Lending Announcement: March 18, 2021

Topics in the Announcement

March 18, 2021

• Lien Searches on Free and Clear Properties

We can now help with your lien searches on free and clear properties.  To request a lien search, please email Production Support with the borrower name and loan number.

• FHA Single-Unit Condominium Questionnaire

Attached is a copy of the new FHA Single-unit questionnaire.  It can be used immediately, but mandatory for case numbers assigned on or after May 17, 2021.   The attached Mortgagee Letter explains some of the changes to the form, however these changes do not alter any requirements found in the 4000.1.

• URLA Update: Purchases with TBD Address

On Purchase files, TBD will be the default setting in the subject property address field. When you are ready to add the Subject Property Address, make sure the ECD is also updated for the data to save. You can find the ECD on Borrower Summary – 2021. (If you do not enter an ECD, the address will revert to TBD.)

• Unrequested Disclosures – Due per TRID Timing

The Origination Compliance Department needs loans due for initials and rate locks to be requested for disclosures in a timely manner, so going forward we are making the following procedural changes as a due date is approaching:

• Day before due date:
  • Reminder email sent to branch requesting submission of LE 0/4 before the end of the day.

• On Due Date:
  • If LE page 0/4 has NOT be submitted Compliance will work the file work the file and complete any missing data.
  • A proforma LE/CD will be sent to branch to review for any last-minute changes.
  • Approval of the Proforma is due by 2pm (in the LOs time zone), if no approval is received by 2pm the disclosure package will be sent to the borrower unapproved.
    • All missing/incomplete data will be disclosed as worst case if no response from the branch is received.
    • Revised Initial disclosures will be difficult to accommodate, revisions will need to be made via COC requested through LE page 4.
    • Files without an active eConsent will be sent via US Mail.
      

• Denied/Withdrawn Files:
  • Please inform Compliance and Pipelines of denied or withdrawn files ASAP, so disclosures are not unnecessarily sent on files not moving forward.

• Broker Files:
  • Broker files will be disclosed by the broker, however in order to verify compliance with TRID timing a copy of the Broker’s disclosure is required in the eFolder prior to the due date.

• Chenoa Sales Training and Additional Information

If you missed the Chenoa Sales Training on 3/10, you can access the recording by clicking here (use Access Passcode: Chenoa1!). Please feel free to reach out to our Chenoa rep Cari Zwick with any questions about the program at 630-301-2222.  Or you can click this link to schedule a follow-up meeting with her: Cari’s Meeting Link.  Attached find Secondary’s memo regarding Chenoa locks and pricing, and a job aid for setting up subordinate financing.

• URLA 2020: Common Errors and Job Aids

DU “Underwriting Checklist Errors” and LP “Partner Errors” can be double-clicked to see additional information about the error. Attached you’ll find a helpful hints PDF that also compiles the job aids that have been sent out. All URLA guides created by the URLA Team have been uploaded at urla.askvandyk.com (if you need access to AskVanDyk, email Production Support). Please continue emailing URLATeam@vandykmortgage.com with your questions!

Bond Loan Rushes

As a reminder, we cannot close bond loans as a rush.

Bond Cutoff is 10am EST 48 hours prior to the ECD.

Compliance Reminders

1. Branch Fees – Make sure to SAVE!
   1. Remember your branch fees will populate in your file upon SAVE. When you first apply your Loan Templates you will see generic closing costs until you save your file and your specific branch fees will appear.

2. Fee Overrides
   1. To accommodate any special circumstances, we have implemented Fee Overrides on LE page 0 which allow fees to be changed. Checking the box next to the corresponding fee will override the new DDM fee rules and allow you to save your file without fees reverting to their original amount. **Overriding the Processing, UW, and Application fees is limited to branch managers.

Fee overrides should be used sparingly. If your Branch’s fee rules are producing the desired fees, please reach out to Ryan VanDyk (rvandyk@vandykmortgage.com) for assistance.

3. Appraisal Fee – Driven by Loan Data
   1. The new Appraisal Fee rule is dynamic based on loan data and will change the appraisal fee based on the following loan factors:
      1. Subject Property State
      2. Loan Type
      3. Property Type
      4. Property Occupancy
      5. # of Units
   2. Please Note – The appraisal fee will not populate correctly (if at all) until all the above factors are completed and the loan is saved.