our TRID User Guide

 Revised – April 19, 2016 4/19/2016 Contents Accessing the Wholesale Website ................................................................................................................ 3 Registering a Table‐Funded Loan .................................................................................................................. 4 Registering a Mini Correspondent Loan ....................................................................................................... 8 Registering a Prequalification ....................................................................................................................... 9 Inputting MI ................................................................................................................................................ 10 VA Funding Fee ....................................................................................................................................... 11 FHA Up Front MIP ................................................................................................................................... 12 USDA MI .................................................................................................................................................. 13 Conventional MI ...................................................................................................................................... 13 Inputting Escrow Information ..................................................................................................................... 14 Fee Entry/Evaluation ................................................................................................................................... 21 Details of Transaction ................................................................................................................................. 24 Origination Charges ................................................................................................................................ 25 Services You Can Not Shop For ............................................................................................................... 26 Services You Can Shop For ...................................................................................................................... 27 Taxes and Other Govt. Fees .................................................................................................................... 29 Prepaids .................................................................................................................................................. 30 Initial Escrow Payment at Closing ........................................................................................................... 30 Other ....................................................................................................................................................... 31 Fee Evaluation Results ................................................................................................................................ 31 VAFF‐Related Failures ............................................................................................................................. 33 FHA UMIP‐Related Failures ..................................................................................................................... 33 Generating and Disclosing a Loan Estimate ................................................................................................ 34 Editing or Removing a Fee .......................................................................................................................... 37 Intent to Proceed ........................................................................................................................................ 37 Pre‐submission Change of Circumstance .................................................................................................... 40 Post‐Submission Change of Circumstance .................................................................................................. 41 Service Provider Assignment ...................................................................................................................... 42 Uploading the Initial Submission Package .................................................................................................. 44 Accessing Compliance Dates & Disclosure History ..................................................................................... 45 Adding a Service Provider ........................................................................................................................... 46 Requesting a Fee Quote .............................................................................................................................. 46 2 Questions .................................................................................................................................................... 50 Accessing the Wholesale Website To access the Freedom Mortgage Wholesale website, type https://www.freedomwholesale.com into your browser’s address bar. Figure 1 1. Click the Login Link at the upper left‐hand corner 2. Enter your user name and password and click Login 3 Figure 2 Registering a Table‐Funded Loan 1. To register a table‐funded loan, click the Register Loan link under the Loan Center tab Figure 3 2. Choose Broker for the Type of Business Line 3. Indicate whether the transaction is a Prequalification by clicking the correct radio button 4. Indicate whether an LE has been generated for the file being registered. If the file you are trying to submit does have an LE, you will need to indicate from the dropdown the outcome of the previous Loan Estimate; Withdrawn, Denied by Broker, Denied by Lender, or Brokers LE Expired. 4 Figure 4 5. Upload the previously generated LE by selecting the file. Figure 5 6. Either Upload the 3.2 file using the Upload Registration radio button and selecting the file, or choose Manual Registration. For manually registered files, all fields with a red asterisk are required prior to moving to the next tab, i.e. Borrower Information, Verify Information located at the top. 5 7. Choose the application date for the file from the calendar tool. Remember, an application exists when you have collected the six pieces of information: Consumers’ name, Social Security number, income, subject property address, value, and loan amount sought. 8. After verifying the loan information is correct and clicking on the Next Page button the “Additional Information” page appears. This page records all of the information that used to be captured on the Loan Submission form. Therefore it is no longer necessary to fill in that form and included it in with the Initial Submission Package. This information flows automatically into the file and the form is stored in the document center. Figure 6 6 The information required on this screen is marked with a red asterisk. Which includes: a. If there is to be an escrow waiver b. The contact information of the loan officer. c. The contact information of the brokerage processor. d. The primary contact information. e. If there are to be other vested parties on the loan please indicate the name(s), select the borrower on the Joint With pull down and select the relationship with the borrower also from the pull down menu. (If there are no vested parties please leave these fields blank). f. If a contract processing company is to be used that should be selected from the pull down menu. g. Additional Comments may be typed into that box. Figure 7 7 9. Once you have filled out the additional information screen and checked to make sure that all information is correct under the Verify Information tab, click Save and Register Loan located at the top and the bottom of the page. Figure 8 10. From here you can either lock the loan, print your registration confirmation, register another loan, or return to your pipeline. Figure 9 Registering a Mini Correspondent Loan 1. The registration process for a Mini Correspondent loan is similar to the registration process for a brokered loan. Rather than choosing the Broker radio dial for Type of Business Line, choose Wholesale Correspondent. 8 Figure 10 2. The registration process is identical to that of a brokered loan. See steps 5 through 8 above for further detail. 3. It is worth noting that on Wholesale Correspondent files, you can upload the initial submission package without running the Fee Entry/Validation and generating an LE from the website. See Uploading the Initial Submission Package. Registering a Prequalification 1. To register a prequalification, choose the Type of Business Line, i.e. Broker or Wholesale Correspondent 2. Select the radio dial next to Yes for Prequalification 3. Indicate whether a Loan Estimate was previously issued for the file you are registering. 9 Figure 11 4. Continue with the registration process as noted in steps 5‐8 above, with the exception of the application date. It is worth noting here that property information for the file will be absent (with the exception of the zip, state, county and city) since you are registering a prequalification. Figure 12 5. It is worth noting that on a prequalification file, you are not required to input fees, preform an evaluation, or generate an LE until after the subject property is identified. Inputting MI On files with Mortgage Insurance, you will need to input the MI data prior beginning the process of generating a Loan Estimate *Note* Regardless of file type, you are required to enter the MI information in the MI screen. Skipping this step will cause the following message and you will not be able to manually input the MI amount from the fee entry screen. 10 Figure 13 1. To access the MI screens, click LE 1st Step MI from the Action Dropdown menu Figure 14 VA Funding Fee 1. To enter a VA Funding Fee, you will first need to set the Veteran Flag (this should always be Borrower #1) Figure 15 2. Next, answer the dropdown questions regarding the borrower’s military service and status. 3. Click the Get & Apply MI button to populate the VAFF info below. 11 4. The anticipated closing date should pull in from the registration process. If for whatever reason it is missing, please populate as shown above. 5. The appraised value/estimated market value, sales price, LTV and CLTV are calculated based on the registration information. 6. The VAFF coverage amount is calculated based off the information you entered on this screen and the registration information. Figure 16 FHA Up Front MIP 1. To enter FHA UFMP, choose MI from the Actions Dropdown menu. 2. Input the FHA Case Number and the Endorsement Date of Previous Loan if applicable. Figure 17 3. The appraised value/estimated market value, sales price, LTV and CLTV are imported during the registration process. 4. Click the Get & Apply MI button 5. The FHA UFMIP is calculated based off the information you entered on this screen and the registration information. 12 Figure 18 USDA MI 1. To enter USDA MI, choose “Get & Apply MI.” There is simply one choice for USDA Loans. Figure 19 Conventional MI 1.
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To enter Conventional MI, choose MI from the Actions Dropdown menu. Choose whether the MI is lender paid via the dropdown box Choose the payment option, either Monthly or Single Choose whether the MI is refundable Hit Get & Apply MI *Note – LPMI will default to Single Premium, non‐refundable* 13 Figure 20 6. The monthly/single‐premium MI tables are calculated based off the information you entered on this screen and the registration information. Figure 21 Inputting Escrow Information On files where Escrows are required or are not waived, you will need to input the escrow data prior beginning the process of generating a Loan Estimate. 1. To do so, click on the loan in your loan pipeline. 2. Access the LE 2nd Step Calculate Escrows option from the Action Dropdown menu on the left side. 14 Figure 22 3. Ensure that the escrow waiver options are correct in the upper right‐hand portion of the screen. Figure 23 4. Anticipated Closing Date and First Payment Date are imported during the loan registration process. 15 Figure 24 5. An interest credit can be applied by choosing Yes from the dropdown to the right of Insert Credit. *Note – an interest credit can only be applied if the anticipated closing date is within the first 7 to 10 days of the month, depending on loan type.* Figure 25 6. Choose the frequency of the escrow disbursement via the appropriate dropdown box. Figure 26 7. Input the Due Date 16 Figure 27 8. Input the Annual $ Amount Figure 28 9. Input the number of months you wish to escrow for 17 Figure 29 10. Cushion is automatically calculated for you and is not included in the closing fee calculation. Figure 30 11. The closing fee will be calculated based on the information you provided to the left. Figure 31 12. You can add escrow types by clicking on the Add Escrow Type button 18 Figure 32 13. Follow steps 6 through 12 to complete the addition. Repeat as necessary for additional required escrows. 14. Click the Save button on the lower‐right to apply the escrow data to the loan 15. Once the escrow information is successfully applied, you will receive a confirmation message at the top left of the screen. Figure 33 Figure 34 16. Click the Return to Pipeline button to return to the loan pipeline, or click on the Calculate MI link to go directly to the Calculate MI function. 19 20 Fee Entry/Evaluation 1. To perform the fee entry and to generate the Loan Estimate, choose LE 3rd Step Fee Entry & Create LE from the action dropdown menu. Figure 35 Figure 36 2. Input the required MLO license and contact information on the Loan Details tab. 3. Ensure that the Escrow information is correct. 21 4. For a refinance, input the Payoffs and Payments info at the bottom of the screen Figure 37 Figure 38 5. Both the Lender and Seller Credit, are entered as a lump sum amount; there is no need to allocate these credits. Figure 39 22 6. Click on the Save button on the lower‐left corner to apply the information to the loan. 7. Click on the Fee Entry & Evaluation tab at the upper‐center of the screen to return to the LE generation process. 23 Details of Transaction 1. The Details of Transaction tab at the far‐right of the Fee Entry/Evaluation & Generate LE screen provides a high‐level view of important loan parameters. 2. Each of these fields is read‐only and therefore cannot be edited directly from this screen. To change any of these parameters you would need to update the appropriate fee tabs or request a Change of Circumstance. Figure 40 24 Origination Charges 1. Ensure that the prepopulated fees are correct based on the loan parameters. Figure 41 *Please note that on floating files, the Loan Discount Points or Lender Credit are based on the pricing at the time of registration and will not change unless the file is locked.* 2. To add a fee, click the Add Fee button on the lower‐left side of the screen. 3. Select the fee from the Select Fee dropdown box. Figure 42 4. Allocate the fee as desired, i.e. Buyer or Seller. Indicate whether the fee is POC by clicking the checkbox. 5. Indicate whether the fee is an affiliate fee by using the Affiliate dropdown box. 6. Click the Add button to add the fee or fees, or Cancel to exit the Add Fee interface. 25 Services You Can Not Shop For 1. Once you are done with Origination Charge, click the Services You Can Not Shop For tab to the right. This tab contains all of the Box B fees on the Loan Estimate. Figure 43 2. Like on the Origination Charge tab, certain fees are pre‐populated, depending on loan type and subject property location. 3. To add fees, follow step 2 above. 4. Some fees can be edited. If you elect to edit a fee, you will be responsible for adding the service provider information, as well as providing a fee quote. To edit a fee, see Editing a Fee. *Please Note – The only fee that can be marked as POC during generation of the initial LE is the Credit Report Fee* 26 Services You Can Shop For 1. Once you are done with the Services You Can Not Shop For tab, click on the Services You Can Shop For tab. This tab contains all of the Box C fees. Figure 44 2. The title fees and endorsement fees are grouped together. 27 3. Some fees can be edited as well. 4. You also have the ability to add fees as necessary. 28 Taxes and Other Govt. Fees 1. Once you are done with the Services You Can Shop For tab, click on the Taxes and Other Govt. Fees tab. This tab contains the Box E fees on the Loan Estimate. Figure 45 2. As with the previous tabs, some fees are prepopulated. 3. Some fees can be edited. 4. You also have the ability to add fees as well. 29 Prepaids 1. Once you are done with the Taxes and Other Govt. Fees tab, click on the Prepaids tab. This tab contains the Box F fees on the Loan Estimate. Figure 46 2. As with the previous tabs, some fees are prepopulated. 3. Some fees can be edited. 4. You also have the ability to add fees as well. Initial Escrow Payment at Closing 1. Once you are done with the Prepaids tab, click on the Initial Escrow Payment at Closing tab. This tab contains the Box G fees on the Loan Estimate. Figure 47 30 2. This tab represents the Escrow items you input earlier. While nothing shows here, the fees are present on the Loan Estimate. Other 1. Once you are done with the Initial Escrow Payment at Closing tab, click on the Other tab. This tab contains the Box H fees on the Loan Estimate. Figure 48 2. Input and add fees as necessary. Fee Evaluation Results 1. Once you are done inputting fees under the Fee Entry & Evaluation tab, you will need to click the Save/Validate Changes button at the lower‐left side of the screen. 31 Figure 49 2. Evaluation results show next to the Fees Evaluation. The example above shows Not Applicable because the evaluation has not been performed. 3. Sometimes you will receive an error and your evaluation status will not change. Refer to the error details for further information. Figure 50 4. Sometimes the evaluation will return a Fees Rejected status. Refer to the tabs with the red stop sign for further information. 32 Figure 51 5. Make any necessary adjustments, if applicable, and hit the Save/Validate Changes button again. *Note – tabs with the yellow yield sign contain warnings. Warnings will not prevent you from generating an LE, but contain information that may be relevant to your file.* VAFF‐Related Failures A. For files with a required VAFF, you may get a Fees Rejected status if you did not input the VAFF or mark the borrower as exempt, if applicable. Figure 52 B. To clear this error, please input the MI information as shown in the MI section. FHA UMIP‐Related Failures A. For files with required UFMIP, you may get a Fees Rejected status if you did not input the UFMIP as required. Figure 53 33 B. To clear this error, please input the MI information as shown in the MI section. 6. Once you have a Fees Accepted status, the Fee Evaluation will say Fees Accepted and the Generate LE button will turn green and allow you to begin the LE generation process. Figure 54 Generating and Disclosing a Loan Estimate 1. Once you have a successful fee evaluation, you can generate the Loan Estimate to send to the borrower. 2. Begin by clicking on the Create and Preview LE button as shown in the figure above. 3. You will be given the option to either request a fee quote, or continue with the LE generation process. Figure 55 4.
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Should you elect to request a fee quote, you may click the Yes‐Request Fee Quotes button. If you do not want to request a fee quote, click No‐Create LE. To return to the fee entry screen, click Return to Fee Entry. A new window will pop up which allows you to specify delivery type (mail or eSign) 34 8. Verify the borrower information and mailing address *Note – an email address is required for all borrowers should you elect to disclose electronically. 9. Ensure that the Mortgage Loan Originator’s email is present and correct. 10. Click submit once you have selected delivery method and confirmed the borrower information. Figure 56 11. You will be given a chance to confirm the LE disclosure. Click OK to finalize the delivery to the borrower. 35 Figure 57 12. A confirmation message will appear. Figure 58 36 Editing or Removing a Fee 1. To edit a fee amount, simply change the amount displayed under either the borrower or seller column, if applicable. 2. To add a service provider under Section C, click the Edit link beneath the desired fee. 3. Input the Name and Phone Number of the service provider, at minimum 4. Click Apply to save the service provider information. 5. Enter in the fee amount. Figure 59 6. Fee amount or service provider information will not be “saved” until you hit the Save/Validate Changes button on the lower left. Figure 60 Intent to Proceed 1. Once the borrower has provided you with Intent to Proceed, you will need to tell us when and how you received the ITP. To do so, click Intent to Proceed from the action dropdown menu. *Note – Intent to Proceed requires an open and active Loan Estimate* 37 Figure 61 2. Once you click on Intent to Proceed, you will need to indicate the date on which you received the ITP from the borrower, the method by which you were informed (via the dropdown menu,) any special instructions you might want to add, and include any supporting documentation you might have. Figure 62 38 3. Click the Upload Document button. 4. Confirm that you wish to complete the Intent to Proceed. Figure 63 5. A confirmation message is provided. Figure 64 39 Pre‐submission Change of Circumstance 1. Sometimes it may be necessary to request a change of circumstance prior to receiving the signed or acknowledged docs from the borrower. An example of this may be changing doc type. To do so, select Change Circumstance PRE from the Action Dropdown. Figure 65 2. Once you click on Change Circumstance PRE, you will then be able to initiate the COC request. Please note that pre‐submission COC requests are limited in scope due to the fact that we have not received the initial submission package/ITP. Figure 66 3. Select the change circumstance reason by selecting the appropriate checkbox or checkboxes. 40 4.
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Include any fee changes in the notes section. Indicate the method of discovery using the dropdown menu on the upper‐left. Indicate the date of discover below the method of discovery. Upload the supporting documentation for the change in circumstance. Our internal team will process the request and issue a revised LE to the borrower on your behalf. Post‐Submission Change of Circumstance 1. After we have received the Intent to Proceed and you have uploaded the initial submission package, you will then be able to request a post‐submission change of circumstance. 2. To access the post‐submission change of circumstance, select Change Circumstance POST from the Action Dropdown menu. Figure 67 3.
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Select the change circumstance reason by selecting the appropriate checkbox or checkboxes. Include any fee changes in the notes section. Indicate the method of discovery using the dropdown menu on the upper‐left. Indicate the date of discover below the method of discovery. Upload the supporting documentation for the change in circumstance. Our internal team will process the request and issue a revised LE to the borrower on your behalf. 41 Figure 68 Service Provider Assignment 1. Should the borrower elect to use another service provider other than those disclosed on the Loan Estimate, where applicable, you can make those updates by accessing Service Provider Assignment via the Action Dropdown Menu. Figure 69 2. Select the service provider to be replaced by clicking the appropriate checkbox under Lender Selected next to the fee in question. 3. Click the Add Provider link and input the service provider information. See adding a service provider for more information. 42 Figure 70 4. Input the Service Provider information the borrower provided you with Figure 71 5. In the example above, the borrower chose their own survey company. 43 Figure 72 Uploading the Initial Submission Package 1. After you receive the Intent to Proceed from the borrower, you can now upload the initial submission package. To do so, navigate to the Wholesale Document Center in your pipeline view, making sure the correct loan is highlighted in green. 2. Click on the Upload/Submit Loan Docs link. 3. Select the document name from the dropdown (Initial Submission Package). 4. Select the correct file and click the Upload Document button. 5. Click the checkbox indicating the file is ready for review. Figure 73 44 Accessing Compliance Dates & Disclosure History 1. To view key compliance milestones as well as the disclosure history for a file, click on Disclosure History from the Action Dropdown menu. Figure 74 2. The Disclosure History shows key compliance milestone dates such as application date and Intent to Proceed date. It also shows Loan Estimate tracking dates, the Closing Timeline, and the Closing Disclosure Tracking. Furthermore, you can also see the date eConsent authorization was received from the borrower. Lastly, you can see the disclosure history with the most‐recent disclosure always appearing at the top. 45 Figure 75 Adding a Service Provider 1. To add a service provider in Section C, please refer to Editing a Fee. Requesting a Fee Quote 1. You can request a fee quote from the web at any time during the Fee Entry/Validation process by clicking the Request a Quote button at the bottom of the screen. 46 Figure 76 2. Once you click on the Request a Quote button, a window will pop up that varies depending on loan purpose. Figure 77 47 3. You may choose up to 6 inspections, not including the pest inspection. On a refinance, the Original Amount of Debt Being Refinanced and the Unpaid Balance of Debt Being Refinanced are required to complete the quote. 4. Once all the information is correct, click the Submit button on the lower‐left side of the screen. 5. Choose the fees you want to pull into the file by clicking the check box to the left of the appropriate fees. The list of available fees varies by file type, as well as state, city, and county. 6. Click the Import Selected Fees button. 48 Figure 78 7. The selected fees are now available to allocate in the file as necessary.
49 Questions For assistance with the Fee Entry/Validation & LE generation process, please contact the Freedom
Mortgage Help Desk at 1-800-871-6467.
50 4/19/2016