creating & working with your loan - westgen lending

Creating & Working

With Your Loan

Working with the TPO Portal

Importing a MISMO iLAD 3.4 File

There are two (2) options when creating a new loan in the portal:

• Upload MISMO 3.4

• Manual Data Entry

Upload MISMO 3.4

To create a new loan by importing a MISMO 3.4 file:

1. Click [Add New Loan] from the top navigation bar

2. In the Registration Wholesale Loan pop-up window, select the Loan Officer and Loan Processor assigned to the loan**

3. Click [Next]


Importing a MISMO 3.4 File

4. Select [Click to Browse] and locate the MISMO 3.4 file you wish to import

• Or you may also import your MISMO 3.4 file by the drag and drop method

5. After the file is successfully imported, the 1003/Loan Information window will be displayed

6. Click [Register] to save the loan and generate a loan number.


Manual Data Entry

To create a new loan by manually completing all pages of the online 1003 form, follow the steps below:

1. Click [Add New Loan] from the top navigation bar

2. In the Register Wholesale Loan pop-up window, select the Loan Officer and Loan Processor assigned to the loan**

3. Click [Next]


Manual Data Entry

4. Instead of uploading a MISMO 3.4 file, click [Manual].

5. Click [Next]

6. The system will bring you to the 1003 / Loan Information page allowing you to begin manually entering data. After you’ve completed entering your loan information, click [Register] to save the loan.

This action will generate a loan number allowing you to continue.


To view existing loans in your pipeline, click [Pipeline] from the main navigation tool bar.

• The pipeline view provides a high-level overview of your existing loans. For example, you can see Borrower Name and Loan Number, Lock Status, and other basic loan information

• Clicking on a specific column header will sort it by Ascending or Descending depending on the need

Pipeline


1. Using the dropdown menu, find a loan by selecting either Loan # or Borrower Name then entering the search data

• Partial borrower name spelling or partial loan numbers are not valid entries

2. Click [Advanced Filter] to search by Pipeline Filters

• Choose your filters

3. Click [Apply Filter]

Pipeline


Once you are viewing loans in your pipeline, you can toggle between All Loans and My Loans in the Loan Options navigational tool to the left of your screen.

Additionally, you can toggle between Current and Archived loans within the portal.

Loans are accessible based on your files.

Pipeline


To Archive your loans in the pipeline view, select one or more of the checkboxes, next to the borrowers(s) name of the loan, you want to Archive.

Click [Archive]

Pipeline


1. Loan Information

2. Loan Status & Parameters

3. Lock and Program

4. Property Information

5. Decision FICO

6. Key Dates

Working with the Loan Summary Page

Note: Once you have completed and saved all of the information on the 1003, you can work with the loan or perform loan actions such as ordering a credit report, ordering automated underwriting with Desktop Underwriter, submitting the loan, or notifying the lender of a change of circumstances.

To perform an action, select the action from the Loan Actions navigation tool at the left side of the Loan Information page.


1. To view conditional, click [Show Details] link and the tile will flip over

2. Services, such as, ordering DU, ordering credit, or searching Product and Pricing can be completed by selecting the links provided within the tiles

Working with the Loan Summary Page


Loan Info

The Loan Info page includes information regarding the loans type of mortgage, terms, basic property information, and title information. Typically, this information is contained in Sections I and II of the Uniform Residential Loan Application (1003).

You can navigate the sections of the 1003 by utilizing the sidebar or clicking [Next]

Navigating the 1003

Note: The name of each application page is listed on the left side of the navigation tool. Click a page name to view that page in the application.


Borrower Information

The Borrower Information page includes the borrower(s) current residency, and if necessary, their previous as well.

Navigating the 1003

Note: Using the dropdown menu, select the borrower pair appropriate for the information being provided. Once on the correct borrower pair, select the navigational page to view or edit the applicant's application.


Employer History

Use this page to enter the borrower(s) employment history

1. Click [Add an Employer]

2. Indication whether this information is about the borrower’s current employer or previous employer, and then enter the remaining employment information

3. Click [Save & Add Another] to add another employer, or click [Save] when finished

Navigating the 1003


Income & Expenses

Enter the monthly income and housing expenses for the borrower(s). This information correlates to the information in Section V of the Uniform Residential Loan Application (1003).

Navigating the 1003

Note: A proposed monthly payment will not be calculated until you submit the loan file to the product and pricing engine and select a program/rate/price combination. Once the selected interest rate is applied to the loan, a proposed monthly payment will be calculated.


Assets and Liabilities

Use the Assets and Liabilities page to enter information about bank accounts and other liabilities.

This information is reflected in Section VI of the Uniform Residential Loan Application (1003)

1. To add a new asset, click [Add Asset Accounts].

2. The Add Asset Account popup window will appear. Complete the fields and click [Save] or [Save & Add Another].

Navigating the 1003

Note: Accounts within the same institution and the same borrower(s); up to 4, may be added to the Account Information section


Assets and Liabilities > Cash Deposits

To enter cash deposits in the Cash Deposit Towards Purchase section:

1. Click [Add Cash Deposits]

2. Enter the cash deposit dollar amount

3. Enter who the cash deposit is held by, and

4. Click [Save] is finished, or click [Save & Add Another] until finished

Navigating the 1003


Assets and Liabilities > Stocks & Bonds

1. In the Stocks & Bonds sections, click [Add Stocks or Bonds]

2. Enter the company came, account no., and value of the Stock or Bond.

3. Click [Save] if finished, or click [Save & Add Another] until finished

Navigating the 1003


Assets and Liabilities > Automobiles Owned

1. In the Automobiles Owned section, click [Add Automobile]

2. Enter the make & model and value of automobile asset

3. Click [Save] if finished, or click [Save & Add Another] until finished

Navigating the 1003


Assets and Liabilities > Other Assets

1. 1. In the Other Assets section, click [Add Asset]

2. Describe the asset and enter a value

3. Click [Save & Add Another] until finished

Navigating the 1003


Assets and Liabilities > General Liabilities

1. To import liabilities from the credit report, click [Import Liabilities]

2. Review the liabilities, and then click [Import Liabilities]

• When the liabilities have been successfully imported, you will receive a confirmation message. Click [Close] to dismiss the message and return to the loan.

Navigating the 1003

Note: Prior to importing liabilities, the credit report must be run or reissued


Assets and Liabilities > General Liabilities

1. Click [Add a Liability to enter additional liabilities.

• Enter the liability details

• Select [Exclude from URLA Page 2 Liabilities Total] check box to exclude the payment from the ratios, as necessary

• Select [Mortgage liability will remain on subject property] check box to indicated the liability is NOT being paid off through the transaction

• Click [Save] if finished, or click [Save & Add Another] until finished

• To modify a liability, click [Edit] at the right of the liability

2. To enter Alimony, Child Support, and Job-Related Expenses:

• Use the Alimony, Child Support, and Job-Related Expenses section on the Assets and Liabilities tab to enter applicable payment details.

Navigating the 1003

3. Enter information about the real estate owned, including any outstanding liens.To Enter Real Estate Holding:

• In the Schedule of Real Estate Owned section, click [Add a real Estate Owned]

• Click [Save] if finished, or click [Save & Add Another] until finished


Details of Transaction

Use the Details of Transaction page to enter the subject property’s purchase price and other transactional details

Navigating the 1003

Note: When working with a loan you imported to the website, the field on the Transaction Details page will be automatically populated with applicable information from the loan file


Information for Government Monitoring / Declarations

Select Yes or No for each question listed, and then select the appropriate options in the Government Monitoring and Interviewer sections.

This information reflects Sections VIII and X of the Unform Residential Loan Application (1003)

Navigating the 1003


Adding Co-Mortgagors

After entering all the 1003 information for the initial borrower(s), you can then add a co-mortgagor

1. From the top of the page, click [Edit]

2. Click [Add New Pair] to add a co-mortgagor pair

3. Enter the required information for the co-mortgagors(s)

4. Click [Save]

Navigating the 1003


Adding Co-Mortgagors Cont.

5. After the new borrower pair has been added, from the top of the page, select the new borrower pair from the drop-down menu

• Complete all the information on each of the 1003 tabs for the co-mortgagor(s), just as you did for the primary borrower(s)

Navigating the 1003


Saving the Loan

To save the information you have entered on the 1003, click [Save].

The Save button is located at the top and bottom of every 1003 page.

It is recommended to click [Save] prior to navigation away from the page.

Navigating the 1003

Note: By leaving a page where loan changes have been made without savings, a popup window will appear providing you the ability to Cancel, Disregard or Save.

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creating & working with your loan - westgen lending

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