Non-Qualifing
This action is entered in Neto to describe the reason for removal, then resolving the application as Submit to UW for review.
What is remark
This removal type is to be used when borrower withdraws prior to initial underwriting
What is Removal Type 2: NOI not sent
This resolution will pend the file for 24 hours before checking checking Reg B expiration date.
What is Resume
When removing an application where a borrower withdraws, following the issuance of AWC or Approved, the application must be sent to this department.
What is underwriting
What is Submit to UW
This type of removal is to be followed when it is discovered that the collateral property is investment.
What is Removal Type 1: Non-Qualify Applicants
These two examples would indicate a recommendation of denial. Should this occur, the app should be sent to uw to be reviewed.
What are negative report findings and mortgage modification
If the REG B warning task is received, NOI is expired, NOI conditions present, and file has NOT been to underwriting, this is the resolution and path to take.
What is Resume and Submit for Application Removal
This is the timeframe and minimal attempts that we should be going by when a borrower is un-responsive after VI/AWC or Approved.
What is a minimum of 3 documented attempts over a 7-calendar day period.
These are to be considered when determining if a file is a true duplicate. Name 4 of the six.
What is Borrower(s), requested loan amount, term, product type, collateral, has not been decisioned
Name the 4 possible non-originated resolution options for an application removal.
What is Approved Not Accepted, File Closed Incomplete, Borrower Withdraw, Denied
Best practice is to remove the application within this time frame of the borrower's notification to withdraw the application.
What is within 5 days
If the REG B warning task is received, NOI has not been sent, NOI conditions present, and file has been to underwriting, this is the resolution and path to take.
What is Resume and Submit to UW
What is email from borrower or remark in Neto to state they would like to withdraw the application
90-day aged applications would fall into this removal type.
What is removal type 8
The 4 prerequisites for this resolution are: NOI issued, NOI Expired without NOI conditions met, Borrower did not request to withdraw prior to NOI expiring, and the application was never submitted to uw for review.
What is File Closed Incomplete
If an NOI does happen to go out but it never went to underwriting, you would then refer to this removal type.
What is Removal Type 3- NOI Sent- Borrower withdraws prior to underwriting
If the REG B warning task is received, NOI has not been sent, NOI conditions present, and file has NOT been to underwriting, this is the resolution and path to take.
What is Resume and Submit for App Removal
What is Removal type 2, 3 and 6
When there are multiple removal types that can be used, this is the one that you would choose and enter in remarks.
What is the first or earliest application removal reason
The time frame that you should send for denial, after you identify that the file is non-qualify.
What is within 24 hours
This removal type is to be followed if the NOI has expired and not all items have been received from the borrower.
What is Removal Type 4: Expired NOI- File Closed Incomplete
If the REG B warning task is received, NOI is expired, NOI conditions present, and file has been to underwriting, this is the resolution and path to take.
What is Resume and Submit to UW
These 3 DCLS steps are to be completed if you have a borrower withdraw after AWC/Approved.
What is: Email loan officer/banker with 2-day reminder, determine if appraisal reports haven been ordered/received then WR to vendor to cxl if not, Resolve as Submit to UW with remarks stating teh borrowers request to withdraw and need uw review to confirm withdraw, approved not accepted or denial?
When disposition is pending and IDP has been sent, where do you resolve the file when it's a true duplicate
What is Submit for app removal