Intake Form
Origination Requirements
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File Intake - LOA Loan Partner or LO Responsibility
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New Average Close Time Calendar for LO and Processors
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Correctly enter all 1003 Information for pre-underwrite
RESPA
If you have a RESPA application, (remember refinances cannot be a TBD because you have all 6 pieces required by RESPA that make an application), then complete 2.1 and 2.2 immediately. An LE must be given within 3 days of a RESPA application.
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Customer's Name
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Customer's Income (can be estimated by customer)
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Customer's Social Security Number
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Property Address
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Estimated Value of Property
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Loan Amount Being Requested
File Setup
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Credit pre-qualification, meaning you have pulled credit and determined that the borrower’s credit scores meet investor’s requirements. You have determined there are no disputes, they have enough trade lines and that you have included a payment for any debt (student loans) that is not reporting.
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If you have a TBD, please do not complete the address field until you have a property address. You can complete the estimated value field to run DU.
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At this time have your borrower e-sign the 4506 (compare the most recent tax returns to current address to complete the 4506 correctly) and sign the documents that need “real” signatures LOE Credit Inquiry, LOE Address Variations, Borrowers Authorization, Credit card for Appraisal or Condo Questionnaire.
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How to send Inquiry Explanation and the Address Explanation from encompass.
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Pipeline management requires the LOA, loan partner or originator to keep documented communication with the borrower a minimum of every 30 days. The file should move from credit pulled to pre-underwrite within three days. If the borrower is lagging in documentation needed for the pre-qualification or does not respond or does not wish to continue take proper Adverse Actions.
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2.2 RESPA Worksheet
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Read the contract for additional fees that are required (home inspection, survey, termite, septic, home warranty, etc.).
Obtain preliminary closing disclosure from the correct closing agent or our service provider. Enter fees from fee sheet into the 2015 Itemization and scan fee sheet to eFolder. How to Complete the Aggregate Setup Box
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Please remember when you are originating a loan, the loan templates that you select in Encompass are tied to the specific state you select. Therefore, if you are originating a loan for a different state, the Settlement Service Provider List must be manually updated in Encompass before you disclose. We will be held to zero tolerance for title, survey and pest fees if what was disclosed on the SSPL were not providers in the local area for the property.
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Please remember when you have to pull 2 credit reports (unmarried borrowers, non-occupying co-borrowers, etc.) that the credit report fee needs to be doubled prior to disclosure.
3 Merge Borrower 1: $42.80
3 Merge Borrower 2: $42.80
Checkup Borrower 1: $20.00 (checkup Joint Reports are $33.50)
Checkup Borrower 2: $20.00 Total: $125.60
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How to Originate and Process files with a TCF 2nd or outside 2nd lien or HELOC
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Search USPS for correct address.
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Search for correct property property taxes.
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Enter Listing & Selling Agent’s name, business name, address and license numbers in File Contact page
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Enter Seller name on the file contact page. If the seller is an LLC or business then verify the person(s) eligible to sign for the business and verify your borrower has not ownership in the business.
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Enter Closing Agent/Title Company name, address, license number, etc. in File Contact page
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Use the Mortgage Insurance service provider inside encompass to obtain MI quote and input correct MI amount. Basic Mortgage Insurance Information for all loan types. Chapter 3 see Mortgage Insurance.
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Check the 2015 Itemization page for escrow setups (aggregate adjustments). 2 months cushion. Alabama property taxes must be entered as 10/1/current year. ***If you do not do this the loan will be disclosed as a non-escrow loan.
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If you intended a non-escrow loan be sure that you have marked this correctly in the pricing engine and the rate is locked/quoted as a non-escrow loan.
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Verify borrower is making minimum investment required for loan type. See Chapter 3 for specific loan types and requirements.
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Verify seller/lender is not paying more than the allowable % of closing costs and pre-paids per loan type. Interested Party Contributions, Seller paid, Lender paid
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Reminder for Alabama loans: $0 on line 1103 for refinance and $0 on 1109 on all loan types.
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Reminder for Georgia Loans: Georgia Residential Mortgage Act Fee should go on line 1206, 1207 or 1208 on itemization for $10.00, it is an APR fee
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Reminder for Home Counseling Providers: Make sure that the Borrowers present address data is populated. If the longitude and latitude entry boxes are blank, re-enter the zip code manually (it’s the zip code of their present address – not the subject property). Once the longitude and latitude boxes populate, the Get Agency button should be clickable.
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Verify that there are no addresses discrepancies (addresses match from application to tax returns, pay stubs, W2s, bank statements, driver’s license).
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Run DU/LP/GUS.
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Add any outstanding conditions that you are aware of to the eFolder Preliminary Conditions Tab.
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This is the point when you must notify your processor for the pre-review of the file. The needed items/processing conditions will be listed in the eFolder under Preliminary Conditions and emailed to you. If your processor has any questions or concerns on the file they will submit the file to the underwriter for 2nd level review or if you, as the Loan Officer, feel a 2nd level review is needed due unique aspects of the loan advise your processor so that as soon as they do their part can request the file be credit reviewed by the Underwriter.
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Add this loan to your calendar so that at minimum you are touching base with them every 30 days as required by law and sending out proper notifications. You will need to keep track of this in the conversation log inside the loan in encompass
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You must enter the closing date.
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You must enter the Realtor information on the file contact page.
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Sending the initial loan disclosures (this link will give you step by step guide for sending disclosures)
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Email template to send to borrower when they are having issues accessing Mortgage Loan Disclosures
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Intent to Proceed Once this step completed the Loan Officer can collect appraisal payment and must move the milestone and file should be sent to processing.
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If you do not eSign at the time the disclosure package is sent to the borrower (s) and you use the emailed link to eSign later, the online portal will require our Instance ID.