Initial Disclosures
Disclosures must be sent within this number of days to remain in compliance.
What is 3 Days?
These 4 questions must be answered in every COC comment.
What changed? Why did it change? What is the cost? Who is paying for it?
This loan program requires monthly mortgage insurance, regardless of the LTV.
What is FHA?
This is the only eDisclosure Lockdown that can be overridden.
What is the ED74 - FHA/VA HUD Addendum Incomplete?
Transfer Taxes will always be "As Is" for this Division.
What is the Northeast?
This is where information from the sales team can be found in Encompass.
What is the Conversation Log?
This is how we refer to Origination Points in our COC comments.
What is "the cost of the rate"?
This is where we confirm fees for Bond/DPA loans.
What is the Bond - DPA Program Matrix?
This is the team we would contact if we are failing Mavent for the NMLS or Licensing categories.
What is the Licensing Loan Help team?
This state is a nightmare for Transfer Taxes. Its page in the spreadsheet is probably not actually "Coming Soon", so should be checked by Sean unless in the Northeast.
What is New York (NY)?
Entering these 6 items is considered a complete application, triggering disclosures to be sent.
What are the Address, Loan Amount, Income, Estimated Value, Borrower Name, Social Security Number?
I need to check for this before I send the COC for a rate lock.
What is the lock has been reviewed box has an X?
This type of program cannot have impounds.
What is a 2nd lien position loan?
If no Credit Reference Number is showing, we need to mark this box to send the disclosures.
What is the Credit Reference Override box on the NAF Disclosures screen?
In this state, transfer taxes will be paid by the Seller, but should always show as Seller Credit, not Seller Obligated.
What is Iowa (IA)?
This is the box that must be marked when sending initial disclosures for a HELOC and is found on this screen.
What is the HELOC Disclosures Sent box on the NAF 1003?
This kind of COC can only be sent by our team.
What is an additional borrower?
This loan program will never be sent by Disclosure Specialists, with the exception of three investors.
What are Brokered loans?
These two screens should pop out at you as needing to be reviewed if there is a fail for ED11 - Mortgage Insurance Incorrect.
What are the Mortgage Insurance and Aggregate Setup pop out screens?
Transfer taxes in this state are usually paid by the Seller for the State and County, but if there are City taxes, the responsible party is often mandated by law.
What is Illinois (IL)?
Before sending disclosures on NAF 2nd TD LRP, these two things must be done.
What are Change 1100 fees to Financed and Run Compliance Review/Mavent?
Milestone is in Initial Decision and a borrower is being added to the loan. Name all the employee titles that can send these disclosures.
What are only Disclosure Specialist?
A Spring EQ HELOAN should show as this loan type to make sure the LE is disclosed.
What is Conventional?
To override this alert, we can check the "I do not wish to provide this information" for each required section.
What is the ED124 - HMDA GMI Fields (Demographic Information Missing)?
In Florida (FL), if we are using one of these programs, the borrower will not pay for lines 1204 or 1205, even on the 2nd if there is one.
What is a Florida Housing Finance Company (FHFC) program?