Using the General Information screen you will capture the Borrower Names, Current Address, Social Security numbers and other key items for the application process. When interviewing the borrower(s) the information captured in the upper left box (from the e-mail address field and above) is the information required to order a credit report. Once the information is completed a credit report can be ordered and imported in minutes. Once you have captured the borrower's street address you can tab down to the zip code field and enter the zip code of the current address. Typically, when the zip code is entered, the correct city, county, state, HMDA State Code, HMDA County Code, and MSA number will automatically be populated. The final values for these fields will be imported with the flood certification. Once a telephone number has been entered in the appropriate field it may be accessed again for repeat usage by selecting the Lookup Icon , opening a drop-down list in the new telephone field. A list of all previously entered telephone numbers will appear and may be selected with the Directional and Enter key.
Bottom Left Box Information:
If the borrower(s) have an e-mail address you can enter for reference later to e-mail documents to the borrower(s). You may also password protect the documents. The Rate Quote Notes field is used to note any price adjustments to the loan so that pricing can easily be determined by viewing that field in conjunction with the daily rate sheet rather than re-visiting all the properties of the loan to calculate pricing each time. Double-clicking the field or pressing the Alt plus Enter keys will open the field for full screen editing. You may track the source of the inquiries by completing the Prospect Source and Sub-Source fields correctly. Prospect Source and Sub-Source will be automatically populated when a loan is imported from a browser application. For management reporting purposes, racking the source of inquiries is extremely valuable to determine the amount and quality of leads.
Upper Right Box Information:
These fields automatically populate with the appropriate numbers as they become available.
Lower Right Information:
Date Fields and loan status Date fields used for tracking the loan are located on the right side of the screen. Dates are categorized according to their use. Change the group of dates displayed using the Date Category drop-down field immediately above the date section. To reflect loan status and reporting data correctly, dates should always be completed. The lead date is automatically populated when the inquiry is initially created. When a date field is highlighted, a description of the field will be listed in the section immediately below the dates. When a date field is accessed, the lookup icon will appear to help enter the current date.
Important Date Fields
Application Received – This date is required for HMDA reporting purposes, and, when input, changes the loan status to processing.
Doc(s) Signed – This is the date that populates most of the closing documents and becomes the actual note and mortgage dates.
Funded – The funded date signifies the date funds are sent to escrow and is an important date for IHM reporting purposes.
Recorded – The recorded date signifies the day the loan documents are legally recorded and indicates that a loan has been closed for HMDA purposes. It is an important and often used date for reporting criteria.
Other Important HMDA Dates – The following dates, if applicable, must be filled correctly for HMDA reporting purposes for loans in which the company makes the final credit decision. Credit Decision Dates - Once an application date is entered, a credit decision must be made on the loan within 30 days. If more information is needed from the applicant, he/she must be notified in writing that the file will be closed for incompleteness if specific conditions are not received within a specified (and reasonable) timeframe.
Approved – The date the loan was given final approval. This field is required for all closed loans, but will automatically populate with the Doc(s) Signed date if the Doc(s) Signed, Funded and Recorded dates are all entered.
Denied - The date the loan received a credit denial. Reasons for denial should be specified in print form 62 – Notice of Underwriting Credit Denial.
Withdrawn – The date the loan was withdrawn by the borrower prior to an underwriting decision being made.
Approved–Withdrawn – The date the loan was withdrawn (or closed due to a lack of response from the borrower/broker). To be used only for loans that have been given underwriting approval.
Incomplete App.– The date the loan was closed for incompleteness because insufficient information was given to make a credit decision.
Investor Funded Date – The date the loan was purchased by an investor.
