Locking a loan through the SNMC Wholesale Branches

1) Open the Rates and States for Security National Mortgage Company at www.mortgage.security national.com














2) Choose your branch location














3) Click here to enter the site.
















4) Insert your log on and password that has been assigned to you by your administrator. If you have not been issued a log on, please contacts us at info@snmcdirect.com.









5) The branch pipeline will load. You will see all loans that have been upload, submitted, locked, approved or funded.












6) The pipeline looks as noted below. You may select 'Active', 'Approved', 'Locked' or 'Locks Expiring' portions of the pipeline denoted in green and blue. The padlock (circled in red) shows if the loan is locked or not. If it is open or 'unlocked', the file has not been locked. If it is closed or 'locked', your file has been locked.










7) You may click on the 'confirm lock' icon for a loan to see the terms of the lock and print out a copy as needed.




















8) To lock a loan the following 4 screen shots will appear on one page and contain all of the information that is needed to lock a loan.































9) Press the 'Submit this lock' when you are ready. The loan will be submitted to be locked to the branch. They will review the lock and ensure that it is correct and forward to the corporate lock desk to be executed.








10) Under the 'approved' pipeline, you can see those loans that have been approved.










11) You may print off the approval or email it as needed. File is a PDF.




















12) Do not use this functionality, as all loans must be uploaded by processing to ensure that there are no duplicate entries and that the loans are properly uploaded.







13) Do not use this functionality to upload conditions. This is for wholesale brokers only. All conditions are sent to processing and they will submit them to the wholesale branch.












If you have any questions or issues, please contact processing at 888-584-4248 or email us at info@snmcdirect.com.

PC Lender Tips

- PC Lender Tips -

Starting today, I will be distributing a daily PC Lender "Tip" to help you master this important tool. Currently there are 29 "Tips" that I have prepared for you.

Why would we do this? As an originator, it is your responsibility to properly input and set up your file for processing. It is not logical to assume that you may accomplish this task unless you have access to all the information required to become a proficient user.

Videos Are also available. There are 20 videos that cover each section of the application.

Our goal is continuous improvement and personal growth for all associates.

If you have any additional questions or need one-on-one training, we are here to support you and may be reached at info@snmcdirect.com.

- Property Liabilities -

Subject Property

Once you have downloaded the credit file then you need to return to the application for completion. You can return to the application by double clicking on the Subject Property field in the Loan Overview screen menu tree. When you double click on the Subject Property field a second screen appears called Subject Property.

The Subject Property screen, accessed from the Loan Overview navigation tree, gathers information about the property to be purchased or refinanced. The subject property address should be linked to the borrower’s present address if the transaction is a refinance or home equity line of credit (HELOC). Click on the button labeled “Link to Borrower’s Present Address” to link the address in both the borrower screen and the subject property screen.



Populated address:



Important Field Descriptions and Usage

Field: Project Name
Description: Condominium project information If the property is a condominium
Usage: click on the ‘look up’ button to search for the condo project name.

Field: Address
Description: Subject property address
Usage: Enter the subject property address, if the property has been linked to the borrower’s present address this information should be automatically populated

Field: City, State, Zip, County
Description: Enter the city, state, zip code and county information for the subject property..
Usage: NOTE: Enter the zip code only, to auto populate the city, state and county information based on census track information.

Field: Property Type
Description: Type of property (e.g. single family, attached, etc.)
Usage: Click on the ‘look up’ button to select from a list of Property type options

Field: Occupancy
Description: Intended use of the property
Usage: Select the occupancy type from the drop down list.

Field: Property Tax ID#
Description: Tax ID number
Usage: Year Built Year the property was built

Field: Number of units
Description: Number of units in the transaction
Usage: Enter the number of units included in the transaction.

Field: Tenure
Description: Type of ownership in the underlying land
Usage: If the property is a leased property, click on the lease details button to enter information about the lease

Field: Rental Income
Description: Monthly rental income if applicable for investment property
Usage: If the property will be used for ongoing rental enter the monthly estimated rental income or the existing rental income.

Field: Title Held As
Description: How borrowers will hold title
Usage: Click on the ‘look up’ button within the field to select the method that the borrowers will retain title of the property from the list

Field: Names on Title
Description: Borrower's names as they will appear on the title
Usage: Click on the ‘look up’ button within the field verify or modify the borrowers names as they should appear on the title
documents. Saving the file to memo will create a local copy of the notepad file. Click 'OK' to confirm the name entry within IHM.

Field: Loan Purpose
Description: Select the purpose of the transaction
Usage: Click on the ‘look up’ button within the field to select the purpose of the loan from the list provided. Refinance loans will add additional fields to the lower 1/3 of the screen.

Field: HMDA Information
Description: HMDA reporting information
Usage: HMDA information will auto populate with information from the imported

Field: Escrow and Title Number
Usage: Reference information for tracking purposes

Field: Flood Zone
Description: Flood Zone reference
Usage: Flood zone auto imported after running a flood certification

Field: Appraisal Type
Description: Appraisal request type
Usage: Select the type of appraisal obtained for the subject property from the drop down menu. Refinance information Additional refinance information If the Loan Purpose is refinance a series of fields are displayed in
the Refinance section of the
screen.

- Employment/Income -

Employment/Income/Other Income

Selecting the Employment/Income/Other Income field in the Loan Overview screen menu tree will provide an additional screen called Employment And Income Information.




1. Select an employer from the company look up screen. Click on the Look Up button and enter your search criteria (see also…company)
2. IHM uses radio button on the right side of the screen to specify which borrower the employment information relates to and whether the job is a primary, secondary, a previous employer, or another source of income.
3. Income should be entered as it would appear on the application; separated into base income, overtime, bonus, commission and other income.
4. Any Other income amount should be entered on the last line and described using the Other Income drop-down field at the bottom of the screen.
5. Entries in the drop-down box conform to those understood by Desktop Underwriter and Desktop Originator.
6. If the borrower is self-employed, the Self Employed and Percentage of Business Owned boxes should be marked prior to submission to an AUS. The income data is used to determine qualifying ratios, complete print forms, and for automated underwriting exports.
7. While in the Employment and Income Information screen, selecting the Print icon will print a VOE for the borrower.
8. Selecting the Print Preview icon will allow you to view and edit the VOE so that it may be printed or emailed directly from the Print Preview screen.

Income Expert
The Income Expert button allows the user to access three helpful income calculation tools. Those are the Income Expert, Income Averager, and the Self-Employed Income Analysis.

1. The Income Expert will calculate a borrower’s monthly income based on a number of different payment schedules. Selecting the Print icon will print a copy of the income calculation worksheet for the loan file.



2. Pressing the Income Averager button will open a worksheet to calculate average income for borrowers receiving bonus or commission income.



3. The worksheet is excellent for loan officers, processors, or underwriters to document how they calculated a borrower’s income. When using the income average worksheet, be sure to enter the number of months being used to average the income or the result will not calculate correctly.
4. If the Self Employed box is marked in the Employment and Income Information.



5. screen, the Income Averager button will bring up a Self-Employed Income Analysis worksheet which can be used in the same manner as the Income Average worksheet.
6. The worksheet is designed to capture tax return information for three years.
7. Enter the year of each tax return in the top three gray fields.
8. Current year profit and loss information should be entered at the bottom of the form
9. The line items at the left of the form indicate where the income figures from the tax return should be entered.
NOTE: The income will not calculate correctly unless the % of Business Owned field is filled out
correctly.

- Deposits and Assets -

Deposits & Assets

Asset information is created by highlighting the Deposit field on the menu tree and pressing the Insert key
or selecting the Add option with the right-click of a mouse. A new deposit screen should be created for each depository entity or for any entity in which the borrower has more than four accounts. For example, if the borrower has six accounts at the same institution, only
four could be created in one deposit screen, so the remaining two would need to be created in an additional screen. The asset data is used to calculate the cash for closing and reserves, complete print forms, and for automated underwriting. Selecting the Print icon will print a VOD for the account, and selecting the Print Preview icon will allow the VOD to be viewed and edited on screen. From the Print
Preview screen, the VOD can be printed or emailed.



Certain account types (those listed as funds “not deposited” or ND) will not be considered liquid assets for the calculation of reserves and cash to close.

- Other Properties -

Other Properties

Property information is created by highlighting the Property field located on the menu tree and pressing
the Insert key or choosing the Add option with the right-click of a mouse. A property screen will
automatically be created for the borrowers’ address if “own” is selected in the General Information screen.
The property data is used to determine qualifying ratios, complete print forms, and for automated underwriting The process of evaluating a loan application to determine the risk involved for the lender. It involves an analysis of the borrower's ability and willingness to repay the debt and the value of the property. exports.

For the subject property, information on the right side of the screen relates to cash flow and will populate from the Mortgage a conveyance of or lien against property that is defeated upon payment or performance according to stipulated terms 2 a : the instrument evidencing the mortgage b : the state of the property so mortgaged c : the interest of the mortgagee in such property Data and Subject Property screens. Cash flow information for other properties should be entered item by item using the gross rental income and vacancy factor or can be entered as the net data, only if taken directly from the tax returns. Positive cash flow contributes to income, while negative cash flow counts as a monthly liability. The way the system calculates rental income can be changed by accessing the Options | Ratio Calculation Method choice from the Menu Bar of the Loan Overview screen.

Partial interest in a property can be accounted for by using the % Owned field. Certain Expense Line items contain a check box to the right of the entry to identify whether or not that item is currently impounded and therefore included in the existing mortgage payment shown in the Lien Payments field. Placing a check in the box indicates that the item is being impounded and will reflect in the cash flow calculations. Left-click the check box to toggle the check mark "on" or "off".

The Occupancy / Property Status field allows for two additional property occupancy types (in addition to the three standards; owner-occupied, second home, and investment). A property can be listed as "Pending Sale", which removes the property’s cash flow from income calculations and credits the borrower 93% of the sale price less the lien balance(s). A property listed as "Sold" will only remove the property’s cash flow from the income calculations. Properties listed as sold will not be reflected in the Real Estate Owned (REO) section of the 1003, while properties pending sale will.



When the first lien on a property is created (either by inserting or by drag and drop), it is set to the first lien position. Lien positions for any additional liens do not get defaulted. The idea is that if there is only one lien connected with the property, then it must be in the first position. If there is more than one lien, then we don't know the lien position. When a second lien is created, its lien position will be blank. If it is not corrected, the data check will report the problem as a Fail status item.

Lien information is created by highlighting the Lien Holders field located on the menu tree and pressing the Insert key or selecting the Add option with the right-click of a mouse. The lien data is used to determine qualifying ratios, cash to close, complete print forms, and for automated underwriting exports.



To manually input the lien holder you may select the LookUp Button to find the company name or create a new company.



Schedule of Real Estate Owned (FNMA 1003, Page 3)
When printing the 1003, each property associated with the applicant pair that signs the 1003 is examined. If the property meets all of the following conditions, the property is listed on the Schedule of Real Estate Owned:

1. If the property is the Subject Property, it is only listed if it was owned before the application was signed, i.e. the transaction is a refinance.
2. The property cannot be a property that the applicants currently rent. For example, if John Homeowner currently rents "123 Rental Street" but is in the process of purchasing a new home, "123 Rental Street" will not be listed on the schedule.
3. The property cannot be a previous address.
4. The Property Status cannot be 'Sold'. (Note: the Property Status is set on the Property Information screen. This means that the property must have a Property Status of "Investment", "Pending Sale" or "Owner". There is a bit of conflict here. While the 1003 provides a status code of 'S' for sold properties, the schedule is titled 'Schedule of Real Estate OWNED'. Once a person sells a property, the person no longer owns the property, so the property is not printed on the schedule.
5. The property must be associated with the applicant pair that is signing the 1003. This means that when there is more than one applicant pair on a loan, each 1003 can have a different Schedule of Real Estate Owned.

- Rental Obligation -

Rental Obligation

Highlighting the Rental Obligation item on the Navigation Tree and pressing the Insert key or selecting Add with the right-click of a mouse creates a rental obligation. The rental data is used to calculate loan qualifying ratios only if the Continued Rental “Yes” radio button is selected. Additionally, the information is used to complete print forms, and to determine payment shock for automated underwriting.

- Automobiles -

Automobiles

A liability may be converted to a automobile lien by selecting the appropriate liability with the left mouse button depressed and dragging it to the Automobile tree menu on the loan overview. This process is known as "Drag and Drop". or Highlighting the Automobile field on the Navigation Tree and pressing the Insert key or selecting Add with the right-click of a mouse creates automobile information. The automobile data is used to calculate loan qualifying ratios, complete print forms, and for automated underwriting if a liability is shown.

- Additional Addresses -

Additional Addresses less than 2 years

Under the F1003 menu tree on the Loan Overview screen are four additional information screens pertaining to:

• Additional Addresses (if present address is different than mailing address or less than two years)
• Other Assets & Liabilities (Non Liquid Assets...Bonds, Stocks...Alimony or Child Support)
• Government Monitoring
• Declarations

Additional Addresses less than 2 years or Mailing Address is different from Present Address

- Other Assets and Liabilities -

Other Assets & Liabilities

Under the F1003 menu tree on the Loan Overview screen are four additional information screens pertaining to:

• Additional Addresses (if present address is different than mailing address or less than two years)
• Other Assets & Liabilities (Non Liquid Assets...Bonds, Stocks...Alimony or Child Support)
• Government Monitoring
• Declarations

Other Assets & Liabilities



It is important to note that this is the screen where alimony or child support data is entered to calculate loan qualifying ratios correctly.

- Government Monitoring -

Government Monitoring & Declarations

Under the F1003 menu tree on the Loan Overview screen are four additional information screens pertaining to:

• Additional Addresses (if present address is different than mailing address or less than two years)
• Other Assets & Liabilities (Non Liquid Assets...Bonds, Stocks...Alimony or Child Support)
• Government Monitoring
• Declarations

Government Monitoring
The F1003 Page 3, Government Monitoring screen is used to gather the remaining personal information needed to complete the third page of the Uniform Residential Loan Application or Fannie Mae form 1003. Required HMDA reporting data is also collected within this screen.



Declarations
The Declarations screen is used to gather the appropriate data to complete the declarations information located on page three of the residential loan application or FNMA form 1003. Below, shows the default settings which are configurable in the background by the IHM administrator. Standard default settings assume that: the borrower is a US citizen, is not a co-maker on a note, has not borrowed any part of the down payment, is not presently in default or subject to an outstanding judgment, and has not had any major derogatory credit within the past seven years. Items marked with a check are considered “yes” answers, unchecked boxes indicate “no” answers.

- Program Selection -

Program Selection

The mortgage data screen gathers information that outlines the terms of the subject loan. The data for this screen is used to determine qualifying ratios, complete print forms, calculate fees, calculate mortgage insurance, and for automated underwriting exports.

The program selection tool is accessible from the Mortgage Data Screen by selecting the LookUp Button in the program field. The selection tool provides users a list of available programs sorted by program type and name. This option is convenient for users that regularly use the same program with most of their customers such as FHA or VA originators. Selecting the Program Picker allows users to search for programs that meet specific loan parameters. This search option is ideal to help find the best program based on updated guidelines when several loan programs meet the loan parameters.



By selecting a program name many of the other fields located on the Mortgage Data Screen are automatically populated. This field also helps the IHM program determine the appropriate fees, print forms, and in many cases, the appropriate investor.

A user choosing to create a “custom” loan program has the ability to select the financing method. The data for this screen is used to determine print forms, calculate fees and mortgage insurance The Loan Purpose field is used to determine automated fees, mortgage insurance, print forms, and status items. These fields must be populated correctly to use many of the data export features. This field is also found on the subject property screen, and information flows freely between the two.

The Lien Position field typically defaults to first lien position and changes only for second mortgages or equity lines. It is important to complete this field correctly for automated underwriting exports. The Doc Type field is used to indicate what type of income and asset verification will be provided. This data is used for automated underwriting exports.

The Funding Type field is used to identify where the funds for the loan closing will come from. The field is linked to the investor selected for the loan. The entry pulls from the Data tab of the Company Information screen for the investor. A "Closed" funding type indicates a loan that will be closed in the Lender’s name (the company using IHM).
A "Broker" funding type indicates a loan that will be sent to another lender for approval, closing documents, and funding. That lender is identified in the system as the Investor for this type of transaction. Table funded loans are loans that are funded by the investor in the Lender’s name (the company using IHM). The First Payment Date is automatically calculated by assuming the loan will close 30 days from the date of the inquiry and populating with the first day of the following month. If required, it may be manually overridden at the time of closing.

The shaded Loan Amount field is the final loan amount that populates the note and calculates based on the Base Loan Amount field and any business rules or program related guidelines. The field can be double-clicked to display how the final loan amount was calculated. For example, FHA loans should reflect the base loan amount in the Base
Loan Amount field, and the shaded Loan Amount field will reflect the note loan amount which includes the UFMIP (Up Front Mortgage Insurance Premium).

The Other Financing option permits a user to enter a loan amount or LTV, an interest rate, and a term to determine a monthly payment. The field is used to reflect the loan amount and collect relevant information for any additional liens on the subject property. Access this field by selecting the Lookup icon to the right of the field or pressing the Down Arrow on your keyboard. This information is used to complete print forms, determine the loan qualifying ratios, and to determine the cash required for closing and must be completed accurately for automated underwriting.



Loan program and qualifying notes can be found by selecting the button with the corresponding label. The Program Details button is used to access the program detail screen where the information about the loan program is found. The information found in the program detail screen populates based on the background information maintained by your IHM administrator, but can be overridden on a loan-by-loan basis using this screen. The screen will change based on the type of program selected.



The escrow cushion determines the number of months of lender reserves and defaults when a loan program is selected (based on the loan program setup in the background information). This field must be completed manually if an unlisted program (“Other”) is being established by a user and the loan will be closed in the Lender’s name.

The TIL Information used to populate the Truth in Lending disclosure will generally default based on the loan program selected. However, these fields must be completed manually if an unlisted program (“Other” ) is used.

Mortgage insurance is automatically calculated as a monthly figure and linked to the fees screen based on the Loan Type, Occupancy, and Loan to Value. The mortgage insurance can be edited by entering an annual factor to complete the TIL correctly. Additionally, financed PMI or MIP is entered as a financed fee on the Fees screen.



To edit the Mortgage Insurance field, select the Lookup icon to the right of the field and open the Mortgage Insurance Edit screen seen above. The Standard Monthly mortgage insurance description will auto-populate for conventional loans and the FHA Monthly description will populate for FHA loans.

These options are based on standard MI tables and are configurable by your IHM administrator. The applicable MI rate add-ons will calculate to determine the final Standard Monthly rate. If the rate calculated by IHM needs to be edited, select the Lookup icon to the right of the Name field. This will open the Mortgage Insurance Lookup screen.



The Mortgage Insurance Lookup screen allows a user to view the mortgage insurance options available.
The filters at the top of the screen can be used to show additional options for different LTV’s, occupancies and other loan characteristics. The only option that is configurable on the user level is the Other option shown at the top of this screen. Select the Other option when none of the options displayed are appropriate. Once selected, IHM will return to the Mortgage Insurance Edit screen where the mortgage insurance characteristics can now be edited. Note that the fields that were previously displayed in gray when the Standard Monthly option was selected are now displayed in white and therefore editable. Enter the appropriate MI information, save, and exit.



Program Picker and Loan Pricing Tools Overview
The Program Picker and the Loan Pricing tools help lending professionals select the loan program that best fits a borrowers circumstance while ensuring secondary market best execution delivery. This is accomplished by testing the data fields of a loan against a set of investor program rules, both the disqualifiers and pricing adjustments. Then, In House Mortgage, in a simple snapshot, displays every applicable program. The screen identifies disqualifiers and also shows if pricing adjustments apply. A loan officer can then view the adjustments or the disqualifiers with one simple click and apply the program to the loan.

Accessing the Program Picker and the Loan Pricing Tool
To access the Program and Loan Pricing Tool from the Loan Ledger, select a loan, and then select the Mortgage Data screen from the Navigation Tree. In the menu bar on the top of the Mortgage Data Screen are a Program Picker and a Rates button . The Program Picker button allows you set a criteria and then search for an acceptable program. The rates button allows you to identify a program and then see the rate and point options by lock period.



Program Picker Program Searching
After selecting the Program Picker button the Program Selection screen will open. You must define your program search criteria. To define a search criteria first. Click on the Advanced Search Button then enter the search amount, either the points the borrower/broker wishes to pay, or the rate. Next select whether the amount entered represents the rate or the number of points. Then open the lock period drop down menu and select a lock period. Finally, press the Show Me Programs Button . The programs that meet your criteria will be displayed in the open area below the search criteria.



Program Picker Loan Program Review
After pressing the Show Me Programs Button all matching programs will appear .



NOTE: Should this space be blank there are no programs that match your search criteria. You should repeat the Program Search process changing the search criteria. You can sort the list by clicking on any of the headers. If you click once on the header the list sorts by the field selecting in ascending order and if you click twice on the header the list sorts in descending order.

Programs displayed are those programs that match your criteria, this does not mean that your loan qualifies for all the programs displayed. The disqualifiers field identify if the loan is qualified for the program. If the number is 0 then the loan qualifies for the program . You can also see the number of pricing adjustments applied to the price. . To see the details related to the Disqualifiers and Adjustments highlight the targeted program, then click the icons in the upper left hand corner For Further Information on the Detail Disqualifier and Adjustments screens see Disqualifier and Adjustment Detail Review.

If you want to apply the program to the loan, double click on the desired program, the program will be assigned to the loan and IHM will return to the Mortgage Data screen.



Loan Pricing Tool
After selecting the Rates button the Rate screen will open. The program will open showing the program you selected on the Mortgage Data screen. You can change the program by opening the drop down menu and selecting another program . You can also change the pricing displayed for a program by choosing the Price Drop down menu and changing the pricing from Adjusted to Base .

The Rates Screen also displays program Disqualifiers and Adjustments for the loan in the lower right hand corner. To see the details related to the Disqualifiers and Adjustments you can click the Detail button in the upper left hand corner For Further Information on the Detail Disqualifier and Adjustments screens see Disqualifier and Adjustment Detail Review.



Disqualifier and Adjustment Detail Review
Press the button in the upper left hand corner. The Disqualifying Factors screen will open.



Pressing the Adjustment Review icon, the Adjustments screen will open. Each adjustment is identified and the adjustment amount displayed. The total adjustments are shown at the bottom right corner of the screen.

- Pricing -

Pricing

Pricing can be accessed through two ways:

• The Mortgage Data menu
• The Program Picker menu

The Mortgage Data Menu
You can access Pricing through the Mortgage Data screen by clicking on the Lookup Button next to the Note Rate field.



Once you have clicked on the Lookup Button another screen will appear that contains your current Rates.



Double click on the desired price and lock period. After you select the desired price and lock period the Rate screen will disappear and the Mortgage Data screen will appear with the populated rate.

The Program Picker Menu
Pricing through the Program Picker is accessed by selecting the Mortgage Data menu then select the Program Picker Button.



Once the Program Picker launches then select Rate Grid. After selecting Rate Grad your current Rates will appear. Double click on the desired rate and lock period.