Change of Circumstance
What does "DOD" stand for?
Date of Discovery
HELOC
Home Equity Line Of Credit
You need to request a PTO or paid sick day? What do you do?
You will email crt_leadership@morganstanley.com to request approval. Then, if you receive a reply with approval, you can add these updates to the team’s Outlook calendar (all day free/white status) and your own (all day out of office/purple status).
How many days do we have from the application date to send the first set of Initial Disclosures?
3 Business Days
Does CRT send Closing Disclosures (CD)s?
No
How many days do we have to redisclose any increased fees that changed as a result of a valid Change of Circumstance?
3 Business Days
DTI
Debt To Income
You order a PredProtect report and the results show a "Section 35 HPML Analysis - (HPML)" Fail. What do you do?
You may proceed with disclosure if the following requirements are met for all loans: (1) escrows are added, (2) a full interior appraisal is obtained and, (3) no appraisal waivers are allowed.
For 72-hours loans, at what time on Day 3 from the application date must the Initial Disclosures be generated?
11AM MST / 1PM CST / 2PM EST
CRT Disclosure Specialists
What are the three types of fee tolerance thresholds?
Zero Tolerance, 10% Tolerance and No Tolerance
CVT
Collateral Valuation Team
You go to generate a disclosure in MCP and receive the following red HALT, "Contingency/Closing Date is required. Please enter a date on the Loan Summary Screen." What do you do?
Go to the Loan Summary Details screen to check if the Contingency Date or Closing Date are blank. If the Contingency Date is blank, enter the same date as the "Est. Closing Date" above, save the loan and move forward with disclosure. If the Closing Date is blank, reach out to the MC (or RLM if loan is in processing) to confirm what the date should be and enter that date.
When can a loan be cancelled due to an expired NOI?
The business day following the expiration date of the most recent NOI (or the most recent Conditional Approval or Loan Commitment, if applicable).
Who orders the Data Verify service on all loans?
The Mortgage Consultants.
What event triggers the DOD when a loan amount is adjusted?
The client's request to adjusted loan amount.
CAM
Credit Approval Memo
You have ordered ERNST and reviewed the returned report but, notice the Owners Title Policy fee is blank on the report for this purchase loan? What do you do?
When this happens, you need to order a title fee quote from Boston National Title company by email request. Once the quote is returned, manually add the Owners Title Policy fee provided to the Consolidated Fees screen prior to disclosing. Further instructions for how to order a quote can be found on the Fee Job Aid, Tab # 10.
What is the time frame Lenders have to officially decision a loan application?
30 Days
Who fills out the CEMA calculator?
If a Final Inspection Fee increases after initial disclosure, can that increase be redisclosed to the client and the fee threshold reset by sending a COC?
No, the increase cannot be passed to the client. Final Inspection Fees are “agreed upon” fees so, any increase after the initial disclosure and tolerance setting must be cured and paid by MS at closing.
HOEPA
Home Ownership and Equity Protection Act
You are reviewing for a loan to send a COC due to a product change (30YR Fixed to 10/6M IO ARM) and you notice the Closing Disclosure (CD) has already been issued to the client. What do you do?
You alert the Closing Team that a COC will be required due to this product change by emailing, closingrequest@ms.com AND it is our responsibility to generate and send the Stand Alone ARM Disclosures to the client that are now applicable as part of the COC process. If the product where to change from one ARM product to another, a new set of ARM disclosures would need to be sent as well.
How soon can an MC or RLM generate and send a Signature Package?
If the first set of Initial Disclosures have been sent via e-delivery (and B1 has viewed them) or if they have been sent by print and ship (and it’s the following business day) the MC or RLM can send the Signature Package.
Who orders the first Flood Certificate?
The Flood Certificate order is automatically placed by the LOS when the application is received into MCP.