Author: VanDyk Mortgage

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July 2022 Newsletter

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VanDyk Mortgage News: July 15, 2022

Posted on | by VanDyk Mortgage | 3 Comments on VanDyk Mortgage News: July 15, 2022

 

  • Lightning Closings Are Here!

We are pleased to announce our new Lightning Closing Procedure will being going live next week! Here is how it will work: Submit your Closing Request as soon as your CD is issued – your file doesn’t need to be in Resubmittal or Clear to Close status. As long as your closing request is submitted 48 hours prior to your requested ECD, you are on track to hit your closing date. Once your loan is Clear to Close, your closing package can be delivered to title in as little as 4 hours!

We will be updating the existing “Closing Request – VDMC” form in Encompass with the Lightning Closing Process. You will use this form to submit your closing requests as shown below.

To submit your closing request, all blue fields must be completed. If any fields are missing, you will be met with an error message specifying which fields need to be completed. These fields are required to allow your Closer to begin accurately working your file for closing, even if it is not yet CTC. If this information is inaccurate, it may delay your Lightning Closing.

Once your Closing Request has been submitted, you will receive email confirmation that it has been received.

Closing Requests submitted within 48 hours of your closing date will trigger a Severe Weather Alert. These Severe Weather Alerts will be treated like our current rush requests, the Closing Department will make every effort accommodate the closing date but turn times may not be guaranteed.

If your file is not ready for closing and the closing date must be extended, please update your Closing Date Requested with your new closing date and communicate this change with your Closer. If no new closing date is known, please remove your Closing Date Requested and resubmit when a firm closing date is identified.

Communication is key. For us to achieve Lightning Closings it will take a team effort from each VDM team member that touches the file.

  • aiUnderwriter

We are a full 2 months into Beta Testing the ai Underwriting tool with our Underwriting Team!  aiUW was launched to our Processors at last month’s Processing Roundtable and more recently to our Regional Sales Managers, Branch Managers, and Loan Officers.  We officially have {most} hands-on deck.  As a reminder, this is a tool that we will continue to build and customize to what we need to enhance our VanDyk Mortgage teams and processes; all feedback is continued to be welcomed.  We have BIG things coming with enhancements specific to our Loan Officers that you won’t want to miss – Stay Tuned for more information.  If you or your team would like additional training with using ai Underwriter and help with how to fit this into your process flow, please reach out to Lindsey and Megan.

 

  • New Down Payment Assistance Provider: Lakeview

We are pleased to announce that Lakeview has launched a DPA product that offers up to 4% of the lesser of the appraised value or the purchase price, with no maximum cap. The second mortgage is due and payable upon sale, maturation, refinance, early payoff of the first mortgage, or transfer of the property. The 2nd mortgage has interest only payments based on the interest rate of the first mortgage.

  • Eligible States: AK, ND, AL, HI, IL (other than in Cook County which is not eligible), IN (other than in Allen, Kosciusko, LaGrange, Marion, Steuben and Wabash Counties which are not eligible), KY, MA, MD, MI, MO, MS, MT, NJ, SD, TN, & VA

A Product Overview and Matrix are attached. Lakeview will be hosting a training on July 19 at 2pm Eastern – please register at this link to attend:  https://www.lakeviewcorrespondent.com/event/lakeview-national-training-2-3-pm-et-2/

 

  • Jumbo Updates: Truist

Truist has re-entered the Jumbo space in an aggressive fashion for Delegated clients. Earlier this month, we obtained our Delegated Underwiring approval with Truist and they have been added to the Jumbo pricing options In Optimal Blue. Attached is an updated Jumbo comparison sheet.

 

  • Appraisal Transferability Updates

We are absolutely THRILLED to announce that as of today, we will be able to accept transferred appraisals on conventional loans!  The appraisal and XML file should be emailed to Amber Workman (aworkman@vandykmortgage.com) as soon as received from the prior lender so we can ensure the report is run through the UCDP.  Once completed, Amber Workman will upload the appraisal to your Encompass file and mark as “Ready for UW”.  The appraisal will be reviewed when the file is submitted to underwriting like usual (either as an initial underwrite or with your conditions).  If the underwriter determines the appraisal is unacceptable and cannot or should not be used, a new report will need to be obtained by VanDyk mortgage through the usual process.  Please find attached our updated transferability cheat sheets as well as updated Appraisal Expiration Cheat Sheet.

 

  • Income Calculation Worksheet: Update

Beginning August 1, all teams will be using the Income Worksheet – LTK form in Encompass instead of the Excel income calculation worksheet. For an overview of this worksheet, watch this training video. If you have any questions, reach out to ProductionSupport@vandykmortgage.com

 

  • Fannie Mae Updates

SEL-2022-06 (Attached) was issued by FNMA July 6, 2022 to include changes to the following:

  • Compliance with Address Confidentiality Programs adding additional requirements for sellers/servicers to comply with state laws (must comply by Sept 1, 2022)
  • When an existing manufactured home is being sold to a consumer by a builder, developer, or manufacturer as part of a new or existing MFH subdivision, the LTV ratio will be based on the lower of:
    • the sales price of the MFH and land, or
    • the current appraised value of the MFH and land

 

  • Freddie Mac Updates

Review the link for video of Selling Guide Bulletin 2022-15: Guide Bulletin 2022-15 (freddiemac.com) Updates Include:

  • Effective for Mortgage with Loan Product Advisor (LPA) initial submission dates on or after July 10, 2022, enhancements were made to include a First-Time Homebuyer’s rent payment history in its credit assessment, providing expanded opportunities.
    • Seller must submit to LPA the current monthly rent amount paid by the Borrower AND
    • Obtain a verification report of the depository account(s) from which the Borrower makes their rent payments (see details for acceptable third-party sources).
      • The history will be included in the Loan Product Advisor credit assessment when the following requirements are met:
        • The Mortgage is a purchase transaction Mortgage secured by a Primary Residence
        • At least one Borrower with a rent payment history must:
          • Have a usable Credit Score, as determined by Loan Product Advisor
          • Be a First-Time Homebuyer who intends to occupy the subject property as their Primary Residence, and
          • Have been renting for a minimum of 12 months with a monthly rent payment of at least $300 that is paid from the depository account(s) in the verification report obtained by the Seller
  • Clarification regarding Manufactured Homes with Affordability Seconds (Section 5703.3) that the MFH must be:
    • 1-unit Primary Residence
    • Mortgage must be a Home Possible Mortgage
    • If the MFH is in a condo project, guide requirements in section 5701.5(f)91) through (f)(5) must be met.
  • FHA Updates

Please see this link for updates https://www.hud.gov/sites/dfiles/OCHCO/documents/4000.1hsgh-062022.pdf – here are some highlights:

    • Full access letter for joint bank account eliminated
    • Income Calculation Exception Due to COVID-19 Related Economic Event (for TOTAL & Manually underwritten loans) – Applies to W2 wage earners and Self-Employed.
    • Gaps in Employment (for TOTAL & Manually underwritten loans) – We can now consider the borrower’s income if the borrower has been in the same line of work (not current job) for at least 6 months at time of case number assignment AND a 2-year work history verified prior to the gap. See the attached Income Guidelines cheat sheet for additional information.
    • Revised Appraisal Validity Periods – Initial Appraisal extended to 180 days; Appraisal update extended to 1 year; 30-Day optional extension removed

 

  • VA Updates

VA Circ 26-22-10 – The United States Space Force (USSF) is now considered as a branch of service; Certificate of Eligibility (COE) enhancement

Current and discharged members of the USSF or USSF Reserves, otherwise known as Guardians3, may be eligible for VA home loan benefits upon meeting length-of-service (LOS), and character-of service (COS) requirements.  Qualifying Surviving Spouses of Veterans who served in the USSF may also be eligible for the VA home loan benefit

VA Circ 26-22-12 – Certificate of Eligibility Funding Fee Status Update

VA is introducing a funding fee status to inform lenders when the VA Form 26-8937 has been received and the pre-discharge or memorandum rating request is in process. Upon receipt of VA Form 26-8937, VA will conduct research to see if the Service member has filed a pre-discharge claim.

  1. If the Service member is eligible for the home loan benefit and VA records indicate the Service member does not have a pre-discharge claim pending, VA will annotate the COE record and issue the COE with a funding fee status of Non-Exempt.
  2. If the Service member is eligible for the home loan benefit and VA records indicate the Service member’s pre-discharge claim has been adjudicated, VA will update the COE with the appropriate funding fee status and issue the COE.
  3. If the Service member is eligible for the home loan benefit and VA records indicate the Service member has a pre-discharge claim pending that has not been adjudicated, VA will submit the rating request to the Veteran Service Center (VSC). VA will update the COE funding fee status to Non-Exempt – In Development and issue the COE. The Service member is not exempt at this time. If a proposed or memorandum rating is not obtained, and the loan closing takes place before the Veteran is discharged from service, the funding fee exemption does not apply, and the Service member will not be entitled to a refund. VA will update and reissue the COE as appropriate based on the response received from VSC.

VA Circ 26-22-11 – Pest Inspection Fees and Repair Costs

Effective immediately, VA is authorizing in advance, as a local variance, that Veterans may be charged wood destroying pest inspection fees, where required by the NOV. Veterans may also pay for any repairs required to ensure compliance with MPRs. Veterans are encouraged to negotiate the cost of the wood destroying pest inspection and repairs with the seller.

 

  • 4506C – Clean Form Requirements

The IRS is changing how transcript orders will be accepted and processed.  For VanDyk Mortgage to be compliant, we have updated our initial disclosure and closing packages to include several 4506C forms per borrower.  Each form is slightly different to minimize the need to go back to the borrower(s) for multiple revisions later.  If corrections or revisions of the 4506C form are needed, they should be sent as one-off docs for borrowers to E-sign.

You can minimize the need for revisions and corrections by confirming with your borrowers, prior to requesting the disclosures, what name and address they used to file their most recent federal tax return under and completing the REQUEST FOR TRANSCRIPT OF TAX form in Encompass to match these details.

 

  • Update – Reverse Mortgages In House

We are making excellent progress towards moving our reverse mortgage loans out of the broker world and back in house.  More information will be forthcoming.  If you have a reverse mortgage and have not yet been contacted or need assistance, please reach out to Kristine Kuss in the Production Support department (kkuss@vandykmortgage.com or productionsupport@vandykmortgage.com)

 

  • More Good News – Coming Soon!
    • NonQM Options – Bank statement and DSCR options through Bayview
    • Buydowns – Actively working on a 2/1 buy down solution

 

  • Mid-Year Look Back

We are halfway through 2022 – here’s a recap of some of the highlights in the first half of the year:

    • Launched Hybrid eClosings for faster closings
    • Launched the MyVanDyk app to improve our borrowers’ experience
    • Expanded Jumbo and ARM options
    • Added in-house bank statement and non-warrantable condo programs
    • Added longer periods for extended locks
    • Added several additional lenders to our Broker Partner list
    • Automated the process for requesting and sending LEs, COCs and CDs
    • Updated the Loan Commitment letter to include conditions
    • Improved the condo review process
    • 24 hour self-employment income review department
    • Smart Income Calc worksheet
    • Added an easy and brightly color coded way to track purchase deadlines in encompass to ensure we meet deadlines
    • New Document Imaging/Doc Viewer
    • Cleaned up redundant conditions- Patriot Act Form, Final Insurance Verification, Joint Access Letters, Appraisal Delivery requirements
    • Appraisal Delivery forms auto import into the eFolder
    • Added several additional lenders to our Broker Partner list
    • TBD workflow giving LT/TC access

 

  • Upcoming Events and Reminders

If you need an invitation to one of the Zoom meetings, please respond to this message.

  • Iron Sharpens Iron – Tuesday, July 19 at 11am
  • Ops Huddle – Thursday, July 21 at 1:30pm Eastern
  • Production Roundtable – Wednesday, July 27 at 1pm Eastern
  • 35th Anniversary Events – see attachment for more details!
  • August 10, 2022 | 35th Anniversary Dinner
  • August 11, 2022 | Annual Golf-N-Give
  • September 10, 2022 | 35th Anniversary Dinner – President’s Club
  • October 8, 2022 | Ops Fly-in 35th Anniversary Meet and Greet
  • March 2 – 4, 2023 | Annual Sales Fly-in

 

 

  • July 1 Improvements: Reminder!

As of July 1, the following improvements are active:

    • Introduction of Income Worksheet – LTK within Encompass (Click here for a training video if you missed last month’s Round Table)
    • Patriot Act Information Form AT closing Only for Title Agent to complete
    • Homeowners Insurance Reverification Form is no longer required
    • Excessive Runs LOE will only be required if there is a RED Flag on the AUS

 

  • Loan Duplication – Updated Template

When Pipelines duplicates files for you, the VOM will now copy over to the new file! We hope this makes restarting a file a little easier.

 

  • COC/CDs – Disclosure Automation

We will soon be expanding our disclosure automation to include Change of Circumstances (COCs) and Closing Disclosures. If you are currently sending your own initial disclosures through Disclosure Desk and would be interested in sending your own COCs and CDs, please contact compliance@vandykmortage.com to schedule your training.

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Lending Announcement: May 16, 2022

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May 16, 2022

  • Non-Borrowing Spouse: Reminder!

As a reminder, the non-borrowing spouse’s email address is not needed until CD time on refinances only. The spouse’s name can be added to file contacts, but the email address should be left out to ensure no emails go out to the NBS prior to docs being available for them to sign.

 

  • TBD Workflow – Job Aid

We are pleased to have an official workflow in place which will allow the Loan Officer, Loan Officer Assistant and Transaction Coordinators access to any TBD file to make changes when the loan is in processing intake, processing, suspense and conditional approval milestones.  The workflow is attached – please contact productionsupport@vandykmortgage.com or ITHelpDesk@vandykmortgage.com should you have questions or need assistance

 

  • Minimum Standards for Acceptable to Underwriting: Update

We have updated our Minimum Standards for Acceptance into Underwriting to remove the requirement for the Patriot Act Information Sheet, Photo ID, and SSN Verification.  It is still a best practice to verify this information to ensure we have data integrity and do not need to re-pull credit after submission into Underwriting.

 

  • Broker Partner Update

GoPointDirect has suspended their Medical Professionals/Doctor and Wealth Builder loan programs.  We received the following communication from our A/E: “We were not given a reason for the discontinuance by our investor either. This is beyond GoPointDirect’s control. We are no longer taking in any of these medical professionals loans at this time. I will let you know if GoPointDirect should ever offer this loan program again in the future but for now, there is no medical professional or WealthBuilder100 loan programs to offer at this time.”

 

  • Loan Folder Management Update

Please review the attached update for an overview of how Encompass loan folders are managed. Note that not all of the folders have changed, but the Pipelines team will be monitoring and moving files per the updates in the coming days. If you have any questions, feel free to contact Jeremy Favazza at jfavazza@vandykmortgage.com or at Pipelines@vandykmortgage.com.

 

  • Loan Commitment Letter: Update

Should you need a Loan Commitment issued, the 2005 Mortgage Loan Commitment form that references the Good Faith Estimate will be replaced with the attached updated form moving forward.  The updated form is automated and will pull in conditions from the UW tab to ensure required items are properly disclosed.  The procedure to request a Loan Commitment Letter will remain unchanged.

 

  • Chenoa HomeReady Suspension

Chenoa has announced that they are suspending their conventional programs effective immediately. We do not have a timeline on when this program may return, but will keep you updated as we find out more. If you have a loan that is conditionally approved for Chenoa HomeReady, please reach out to us so we can review.

We will still be releasing the Chenoa FHA later this month and will send out an announcement once the program is available again.

 

  • Lock & Shop: Reminder!

TBD loans that are locked will need to have initial disclosures issued within 3 days of lock. Compliance or Secondary will temporarily change the file’s address to “Not TBD” so the file will trigger a due date in Encompass, but the address will change back to “TBD” for the disclosures.

 

  • Condo Updates
  • Condo Review Standards: Last month we announced that our Condo Department would be taking back over processing of condo documents effective April 25.  To set appropriate expectations with SLAs, communications, and processes, we have attached a Condo Review Standards for you.  As a reminder, please enter your condo screening date as soon as you have the Minimum Standards items to avoid delays in getting your condo project approved.
  • Condominium Project Questionnaire: We updated the Condominium Project Questionnaire (Form 1076) to add an addendum to facilitate collection of information regarding deferred maintenance in support of Lender Letter LL-2021-14, Temporary Requirements for Condo and Co-op Projects. We are also retiring Condominium Project Questionnaire – Short Form (Form 1077) as this form is not sufficient for lenders to determine eligibility under our new requirements.
  • Reminder: The Condo Questionnaire is the same, whether limited or full review. The short form questionnaire was retired as of 12/15/2021 (SEL-2021-11).
  • Helpful Hint: The Condo department will email out confirmation when an order is started and if any major issues come up.  If you would like to check status of the condo review, you can add the Condo/PUD Notes column to your pipeline view in Encompass for easy reference:

 

  • Contract Dates – Pipeline Update

Last month, we asked everyone to enter important dates into loan files so we can meet or beat them – especially contract closing dates – and track our performance.  Today you will notice that we are highlighting contract dates in pipeline views.  Yellow: the loan has to close within the next 10 days; Orange: the loan has to close within the next 5 days; Red: we missed the date and will be reviewing the file to determine what went wrong to evaluate how to improve.

 

  • Appraisal Reinspection Fee Update

The Origination Compliance Department would like to announce that the default appraisal reinspection fee will be updated from $130.00 to $150.00 on initial disclosures starting 4/20/2022. If your branch has an individual setting for this fee, it will not be affected though you may request an update to your branch’s Encompass settings.

As a reminder, the appraisal reinspection fee can be added at initial disclosures to cover the possibility of needing a reinspection. If a reinspection does not end up being requested by the appraiser, the fee will be removed before closing. This $150.00 fee will only be placed on initial disclosures when the user has selected “yes” to the below field on Borrower Summary 2021 Page 2 – Disclosure Questions:

If you have any questions or would like a customization for your branch, please reach out to Ashley Favazza, Origination Compliance Manager, at afavazza@vandykmortgage.com

 

  • FEMA Disaster Search – Update!

The FEMA disaster search has been updated to only run at the following points: Subject property address added, Submittal milestone, Approval milestone. The search will no longer run every time we enter the file.

 

  • ATR/QM – New Alerts

2 new ATR/QM alerts have been added to Encompass. They are both considered HARD STOPs and will need to be resolved prior to closing. It is highly recommended to resolve these alerts ASAP, as they are typically fee or PMI related and can be costly to resolve.

  1. ATR/QM – Points and Fees Exceeded: This alert triggers when loan fees are above the ATR/QM 3% points and fees limit. Fees included in this calculation will typically have to be lowered or credited in order to clear this alert. Details can be found on the ATR/QM Management form, under the Qualification Tab.
  1. ATR/QM – NON-QM Status: This alert triggers when any factor in the ATR/QM test does not meet QM standards. It is most commonly triggered by points and fees listed above, however other factors like DTI or certain loan features can also cause the flag. This flag will need to be review by UW and/or Compliance prior to closing.
  • Closing Disclosure Desk – VDMC

The Closing Disclosure Desk – VDMC is now fully active and avalible for all users to submit initial and revised CD requests. As a reminder, you will need to clear all Integrity Check fails (red errors) prior to being able to submit your request.

 

  • Volunteers Needed: Hybrid eClosing

We are moving towards expanding Hybrid eClosing and looking for volunteers. If your loan meets the criteria below, your loan is eligible for a Hybrid eClosing:

  1. All previous disclosures have been successfully eSigned via Simple Nexus.
  2. Loan is not closing with a POA or in a Trust.
  3. Loan is not a Bond/DPA.

Please email closingcoordinator@vandykmortgage.com if you’d like to be involved!

 

  • Coming Soon… Reverse Mortgages

We are working diligently to bring the reverse mortgage product back in house, and look forward to being able to provide additional details soon!

 

Appraisals & Addendums – Important Reminder

Please remember to upload your addendums into the appraisal orders.  If we upload an addendum with a sales price that is different than the appraisal order shows, the branch also needs to send a message with the new purchase price, requesting the Appraisals team update the order. The Appraisal department is not authorized to review/read purchase agreement and/or addendums.  ALL ADDENDUMS MUST BE FULLY EXECUTED PRIOR TO UPLOAD for appraiser acceptance.

* * *

Mortgage Messaging & Floify

As a reminder: Mortgage Messaging will be disabled on 6/1/22, and Floify will be disabled on 6/30/22.

Loans that were disclosed in Floify may remain there as long as they close prior to 6/30/22. For those closing after that date, please invite the borrower to use the SimpleNexus portal.

* * *

Jumbo – Documentation

As a best practice, when requesting JumboLoanReview@vandykmortgage.com to review your Jumbo loan,
be sure all income and asset documentation is uploaded to the eFolder for the team to review.

* * *

Joint Loans/Co-Borrowers

Did you know that URLA will accommodate non-married borrowers on the same application in Encompass, since all applications are actually printed out as separate 1003s?  YES!  The trick is with the credit report.

For AUS to run, borrowers on same application in Encompass need to have joint credit report.  If your borrowers are OK with that, we are too!  Be sure you mark the additional borrower JOINT format indicator on the 1003 URLA Part 1.

If your borrowers are married but on separate 1003s in Encompass, that’s OK too!  In that case, they need to have separate credit reports for AUS to run.

It’s an exciting and ever changing world, and we are here to answer questions should you need help! Let productionsupport@vandykmortgage.com know if you need assistance.

Lending Announcement: April 15, 2022

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April 15, 2022

  • Production Support: Department Update

We are pleased to announce the addition of Kristine Kuss to the Production Support team!  Kris has been with VanDyk for nearly 8 years and her experience in processing and underwriting along with her extensive knowledge of the VanDyk systems will bring another level of service to the department.  Please be sure to email productionsupport@vandykmortgage.com or complete a support ticket should you need assistance.  Our menu of services and other details are attached.

 

  • Brokered Loans: New Lender and Reminder

Flagstar Bank

We will be adding Flagstar to our approved broker partner list for their one time close construction option.  They have renovation loan options as well. Training information will be forthcoming.

Disclosing Brokered Loans

As a reminder, our best practice is to keep all broker loans as TBD in Encompass.  Once the Lender has disclosed the loan and we have confirmed the package is signed, the address will be added to your Encompass file and the loan milestone moved to the next applicable stage.  In an effort to reduce unnecessary compliance issues and headaches, you will not be able to enter a subject address on any purchase transaction when the broker purchase template is applied to your Encompass file.  This is totally OK, the address will be added to the file for you once the loan has been reviewed, approved to be brokered, gone through any needed prequalification steps and disclosed by the lender.  Please contact productionsupport@vandykmortgage.com with questions.

 

  • Extended Lock Policy Update

We are now offering lock periods up to 330 days. Updated Extended Lock Policy is attached. This policy has been revised to only be available on Primary residences, and now includes some state restrictions.

  • Extended lock policy is not available in MS, NY, NC and WA.

 

  • Condo Approvals: Update

As we work to continuously improve our Condo Processes and customer experience, we will begin utilizing our long-time condo underwriting partner Interisland for underwriting of all our Condo Reviews.  This change will allow us to offer the processing of the document collection once again in the condo department effective April 25, 2022.

To identify condos earlier and avoid delays in this purchase driven market, we are asking for the “Condo Screening Date” to be entered into the Borrower Summary screen at time of Processing Intake or as soon as we have a purchase agreement.

Updated fees for condos are as follows:

InterIsland:

Limited Reviews – $150

Full Reviews – $250

New Construction / New Construction Conversion – $600

Processing – $150 plus any fees incurred in gathering the documents.

 

  • USDA Asset Reserves

During a recent USDA audit, the overstatement of reserves entered into GUS was cited on multiple loan files.  In an effort to prevent this from happening in the future, we are expanding the platform in which this information is shared to be companywide.  For depository accounts, we MUST use the lesser of the current balance or previous month’s ending balance when entering assets into GUS.  Attached you will find the HB-1-3555 Attachment 9-A Page 28 of 28.  Please review the guidance and requirements to be applied to the borrower’s reserves to ensure proper asset figures are submitted to GUS.

 

  • Chenoa Fund: Changes/Suspension

Chenoa will be consolidating their FHA programs into one program called the Chenoa Fund FHA.  Pending the official launch, we are suspending FHA Chenoa Loans effective April 29, 2022, for a short duration of time to get ahead of the changes.  Watch for further updates and re-launch in May.

 

  • VA Form 26-1805

VA Form 26-1805 has been updated to include information pertaining to recent changes in ordering an appraisal. The request includes sufficient information for the VA fee panel appraisers to complete the appraisal. Specifically, more points of contact are being requested for setting the appointment and a better explanation of the assignment and property types. This form is critical in the further development of increased transparency as VA enhances automation for appraisers to issue Tidewater notices, set appointments to review the property, and provide notification that the property has been reviewed.  WebLGY will replace the prior version of this form.  This is informational only and will not change the upfront processes.

 

  • SimpleNexus

Please continue utilizing SNTeam@vandykmortgage.com for your SimpleNexus questions and feedback.

We have compiled our daily Howee’s Helpful SimpleNexus tips into a folder here. Ask Howee for SimpleNexus tips and he’ll link you to them!

 

  • FL Housing Changes

With NEW loan reservations dated 04/04/22, the FL Assist Second Mortgage will be $10,000 for both government and conventional loans. Conventional loans reserved in the pipeline prior to 04/04/22 will honor the $7,500 FL Assist amount. Lender guidelines are available to review at eHousingPlus – Florida Housing.

  • Asset Documentation Requirements & AUS Reminder

Fannie Mae updated asset documentation requirements for certain refinances in DU. Assets will not have to be documented when the funds required to be verified are $500 or less. If your refi is eligible, DU will issue a message specifying that assets do not need to be verified.

Reminder: Follow your AUS – especially with regards to assets/funds to close.

 

  • Contract Dates

To stand out in this new purchase market, we are renewing our focus of upcoming Contract Dates and doing everything in our power to close loans by these dates – and if we cannot, that all parties are aware why one had to be extended.  We have invested in the ability to monitor our performance towards this goal, so we need your help in making sure that the correct dates are entered in the appropriate fields as described below.

    • Contract Effective Date: Date the contract goes into effect – depending on the contract verbiage, the effective date may be several days after the contract was agreed to by all parties, to accommodate inspections or other agreed upon requirements (not addendum/extension, initial accepted contract)
    • Contract Closing Date: AKA ECD – settlement deadline, the date the documents are to be signed (not necessarily the funding date)
    • Contract Commitment/Financing Deadline Date: Financing deadline – may not apply in all states. However, if applicable, this is the date the loan must be conditionally approved by.
    • Contract Appraisal Deadline: If the purchase contract has an appraisal contingency or deadline, enter that date here.
  • SimpleNexus eClosing Portal

The Simple Nexus Closing Portal is now being utilized for all closing packages. This portal is primarily for the Settlement Agents to download/upload closing documents and will not impact our current workflow for Traditional (Wet Sign) Closings.

This closing portal does support Hybrid eClosing which we are currently beta testing. A hybrid eClosing will allow the borrower(s) to eSign up to 90% of the closing package via the VanDyk Mobile App on the day of closing prior to the actual closing appointment with the settlement agent. We will have more information on the hybrid eClose procedures in the coming weeks.

  • Technology Update: Encompass DocViewer

The Tech Committee is excited to announce the rollout of the new Encompass document viewer with cloud storage. It brings significant performance and security enhancements to the Encompass eFolder related to the uploading, viewing, and editing of loan attachments. The new doc viewer eliminates the limitations and issues that occurred with the original Adobe based viewer.  Only files created after the viewer is enabled on April 19th will display in the new doc viewer.  Existing files created prior to the rollout will still display in the old Adobe based viewer.

New Features Overview

  • Bookmark navigation panel for navigating through pages in a PDF file.
  • Faster loading time for multi-page files. The first page loads immediately so viewing can begin. Other pages load in the background.
  • Make multiple edits within a file attachment and save the changes from inside the document viewer.
  • The proprietary Print window used in the old document viewer has been replaced with a standard browser Print window.
  • Ability to increase or decrease the size of the page thumbnails when editing a file in the viewer.
  • Text search capabilities within file attachments.
  • Files can now be edited from the thumbnail panel.
  • The View Original button has been replaced with a Download Button that provides options to save the original file or the most recent edited version of the file to your computer.

Did You Know?

Paylocity – Send an Impression

As a reminder, Impressions within Paylocity are a great way to recognize your teammates for helping out, doing a favor, or going above and beyond.

Visit Paylocity to send and view Impressions – for when a “thank you” just doesn’t feel like enough.

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Reminder: Suggestion Box

Do you have an idea to improve our workflow, or a change in Encompass that you would like to see and will also help your colleagues? We want to hear from you!

The Suggestions Inbox is LIVE and available to everyone at https://suggestionsbox.vdmc.net/

Please submit your ideas! Suggestions are reviewed weekly by management and we are looking for suggestions with 5 or more votes. Any suggestion implemented as a business improvement that was upvoted by peers or accepted by management will win a $50 gift card.

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Reminder: Protected Docs

(from February Lending Announcement)

E-Folder documents will become “protected” and unable to be edited by staff once an Underwriter marks a document “Ready to Ship”.

Those documents in “Ready to Ship” status will become view only to every other persona, and new document placeholders will need to be added if you need to provide additional documentation within the same category.

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SimpleNexus – Doc Import Pop-up Message

When a borrower completes their disclosure package in SimpleNexus, a pop-up within Encompass will alert the team when the docs are ready to import.

This pop-up will show to any Encompass user, not just the users assigned to the loan. If you click “Yes” they will automatically download to the eFolder.