Porter Team’s loan coordinator handbook
The Porter Team’s loan coordinator handbook
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table of contents 4 Create a New Encompass File 13 Pull Credit Report (CIC) 15 Request Title and Appraisal 17 Request Resoa Appraisal 20 Check for Inquiries 21 Send Disclosures via FexEx 22 Send eDisclosures 23 Join Documents in IDS 24 Disclosure Tracking 25 Update Monthly Income in Encompass 27 Update Accounts in Encompass 29 Update Monthly Insurance 30 Add Liabilities 31 Update Appraised Value 32 Update File Manager 34 Update File Manager - Splitting Docs 35 Rerun Findings DO/DU 37 Rerun Findings LP 41 Order Tax Transcripts 43 Send to Processing 44 Appendix A 45 Appendix B 46 Appendix C 47 Appendix D
create a new encompass file • Open Encompass • In the top right, click on the add page icon • When the new window opens select the proper loan type - Either double click on the loan or highlight it and press “Select Template”
• Now that a new blank loan screen is displayed, Click on “Borrower Summary” under the “Forms” tab • Fill in the basic application information - The sections in blue are necessary for credit to be pulled • Pull Credit Report through CIC - Make sure you clicked on “Import Liabilities”
• When complete, continue to “1003 Page 1” • Fill in the “Year Aqd”, “Purpose of Rfinance”, “Manner”, “Estate will be held in”, and the “Source of Down Payment”
• Scroll down a little bit and state the number of dependents and ages - Be sure to only separate the ages with a comma • Fill out the previous address if they have not been residing in their primary address for two or more years
• Scroll down to the bottom of the “1003 page 1” • In the Employment Information section, fill out EVERY line for all borrowers • Once EVERY line is complete click on “Show All (VOE)”
• After the new window pops up, scroll to the bottom and type in the “Base Pay” - If your borrower or coborrower has not been at his/her current job for 2+ years you can add prior jobs by clicking on the add page button in the top • You’ll be prompted to specify which borrower and the employment status, then click “OK” • Finally, fill out the name/address for the employer, and the dates hired & terminated and you’re done(“Base Pay” not needed)
• USPS all of the addresses entered into Encompass to verify they are correct www.usps.com - Run all addresses through “Look Up a ZIP Code” - Replace the previously entered address with the USPS address - Your processor may want you to utilize the full page USPS zip code finder and print/bucket the results into the file manager.
• Under “Forms” go to “2010 Itemization” • At the top of the screen click on the magnifying glass and select your branch (This will fill in some pricing fields relevant to your branch)
• Scroll down a little and add assets • Now scroll down to Update Insurance • Right below that update “Property Tax” - Here is a site that will help you get an idea for taxes… www.tinyurl.com/8zf456t
• Now Navigate to “1003 Page 2” under the “Forms” tab • Fill out the “First Mtg.” with the mortgage payment number you received from the previous step - The insurance and tax expenses should automatically populate if you entered them into the “2010 Itemization” as aforementioned
• Scroll down to the bottom and click “Show All (VOL)” • Check if there are payments showing zero in the new window - If there is a zero payment, take 5% of the balance and divide that by twelve - Replace the zero with this calculated number
• Navigate to “1003 Page 3” under the “Forms” tab • At the top of the screen click on Show All (VOM) • Press the add page icon in the top • Check the subject mortgage and click Okay
• Check the box that says “Subject Property” • In the “Property is used as” dropdown, select the intended purpose (i.e., Primary Residence) • Scroll down to the bottom and specify the “Type of Property” under the dropdown box and click Close - Remember the mortgage payment!
• Still on 1003 Page 3, scroll down and fill out “Declarations” & “Information for Government Monitoring” General application complete, but, please refer to index on how to update other aspects of the application!
pull credit report (CIC) • Go to “Loan” page • Click on “Services” • Select “Order Credit Report” • Click on “CIC Mortgage Credit, Inc.” • Press “Submit”
• Type your “Username” and “Password” • Fill in all of the borrower’s credit/debit card information - If you intend to collect the funds at a later date then skip the current step… • Select “Finish”
• Now go back to the “Loan” page • Go to “1003 Page 2” under the “Forms” tab - Can also be done from “Borrower Summary-Origination” • Now scroll down and “Import Liabilities”
• Once this new screen pops up, select “Import” • Quickly verify that the information imported into Encompass • Use the middle score
request title & Appraisal • Go to “Loan” page • Click on the printer in the top right
• Open the “Custom Forms” tab • Select and move “Request for Appraisal, Request for Title-Attorney, Tax Information Sheet” • Click on the “Preview” tab
• Complete the Company Name fields on appraisal/title • On Appraisal, mark the proper inspection to be completed and add “Please Invoice CMC” in the blank box to the right • Save these documents as a PDF and email them to the proper companies - Title the email as “New Order For NAME” - The appraisal email body should state “Please Invoice CMC”
request resoa appraisal • Go to www.dms.resamerica.net/dms/index.php • Type in your username and password • Select “Quote” as the type and search by “Borrower Name” • Press “Search”
• Press “Go” next to the desired borrow from the list below
• Fill in all marked areas - Use the Encompass BRE number for “Your File #” • Now click “Convert To Title Order” - And “Ok”
• Like before, fill in the marked fields • Press “Place Order” in the upper right
• Update conversation log in Encompass
check for inquiries after credit is run • Go to “Loan” page • Go to “Services” tab in the lower left • At the top of the list under “Order Credit Report”, select the “View Document” paper • Highlight the credit report in the tab and select “View Document”
• Once the new screen pops up, scroll to the bottom of the credit report and check for inquiries - If there have been inquiries, print off the bottom of the credit report that asks for explanations and outcome - Attach this to the (IDS) documents sent to the borrower
send disclosures via fedex • Go to “Loan” page • Select the “Services” tab • Click on “Order Doc Preparation”
• On the “Doc Preparation” screen click on the submit button • Check off the “Initial Disclosers” box and “Order”
• Click on “Continue” and select “Okay” when prompted - Join the 4506-T and borrowers cert (see below for details) • Click on the “Choose Specific Docs” box on the right side of the screen • Select the proper documents and click “Order Docs”
• On the IDS page, click on the name and select “Open” and then print • Send the files overnight via FedEx
send edisclosures • Go to “Loan” page • Select The “Services” Tab • Click on “Order Doc Preparation” • On the “Doc Preparation” screen cick on the submit button - Join the 4506-T and borrowers cert (see below for details) • Click on the “Show All” box on the right side of the screen • Click the “Unselect All” box • Select the “Patriot Act(s), 4506-T(s), & Borrower Cert” • Click the “Submit” Button • On the IDS page, click on the name • Save the documents to your desktop • Now, click on “Audit And Order” • Once back on the “Disclosure” page, select the proper documents and click “Submit” • On the IDS page, cick on “Options” next to the name • Select “Send To Fulfillment” - An automatic email will be sent to you and the borrower • Email borrower with a copy of the link and an attachment that includes the “Docs Needed Checklist, 4506-T, & Borrower Cert” that you saved to your desktop - Inform the borrower in the email that the attached documents require actual signatures
For screenshots, refer to “Send Disclosures via FedEx”
join documents in ids • Check if the Borrower/Coborrower have filed taxes jointly for 2 or more years - A good indicator is if they have been married for 3+ years • On the IDS document selection page, click on “Client Specific” on the left • Open the “4506-T Information” tab • In the drop-down, add spouses 1 & 2 • Click on “Audit And Order” and continue with the disclosure process
Disclosure Tracking - GFE & TIL • Send docs va IDS • Go to “Loan” page • Go to “Tools” tab in the bottom left • Select “Disclosure Tracking” • Click on the add page button on the middle left of the page
• Check the disclosures box and select ok
update monthly income in encompass
• Go to “Loan” page • Go to “Forms” tab in the bottom left • Select “VOE”
• In the top of the screen select either the borrower or the CoBorrower • Ensure the employer address is correct • Scroll down to “Gross Monthly Income” • Update the figures • Repeat the process as necessary for the CoBorrower (if applicable)
• Now, under “Forms”, Select “1003 Page 2” • In the top left Gross Monthly Income select the Paper/Pencil Button • Check the “Copy From Present Job In VOE” box and select OK • Repeat the process as necessary for the CoBorrower (if applicable)
update accounts in encompass • Receive bank statements • Review statements of bank accounts • Open Encompass and select the proper loan • Click on “Loan” tab • Select “Forms” in the bottom left • Go to “1003 Page 2” • Scroll down to “VI. Assets and Liabilities” • Click on “Show All (VOD)”
• Add a page • Type in the name of the bank under the “To: (Name & Address of Depository)” section - May require multiple entries and pages added if there are multiple banks (screenshot on next page)
• •
Scroll down to account information Update the necessary fields - May require multiple entries if there is both a checking and savings, etc.
update monthly insurance payments • Once you have received the HOI declarations, dalculate the monthly insurance payment • Now, on the “Loan” page, go to the “Forms” fab • Select “2010 Itemization” • Scroll down to line 1000 “Reserves Deposited with Lender” • Under this Section update in the “Homeowner’s Ins.”
• If payment dates have not been selected, click on “Aggregate Setup” on line 1011 • Select the appropriate dates
add liabilities • Click on “Loan” tab • Select “Forms” in the bottom left • Scroll down and go to “VOL” • A aarning box will pop up, click “No” • Press the add page button in the top right corner
• A new liability screen will display & fill out necessary fields: - “VOL is for” - “To: (Name & Address of Creditor)” - “Account Information” - “Debt Information”
update appraised value • Receive appraisal • Open the URAR • Go to the bottom of the second page • Use this amount for the updated appraisal
• Email the URAR the the borrower and also provide them a SITREP on their loan • In Encompass, go to the “Forms” tab in the lower left • Go to “Borrower Summary” • Scroll down to the section marked “Subject Property Information” • Update the value in “Appraised Value” with the value from the URAR
update File manager • Move documents of interest to the desktop • Open Encompass to the proper borrower • In the “Loan” tab, click on “eFolder”
• In the new window displaying the buckets, click on “File Manager”
• Drag document from the desktop to the file manager • Drag documents to the proper buckets • Click “Close” when all documents are in buckets
Note: Documents will remain in the file manager if not placed into buckets Refer to Appendix D for the bucket list
update File manager splitting docs • Follow aforementioned steps to place documents in the “File Manager” • Split the item if multiple documents are combined by clicking on the button shaped as two-pages
• Drag the Split Documents To The Proper Buckets
Note: Documents will remain in the file manager if not placed into buckets Refer to Appendix D for the bucket list
rerun findings do/du • In the (eFolder) File Manager, move the old underwriting files to the “Z-Junk” bucket • Exit out of the eFolder • Go to “Loan” page • Select the “Services” tab in the lower left • Click on “Request Underwriting”
• Select “Fannie Mae DO for ePass” •Click the “Submit” button
• In the upper left, select “Submit to DO for ePass”
• On the password screen click on the “Submit” button • Now, press “Submit” on the “Services View” page
• Check the assets for verification
rerun findings lp • In the (eFolder) File Manager, move the old underwriting file to the “Z-Junk” Bucket • Exit out of the eFolder • Go to “Loan” page • Select the “Services” tab in the lower left • Click on “Request Underwriting”
• Select “Freddie Mac’s Loan Prospector for ePASS” • Click the “Submit” button
• In the upper left, select “Submit Loan to LP”
• Once the new screen pops uo, select “Pass a reference number from a previously ordered tri-merged credit report to LP” • Click “Next” (screenshot on next page)
• Select “Eqifax Mortgage Solutions” in the drop-down tab • Type the reference number from the prior credit report into the empty box below “Credit Reference Number” - (Then It Will Be Displayed Like Below)
• Click on the “Submit” button If resubmitting and you get an error, try to input “CL” in front of the credit reference number
• Input the LP login and password from the intranet - Login: cmc153_dwalker - Password: Mortgage50 • When prompted, ask it to remember the password (this will continue to work until the password is changed…) • Now press “Submit”
Notice, you may “Continue” through the “Incomplete Loan Application” box if the fields aren’t necessary
• Import Findings To Encompass By Selecting “Send to Your System”
Please make sure to import findings (even if you get an error on credit). Failure to do so will result in a new file being submitted each time thus allowing for full LP charges being assessed multiple times!
order tax transcripts • Make a copy of the signed 4506-T on the desktop • Go to, https://www.taxreturnverifications.com/TRVStore/GetStarted/ • Enter your Username/Password and then “Login”
• Click on “Create a New Tax Return Report Order”
• Use Last Four Digits Of The “Loan #” In Encompass For The “Tracking #” • Fill In The “Taxpayer Name, SSN(s)” • Check-Off 3 Most recent “Years” Of Returns • “Browse” Your Desktop And Select The Signed Copy Of The 4506-T • Press “Continue”
send to processing • Go to “Loan” page • Go to “Log” on the middle-upper left • Minimize “File Started” • Click on “Application” • Check off on ”Permission To Pull Credit”
• Check off on “Finished” • Click on “Send To Processing” • Check off on all the boxes to the right under “Tasks” • Under “Loan Processor” box, click on the magnifier glass and select “Processing Queue” • Check off on “Finished”
• Close out of loan and select OK when prompted (may be prompted to do so more than once)
APPendix a Borrower:________________________________________________________________ Closing Date:_____________________________________________________________ Loan Type:_______________________________________________________________ Lock Expiration:___________________________________________________________
Outgoing Documents Checklist ____GFE/Lock Date In Compliance ____Request Title___________ & Appraisal____________ ____Check For Inquires On CIC → None____ Printed____ ____Send Documents via IDS ____4506-T, Borrower Cert, and Patriot Act Printed Off ____Join Borrowers (Married For 3+ Years) ____Sent to borrower with Doc List & Inquiries ____Disclose On GFE & TIL [After Printing Package] ____Update Conversation Log
APPendix b Borrower:________________________________________________________________ Closing Date:_____________________________________________________________ Loan Type:_______________________________________________________________ Lock Expiration:___________________________________________________________
Documents Received Checklist ____USPS Employment & Subject Property ____Calculate Monthly Income On Paystubs ____Update Monthly Income In Encompass ____Update Assets In Encompass ____Update Monthly Insurance Payments ____Documents Placed In Proper Buckets ____Rerun Findings & Move Old Findings To Z-Junk ____Update Conversation Log ____Send To Processing
APPendix C Borrower:________________________________________________________________ Title (Requested) ______________________ (Received) _________________________ Appraisal (Requested) __________________ (Received) _________________________ Initial Disclosures (Sent) ________________
(Received) _________________________
Docs Needed (Sent) ___________________
(Received)_________________________
4506-T____________________________________________________________ Borrower Cert_______________________________________________________ Assets W/Account #s_________________________________________________ 2yrs W2s___________________________________________________________ Paystubs___________________________________________________________ HOI_______________________________________________________________ Sales Contract/Owners Title____________________________________________ Inquiries___________________________________________________________ Driver’s License/SS Card______________________________________________ Other _____________________________________________________________ __________________________________________________________________ __________________________________________________________________ Status __________________________________________________________________
APPendix D Pertinent Buckets For The Loan Coordinator 01- Application-HUD92900 – HUD 92900 01- Application 1003 – 1003 02- Explanation letters – All Letters Of Explanation 03- Income- current paystubs – Paystubs 03- Income-W2/1099/tax returns – W2s, 1099, & Tax Returns 04- Asset-bankstatment/gift – Bank Statements 05- Property-sales contract – Sales Contract 06- Disclosure (GFE/CC) – GFE 06- Disclosure (TIL) – TIL 06- Disclosures (remaining) – All (excluding TIL, GFE, & Interest Rate Agreement) 06- Lock/float agreement – Interest Rate Agreement 06- Patriot Act/ Picture ID – Patriot Act Form, IDs, Social Security Cards 07- Invoices (all) – All Invoices 08- FHA Case Number assignment – FHA Case Number 09- Borrower current (current HOI/title policy for reissue/mortgage statement) – Declarations Appraisal – Appraisal Title Report – Title
christopher forbes Loan Coordinator Churchill Mortgage Brentwood, TN 888-562-8634 ext. 176 Fax (615)-691-7597
porter team’s loan coordinator handbook