Lender Training Module II Compliance, Closing & Delivery For audio, please dial (877) 347-4079 Code: 3333
Agenda Topics Covered Today: • About TSAHC • Accessing the Lender Portal • Important Program Documents • New Reservations • Compliance Packages • Underwriter Certification Forms • Loan Stages • Closing and Post-Closing (see Module III for more detail) • Fees and Expirations • FAQ
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About TSAHC TSAHC is a 501(c)3 nonprofit organization. Our mission is to serve the housing needs of low-income Texans and other underserved populations. We fulfill our mission through our concept of:
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Accessing Lender Portal Participating lenders will reserve loans and submit compliance packages through TSAHC’s Lender Portal at www.tsm-online.org.
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One person from each Lender’s organization will be designated the “TSAHC Administrator”
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The administrator is responsible for determining who within their company will have access and as well as the level of access each employee will have.
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TSAHC does NOT create login credentials.
Lender Portal 1. Login to the TSAHC Lender Portal at www.tsm‐online.org. 2. Click on Program Documents
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Lender Portal • Download and print the “Step-by-Step Origination Procedures” document to help you determine our timeline and the required documents for each program. • Please refer to this document throughout the entire process.
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Lender Portal
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Lender Portal • Use the “Qualified Census Tracts/Targeted Areas” document to help you determine whether or not the property is in a Targeted area. This will be required when you make a new reservation.
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Lender Portal
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New Reservation 1. Select the “New Reservation” tab in the upper left corner. 2. Select the appropriate Program from the list and complete the reservation form.
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New Reservation 3. Fill out all appropriate fields using the completed 1003. 4. Required fields are designated with a red asterisk.
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Helpful Tips: • Only middle initial is accepted • Please hyphenate last names that include spaces • The interest rate is locked for 60 days • Please input annual wages not monthly • Use TOTAL loan amount, not base • Type “na” if borrower has no email address
Processor Responsibilities 1. Upload Pre-Closing Compliance Package within 5 calendar days prior to closing. 2. Download the Commitment Letter Issued by TSAHC once file is TSAHC approved 3. Ensure your closers turn in “Wire Request Form”, commitment letter, and final Closing Disclosure at least 2 days prior to closing for DPA or DPA/MCC files. •
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Please note that MCC stand-alone files do not require a wire request form.
Compliance Packages •
The Lender Portal allows lenders to complete and submit electronic documents. • All documents must be uploaded electronically. • No paper documents are required.
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Click on the “PDF Docs” button to access the electronic documents.
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Compliance Packages •
All of the documents we require for that particular loan will be listed. Select/generate the Pre-Closing Checklist to help you determine documents required prior to closing. This is due 5 days prior to closing.
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If the applicable form requires a signature, the form must be completed, printed, saved as a PDF, and uploaded to the system.
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Compliance Packages •
Go back to the “Loan Status” button. NEVER use the back arrows or it will log you out of the system.
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Click the “eDocs” button.
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Compliance Packages • Click the “Add New” button to upload a saved document.
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Compliance Packages •
Click the “Click Here” button to access your computer files and select the document to upload. Click “Choose File”, find the document, and then click “Open”.
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Compliance Packages •
Name the document you are uploading by choosing an option from the drop‐down list under “Select a document from the predefined list”. o If you don’t see your document on the list, use the “Enter a customized document name” field to name the document you are uploading.
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Then you MUST click SAVE! This will save the uploaded documents to the “eDocs” section of the loan.
Compliance Packages •
Once all of the required documents have been uploaded to the Lender Portal, you will need to return to the “eDocs” button associated with the loan.
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You should see the uploaded documents under the appropriate section.
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IMPORTANT: Click on the “Submit” button associated with the each section.
If you do not hit the “Submit” button, TSAHC will NOT know that you have uploaded any documents!
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Underwriter Responsibilities 1.
Confirm borrower qualifies per Program Guidelines
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Underwrite file according to product guidelines • FHA, VA and USDA loans may be underwritten through: o Automated Underwriting System (“AUS”), o Fannie Mae’s Desktop Underwriter (“DU”), or o Freddie Mac’s Loan Prospector (“LP”) o Manual Underwriting allowed only on FHA o (FHA manual underwrites require a minimum 640 FICO and will be subject to 43% Max DTI) • HFA Preferred Conventional loans may be underwritten through: o Fannie Mae’s Desktop Underwriter (“DU”) only o No manual underwrites allowed
3. Upload the “Underwriter Certification Form” as a part of Pre-Compliance Package to the Lender Portal. (Note that stand-alone MCC does not require this form) • Form found by selecting the “PDF Docs” button associated with your loan on the Lender Portal.
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Underwriter Certification •
The Lender Portal allows lenders to complete and submit electronic documents. • All documents must be uploaded electronically. • No paper documents are required.
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Click on the “PDF Docs” button pertaining to the specific loan reservation to access the electronic documents.
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Underwriter Certification •
Underwriters will select the “Underwriter’s Certification” Form. Then click “Generate Documents”.
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Underwriter Certification The UW Form will appear with many fields pre-populated. Complete and/or update any blank
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Once this is complete, click on the “Upload Package” button at the bottom of the UW Form.
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This will automatically upload the Form to the “eDocs” section of that specific loan file.
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Underwriter Certification •
Go back to the “Loan Status” button. NEVER use the back arrows or it will log you out!
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Click the “eDocs” button associated with the loan to find the recently uploaded Underwriter’s Certification Form.
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Underwriter Certification •
You should see the uploaded UW Certification Form in the “Pre-Closing Compliance” section.
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IMPORTANT: Click on the “Submit” button of this section.
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If you do not hit the “Submit” button, TSAHC will NOT know that any documents were uploaded!
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Loan Stages •
You can always check the stage of your loan by clicking on the “Loan Status” tab. • TSAHC will NOT notify you when your status has changed. You are responsible for managing your own pipeline.
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For definitions of each stage, click on the “Program Documents” tab and download the “Stepby-Step Procedures” document.
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Should you see an “Incomplete”, please click the “View” button associated with your file to view and clear conditions/exceptions.
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Closing & Post-Closing Closer Responsibilities •
DPA or DPA/MCC Loans: Complete and submit the “Funding Request Form”, Commitment letter and the final Closing Disclosure to
[email protected] at least 2 business days prior to closing. Form found in “PDF Docs” section. Wire cut-off time is 2pm Central time.
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Close and fund the loan according to Agency and Program Guidelines
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Upload Post-Closing Compliance Package within 5 calendar days following loan closing. Uploading process is the same as the Pre-Closing Compliance Package shown previously.
Shipper Responsibilities
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DPA or DPA/MCC Loans must be approved by TSAHC, delivered and purchased by Lakeview within 60 calendar days of loan reservation
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Once the Post- Closing Compliance Package has been approved by TSAHC, Lakeview will be authorized to purchase the loan (subject to Lakeview requirements) and/or the MCC will be issued to the borrower.
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More details on shipping requirements found in Module III training at: http://www.tsahc.org/lenders-realtors/lender-training
Fees and Expirations •
Reservation Expiration- This is 30 calendar days from the reservation date. Loans must be CLOSED by this date. Contact TSAHC if you need more time.
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Commitment Expiration- This is 60 calendar days from the reservation date. Loans must be sold to Lakeview Loan Servicing by this date. Loans not purchased by this expiration date will need an extension at a cost of 1bps per day (7, 14, or 30 day option). Extension forms are found on the Portal in “PDF Docs” section of that file.
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DPA Program Fees- Lakeview Loan Servicing will collect our DPA fees when they purchase the loan. Please DO NOT mail the Compliance fees to TSAHC.
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MCC Program Fees- A payment form can be found in the “PDF Docs” section for all MCC loans. Please remember that Texas Hero borrowers using DPA/MCC program will not be charged the $500 issuance fee.
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For stand alone MCC loans, please send TSAHC the Compliance and Issuance fees.
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For the combination MCC/DPA loans, Lakeview Loan Servicing will collect all fees.
Frequently Asked Questions •
Can you add a full middle name? •
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How can I edit a reservation once it has been made? •
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Rates are locked at the time of reservation and will be for 60 days.
What if I need to cancel a reservation? •
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Any edits to the loan must be made by TSAHC. Please contact TSAHC with the reservation number and borrower name for help.
What happens if the rates change after my reservation has been made? •
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No, our system only has space for the middle initial. TSAHC and Lakeview will accept and approve loans without the full middle name.
Please contact TSAHC regarding cancelling any reservations. Do not cancel or delete loans from the portal yourself.
www.ReadyToBuyATexasHome.com
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Contact Us
Pictured from left to right: Tim Almquist, Delia Davila, Sarah Ellinor, and Joniel Crim
Homeownership Hotline: (877) 508-4611
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Training/Marketing Questions:
Compliance Questions:
Joniel Crim (512) 477-3561
[email protected]
Tim Almquist (512) 334-2156
[email protected]
Sarah Ellinor (512) 220-1171
[email protected]
Delia Davila (512) 334-2158
[email protected]
Proof of Completion To receive login credentials to the Lender Portal:
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Type this URL into your browser: https://tinyurl.com/TSAHCmoduleII
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Complete Registration Form that appears
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Forward the confirmation email to your company’s program administrator*.
*Should you not know your company’s program administrator, please contact TSAHC and we can point you in the right direction.
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