. c. It is a duplicate loan, loan created in error, or never a real loan (i.e. a sample or test loan) If your loan falls under a., b. or c. above, go to the Encompass Canceled Form (screen), Quick Cancel section, and check the appropriate box. The loan will be canceled, will fall out of the active pipeline, and will be moved to the Canceled-Denied folder. If the message, This loan does not qualify for Quick Cancel appears, you cannot check boxes in this section. If you believe your loan should be a Quick Cancel, contact Jimmy Vuong ([email protected]). For loans that had disclosures returned a Processor or Account Manager can cancel by proceeding to Step 3. * RESPA 6 Pieces of Information (for a complete application) 1) Borrower s name 4) Property Address 2) Borrower s gross mo income 5) Estimated property value 3) Borrower s SSN 6) amount sought

2 ISSUED 02/20/2014 PAGE 2 OF 5 Completing the Canceled Screen (Continued) 3. To cancel a loan that does not meet the Quick Cancel criteria, complete the Cancelation Request section of the Encompass Canceled Form (screen). a. Answer all Yes/No questions in the first subsection (additional questions may appear, based on your answers; you must answer all questions before proceeding). b. Enter a detailed explanation for canceling the loan (i.e. Borrower changed her mind and is not ready for a mortgage obligation at this time). c. Check the appropriate box under Select One in the Detailed Reason for Canceling subsection. BORROWER S REQUEST Choose this option if the borrower withdraws the application prior to a decision being made on the loan. CLOSED FOR INCOMPLETENESS Choose this option if a full application was received and a request for additional information was sent to the borrower, and then the borrower failed to provide additional information required to make a credit decision within 30 days of the request. FILE APPROVED - NO RESPONSE Choose this option if the file was approved but the borrower or broker failed to respond to further communication within 30 days of loan approval. FILE SUSPENDED - NO RESPONSE Choose this option if the file was suspended by Underwriting and the borrower or broker failed to respond to further communication within 30 days of loan suspense. d. Enter the cancelation date in the Date field in the lower right corner of the Cancelation Request section; your name will appear in the Canceled By field. e. Save and exit the file. The loan will be reviewed by personnel. If it passes a compliance review it will be canceled, will fall out of the active pipeline, and will be moved to the Canceled-Denied folder. If it does not pass a compliance review, you will receive an requesting additional information. Please comply with the request within 72 hours (3 business days). s will fall off this pipeline view after the final audit date is entered.

3 ISSUED 02/20/2014 PAGE 3 OF 5 Auditing the Cancelation Request 4. Cancelations will be managed with pipeline views. The Canceled Not Cleared pipeline view shows files canceled by the Account Manager with no final review date (entered on the Canceled Form by Staff); use this view for following up on files in the cancelation process. Go to the Encompass Canceled Form (screen) and complete the following sections: a. Document Checklist For each item that appears in the checklist: Look in the efolder to confirm the item is present and meets specified criteria (i.e. signed by the borrower, dated within 3 days of the 1003, etc.). Check the Received box only if the item is present and correct. Complete the Notes field next to the item if the item is not present and correct. If any item is not checked as Received send an e- mail to the Account Manager: o Type Cancel Pending along with the loan number in the subject line. o Indicate additional information is needed to be in compliance with the file cancelation in the body of the . o Record all requests to the Account Manager in the Conversation Log. Follow-up on each file at least once per week. Notify VP Operations if any file has been reviewed but not cleared within 21 days (3 weeks) of initial review. b. Review Section After completing the Document Checklist section, enter the date of initial review in the date field and your name will appear as the Reviewer. Upon final review, after all documents in the Document Checklist are checked as Received, enter the date of final review in the final date field under the All required Documents have been received heading. NOTE: Complete Steps 5 & 6 of this procedure before adding the final review date.

4 ISSUED 02/20/2014 PAGE 4 OF 5 Completing the HMDA Information Screen 5. Go to the Encompass HMDA Information form (screen) and review to ensure all fields in the following sections have a value; if fields are blank, see bulleted notes for completion: a. Information section Preapprovals Should always be Not Applicable HOEPA Status Should always be Not a HOEPA b. Property Information section Property Type See AFN Borrower Summary Origination form (screen) Property Type field: o If any of the following, select One-to-Four Family Attached Condominium Detached PUD o If Manufactured Housing, select Manufactured Housing o AFN does not offer Multifamily Dwelling (>4 units) c. Origination Information section Type of Purchaser Select was not originated or not sold for all canceled loans Action Taken Complete according to the reason for cancellation on the Canceled Form: Canceled Form Reason BORROWER S REQUEST* CLOSED FOR INCOMPLETENESS* FILE APPROVED-NO RESPONSE FILE SUSPENDED-NO RESPONSE = HMDA Reason Application Withdrawn File Closed for incompleteness Application approved but not accepted File Closed for incompleteness * Look at the Log tab and be sure the Decisioned milestone was not completed. d. Information for Government Monitoring section Ensure these fields have a value for each borrower (do not use the Not Applicable option): Ethnicity Race Sex IMPORTANT: Do not record a Reason(s) for Denial on a canceled loan.

5 ISSUED 02/20/2014 PAGE 5 OF 5 Completing the HMDA Information Screen (Continued) 6. HMDA Information form (screen) - If the following fields are missing a value, go to the Tools tab and select Compliance Review; click the [Review] button to run the compliance check, which will populate values on the HMDA Information form (screen). a. Information section Rate Spread (only if loan was locked) b. Property Information section MSA Number County Code State Code Census Tract Monitoring Pipeline Views and Moving s 7. At least once weekly, access the Move to Canceled-Denied Pipeline View and move canceled loans to the Canceled- Denied folder: Right-click any loan in the list to see an action menu and select the Select All on this Page option. Right-click any of the selected loans to see the action menu and select the Move to Folder option, and then select Canceled-Denied. 8. At least once weekly, access the Move to (Trash) Pipeline View and move loans to the (Trash) folder: Right-click any loan in the list to see an action menu and select the Select All on this Page option. Right-click any of the selected loans to see the action menu and select the Move to Folder option, and then select (Trash).