Fillable Loan Set-up Process Checklist

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Loan Set-up Process Checklist

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06/17/2020

Loan Set-up Process Checklist

Borrower:_______________________________ Loan #:___________________________

Loan Set-up Disclosure Review

 Sent to Processing Milestone

 Click the Log Tab and the Send to Processing Milestone

 Confirm Loan Set-up Person is assigned to Loan Opener role

 Review any notes in the Milestone Comments section and/or Cover Letter

 Review loan program (CONV, FHA, VA, USDA) and purpose of loan (Purchase or Refinance)

 Manage Borrower – Click drop-down to check for co-applicants

 Acknowledgement of Intent to Proceed – Completed prior to “Ordering Services Section”

 Complete Intent to Proceed – Origination Summary/Quick Links/Disclosure Tracking button

 Verify eConsent has been received

 Actual Received date completed

 Intent to Proceed box is checked

 Received method completed

 Comments (NOTE: If received by PHONE, listed comments; Date & Time, name of person giving

approval AND confirm borrower(s) has viewed the disclosures.)

 Verify required minimum disclosures are included (all loan types)

 All esigned disclosures will automatically upload to the appropriate document labels when retrieved

 Refer to the FMU (Checklists & State Disclosures/Checklists & Resources/Disclosure Resources) for fu

lis

t of required disclosures including State Required Disclosures

 Any document missing the Loan Officer or Borrower signature should be left in the File Manager and/or

the (Unassigned)

 File Manager

 A note added to the Name Field explaining what is missing

 Split and Rename all documents to let the processor know what they are so they can be

easily reviewed and dropped into the eFolder

 List any missing disclosures in the Preliminary Condition’s Tab

 Verify required wet signed disclosures are also received

 Conventional

 Borrower’s Certification & Authorization

 Social Security Administration Authorization (SSA-89)

 FHA Loans

 Social Security Number Certification

 VA Loans

 V.A. Child Care Expenses Certification

 Review any State Specific Wet Signed Docs

 Verity additional required new construction disclosures are received

 Conventional New Construction

 Add Doc Tab – New Construction Documents

06/17/2020

 Request Builder Permit, Cert. of Occupancy & Warranty of Completion.

 For required documentation refer to KnowledgeOwl

 FHA (USDA Loans) New Construction - verify required additional disclosures are included; Request

completion of these docs from builder/seller agent

 Refer to KnowledgeOwl for specific New Construction Checklists

 FHA HUD 92541 Builder Certification – Note: Must be uploaded w/appraisal order

 FHA New Construction Builder Statement

 FHA NPMA-99a Subterranean Termite

 FHA NPMA-99B Subterranean Termite

 HUD 92544 Warranty of Completion

 Add Doc Tab – New Construction Documents

 Request Builder Permit, Cert. of Occupancy & Warranty of Completion

 VA New Construction - verify required additional disclosures are included; Request completion of these

docs from builder/seller agent

 Refer to KnowledgeOwl for specific New Construction Checklists

 V.A. 26-1859 Warranty of Completion of Construction

 Same as HUD 92544 Warranty of Completion

 V.A. Borrower Acknowledges no Warranty

 V.A. HUD-NPMA-99-A Subterranean Termite Soil Treatment

 V.A. HUD-NPMA-99-B New Construction Subterranean

 V.A. New Construction Builder Cert

 V.A. Safe Drinking Water Act Cert-New Construction

 Add Doc Tab – New Construction Documents

 Request Builder Permit, Cert. of Occupancy & Warranty of Completion

 Operations Worksheet – Quick Links - File Contacts– verify all File Contacts are completed

 Buyers Agent – Company Name, Address, License Number, Realtor Name, phone number, email address

and License Number – check Add to CD Contact Info Yes box

 If borrower is NOT working with Agents – Operations Worksheet Form – Closing Section – che

ox “Buyer Not Working With Realtor”

 Sellers Agent – Company Name, Address, License Number, Realtor Name, phone number, email address

and License Number – check Add to CD Contact Info Yes box

 If seller is NOT working with Agents – Operations Worksheet Form – Closing Section – check bo

“

Seller Not Working With Realtor”

 Seller(s) – Name and Address

 Hazard Insurance Company – Company Name, Address, Contact Name, email Address, Phone Number

 Flood Insurance Company (if applicable)– Company Name, Address, Contact Name, email Address,

Phone Number

 HOA (if applicable) – Company Name, Address, Contact Name, email address, phone number

 Mortgage Insurance Company – (for conventional loans with PMI) select current MI Company nam

fro

m drop down list.

 Credit Card Authorization

 Ensure credit card has been authorized/processed if required by branch

Loan Setup Review and Order Services

 O

perations Worksheet – Ordering Services – Appraisal Section

 USPS Address Validation button

 Confirm address returned by USPS matches Encompass Subject Property Address

 Move USPS Validation from File Manager to Address Check Tracking label in the eFolder

 Order Appraisal

 Operations Worksheet – Ordering Services – Appraisal section

 Property Inspection Waiver – Complete if applicable (PIW dropdown)

06/17/2020

 FLS Order Form button

 Ensure Credit Card Authorization is authorized/processed, if required by the branch

 Upload a fully executed copy of the Sales Contract to the FLS order when placed

 Upload Condo or PUD Questionnaire if already received to the FLS order

 Upload Flood Certificate if property is in a Flood Zone to the FLS order

 Confirm Loan Type and Occupancy Status are correct (if investment don’t forget to order Operating

Income Statement in addition to the Appraisal if applicable)

 FHA AND VA - Confirm case number is pulled and in eFolder; reference FHA and VA

Management sections below

 If loan is not locked, select a minimum of 2 Investors – Fannie Direct & Freddie Direct

 Complete Ordered Date and Appraisal Due Date

 Order Flood Cert

 Operations Worksheet – Ordering Services – Flood Cert section

 FLS Flood Cert Order Form button

 If property is in a Flood Zone, make a note to the Loan Processor on the Send to Processing Milestone in

the Milestone Comments section

 Complete In Research Date (if applicable)

 If property is in a flood zone, you will need to order Flood Insurance

 Property address Matches

 Borrowers Name matches

 Mortgagee Clause

Fairway Independent Mortgage Corporation

ISAOA/ATIMA

4201 Marsh Lane

Carrollton, TX 75007- 1720 (last 4 if it’s on there)

 Loan Number

 Effective Date __________________

 Purchase - effective date cannot be more than 7 days prior to closing date

 Refinance - make sure the policy is effective the day of closing with 60 days of coverage

left. If the policy has less than 60 days left on it, request renewal.

 Refinance - must have balance owed or paid receipt

 Dwelling Coverage amount to be greater than or equal to loan amount (acceptable coverage)

(Max coverage 250,000)

 Premium

 Deductible

 Make sure flood insurance matches the flood zone certification

(Make sure flood disclosure was sent to borrower at least 10 days prior to close)

 Move Flood Invoice from the Flood Certificate document label to the Invoices document label

 Delete any extra Flood Certificate document labels that do not have attachments

 Employment/Income - Ordering initial VOE(s)

 Operations Worksheet – Ordering Services – Employment/Income section

 The Work Number button to verify if employer is on The Work Number.

 If on TWN, will auto fill into “Verification” tracking label – Rename/Move to VOE label

 Show all VOE button (select which employer you want to print) and send for Borrower(s) who

receive income in addition to base income such as overtime, bonus, commission, and mileage;

or school teachers

 VOE must be signed by Fairway employee

 Complete the Ordered Date and Received Date (as applicable)

 Google/411.com all borrower(s) employer addresses; print this Third Party Verification and file in

eFolder under VOE document tracking label – Both for Current and Prior Employer (TWN is consider a

TPV)

06/17/2020

 Origination Summary Form - Employment Info. Section – Enter Employers phone number from

the Third Party Verification in the Business Phone field – If different than what is listed

 Order Tax Transcripts – CHECK WITH PROCESSOR TO MAKE SURE NEEDED BEFORE ORDERING

 Review IRS 4506T Request for Transcript of Tax to ensure fully complete:

 Borrower Signature / Spouse Signature – must be within the past 120 days

 Confirm Box is checked by Signatory Attests that he/she has read the attestation clause

 Confirm current address and address shown on last filed return are properly completed by checkin

ainst the Loan Application Initial (1003) or Tax Returns- Individual for the current and previous

address

 Borrower’s phone number must be TYPED on the form; a handwritten phone number will be rejected

 Check the Vendor in Box #5 to confirm the company the Tax Transcripts are being ordered through is

listed

 eFolder IRS 4506T – Request for Transcript of Tax document label - verify the 4506T has been properly

uploaded as a PDF.

 Upload 2015 Disclosure Tracking Details Form the Disclosure Tracking Tool. Click the Print Icon and

select the 2015 Disclosure Tracking Details. Upload to Document Tracking Label – Disclosure Tracking.

Will upload with IRS 4506T form into FLS System.

 Tax Transcripts section

 FLS 4506T Order Form button

 Order Transcripts - ROA – Record Of Account (Make note of the due date on the FLS

website)

 Complete Ordered Date

 If no Transcripts required, complete Dropdown (Transcripts Required Y/N)

 Order Condo or PUD Questionnaire – (as applicable)

 Condo/PUD Warranty

 Access Condo Database – search for possible project documentation

 Note: Management Companies may have an internet order sites to pull the Condo Questionnaire –

email verifications@fairwaymc.com

for ordering

 Print the Condo Questionnaire – and send to the Management Company for completion

 Once Questionnaire and Condo Docs are received, upload docs to eFolder

 Operations Worksheet – Condo/PUD Warranty section

 Condo/PUD Review button

 Request Condo/PUD Review form– Condo/PUD Review – “Click here to request Condo/PUD

review”

 Add any applicable notes

 Complete order date

 Masters Policy – request from Master Insurance Contact that you receive from HOA

 If HO6 is required – enter HO6 Requested date – Operations Worksheet once ordered

 Mortgagee - Fairway Independent Mortgage Corporation ISAOA/ATIMA

4201 Marsh Lane, Carrollton, TX 75007- 1720 (last 4 if it’s on there)

 Add Borrower(s) Name and Loan Number to Master Policy

 Effective Date: ______________ *Make sure the policy is effective the day of closing with 60

days of coverage left. If the policy has less than 60 days left on it, request renewal.

 Order Title Insurance, CPL, Tax Cert, Wire Instructions & Fees

 Operations Worksheet – Title Commitment section

 Settlement Agent Information button

 Approved Agent Search

 Enter Company Name, Address, City OR Sta

 Lic. State Must be closing state

 Select agent from drop down

 Copy to Escrow Company, Title Insurance Company or Buyer’s Attorney as

applicable.

06/17/2020

 Copy to Settlement Agent

 If NOT LISTED

 Complete New Settlement Agent Approval Request section

 Call Closing Agent – confirm email address and contact person

 Settlement Agent Information Form – update email and Contact Person as needed

 Open Title Commitment Request document label in the eFolder and attached corresponding

Enc

ompass form

 If Using Consumer Connect

 eFolder – Send button – Send Files – send the Title Commitment Request, and Sales

Contract (if applicable) to the Closing Agent to request the Title Report and addition

documents

 If Using Simplifile

 Order by clicking Simplifile button (Operations Worksheet/Title Commitment section)

 Operations Worksheet – Complete Ordered Date

 The title company must provide their wire instruction with each title order (NEVER save wire

instructions – new instructions are required with each order).

 Refinance Transactions

 Operations Worksheet/Title Commitment section, choose from drop down Payoff

Ordered/Received

 Order Homeowners Insurance

 Call Homeowners Insurance Company – confirm email address and contact person

 Operations Worksheet - File Contacts Quick Link – Hazard Insurance – update email and Contact Person

as needed

 Open Homeowners Insurance Request document label in the eFolder and attached correspondin

ncompass form

 Outlook email – send Hazard Insurance Request to the Insurance Agent to request the Homeowners

Insurance Policy

 Operations Worksheet – Complete Ordered Date

 Order Flood Insurance (as applicable)

 Refer to Homeowner’s Insurance steps

 Order FraudGUARD®

 Operations Worksheet – Ordering Services – FraudGuard section

 Order FraudGuard button

 Select PDF report Format

 Check full report that pulls into the Fraud/Audit document tracking label for any SSN Variances

 Remove any additional Tracking Labels after Fraud Guard has been ran.

 Order Social Security Verification (when applicable)

 Operations Worksheet – Social Security Verification button

 Order SSN Verify for Borrower or Co borrower if FraudGUARD® variance relates to Soc

ial

ecurity Verification

 Will receive two emails – one to confirm order and a second one when order is complete. When order is

complete, Retrieve and add to Social Security Authorization Disclosure and clear Variance on

FraudGUARD®

 To Retrieve – refer back to Social Security Verification button on Operations Worksheet

 Confirm the Estimated Closing Date is accurate

 Operations Worksheet – Closing Section – Closing Dates

 Estimated Closing date should match the date the Borrower is expected to sign the Closing

Documents (update as needed)

 Reserved Funds for PURCHASE Files Only

 Operations Worksheet – Closing Section

 Reservation and Wire Summary button – Request early (1 day early wire – excluding all Bond

Programs and Refinance transactions)

06/17/2020

 Send to Processing Milestone

 Assign the Loan Processor to LP1-Submittal Role

 Update one liner status in the Milestone Comments section to Processor to Review <current date>

 Check the Finished checkbox

 Send NEEDS List if applicable

 Operations Worksheet – Important Dates – Loan Setup Complete Date

FHA & VA Appraisal Orders

 F

HA Loans: Operations Worksheet

 FHA Connection button – Perform Case Query by borrower’s social security number to ensure no othe

pen cases on borrower.

 Order FHA Case Number – For Purchase transactions, utilize FHA Management forms

 FHA Connection

- ensure the Borrower’s Full Name is being used to pull the case number and

the Date of Birth from Photo ID in the eFolder

 FHA Connection - ensure FHA Lender ID is correct – confirm by checking Lender ID Code on

Operations Worksheet

 HUD 1003 Addendum Section – Enter Agency Type, Agency Case Number and Section of the Act

 HUD-92900LT FHA Loan Transmittal Section Enter the Case # Assigned Date, CAIVRS # and LDP/GSA (yes

or no checkbox) *If utilized FHA Management form, Assignment Date and CAIVRS will auto-populate

 FHA Management Section -

 For FHA Streamline Refinance (need previous case number to order new case number) –

Complete FHA Management Section with Refi Authorization Date/ Old Case Number, MIP

Refund and Prior Endorsement Date as applicable.

 Choose from Dropdown for FHA Streamline Type (Credit Qualifying or Non-Credit

Qualifying)

 Obtain Borrower Validation on FHA Case Numbers (24 hours later) by editing FHA Case Number in FHA

Connection – scroll to bottom – hit send – the 2-page document is the Borrower Validation

 FHA Case Transfer – if Case Number is with a different lender

 Contact previous lender and request that the case number be transferred. Be sure to give them th

rrect lender ID number (Branch Specific)

 Follow FIMC case transfer

procedures

 Transfer confirmation from the other Lender is filed in the eFolder in the FHA FIMC Request for FHA

ase Transfer document label

 FHA Case Transfer Certification form is filed in the eFolder in the FHA FIMC Request for FHA Case

Transfer document label

 VA Loans: Operations Worksheet

 VA Portal

button– order VA appraisal through VA Portal and upload Sales Contract to the VA Portal

 Complete Agency Type and Agency Case #

 VA Portal

- order Certificate of Eligibility if not in the file

 FHA Connection - pull VA CAIVR #s

 VA Management Section – Complete CAIVRS Number, Date and by fields

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Completed 10 March 2021

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