loan officer training - team baldino · • workbook – a set of reports. think of this as an...

Loan Officer Training

Agenda

2

• Introductions

• Mission & Goals

• About Us

• Salesforce – Employee Community

• 21-Day Close Timeline

• Accelerated Buyer Program

• Edge Reporting

• LoanBeam

• FNMA Day 1 Certainty

• Encompass

• Optimal Blue

• CCM Tidbits and Info

Welcome To CrossCountry Mortgage, Inc.

3

6850 Miller Road, Brecksville, Ohio 44141

Mission & Goals

4

Our mission is simple: to provide our clients with the best possibleadvice and benefit to their financial needs while facilitating astraightforward, stress-free mortgage process for the buyers, sellersand realtors.

Our goal at CrossCountry Mortgage, Inc. is to be recognized as theleading and most reputable mortgage company in the nation. Webegin that process by earning our customers’ trust. You are our firstpriority at CrossCountry Mortgage, Inc. and we pride ourselves ondeveloping rewarding, long-term customer relationships. Ourcustomers save money and close their loans quickly because we useadvanced mortgage technology and communicate closely with themthroughout the financing process.

About Us

5

• Founded in 2003 by President and CEO Ronald J. Leonhardt, Jr.

• Headquartered in Ohio with licenses in all 50 states and branches nationwide

• Fannie Mae, Freddie Mac, and Ginnie Mae Approved Seller/Servicer

• We offer a broad portfolio of traditional and niche loan products, including:

• ● Conventional mortgages

● Construction loans (available in Conventional, FHA, or VA)

● Jumbo mortgages with financing up to $3 million

● FHA home loans and FHA 203(k) rehabilitation loans

● USDA rural home loans and VA home loans

● Programs for investment properties and self-employed borrowers

● Financing solutions for those who’ve experienced financial setbacks

• We have been recognized on the Inc. 5000 List of America’s Fastest Growing

Private Companies and the Weatherhead 100 Centurion

About Us – Office Locations

6

SalesForce Intro - Employee Community

7

21-Day Close Milestone Timeline

8

21-Day Task Timeline

9

Accelerated Buyer Program

10

1. Pre-Qualification based on unverified borrower information withoutAutomated Underwriting System findings.

2. JumpStart Pre-Approval based on Automated Underwriting Systemfindings and unverified borrower information; without UnderwritingDepartment review.

3. FastTrack Credit Approval based on Underwriting Departmentreview. There are two distinct steps to this type of approval:

Step 1) Initial Submission: Borrower receives “Credit Approval –Pending Conditions.” While looking for property, borrower can clearcredit conditions, and move to second phase of FastTrack CreditApproval.

Steph 2) Expanded Submission: Borrower receives “Credit Approval– Pending Collateral.” Credit conditions have been cleared, and thissignificantly speeds up the process once a property is identified.

FastTrack Credit Approval Timeline

11

Accelerated Buyer Program Continued

12

FastTrack Credit Approvals Benefits

• FastTrack Credit Approval results in a credit approval letter - pending credit conditions or pending collateral

• FastTrack Credit Approval gives borrowers further purchasing power in a competitive market

• Dollar amounts on FastTrack Credit Approval certificates are controlled by Loan Originator (within maximum loan amounts set by Underwriter)

• Decreases cycle time from Qualification to Funding

• Use to achieve One Touch between Qualification to Funding • Same Underwriter assigned as initial FastTrack Credit Approval (if available) will see through to collateral and final decision

Accelerated Buyer Program Continued

13

Example of Credit Approval Certificate and FastTrack Credit Approval

EDGE Reporting

14

EDGE is a Business Intelligence and Analytics platform that gives youaccess to more interactive and dynamic reporting. This will help branchmanagers and loan officers manage their performance more efficientlywith real-time data.

EDGE is made up of projects, workbooks, and views.• Project – A folder that contains a set of workbooks.• Workbook – A set of reports. Think of this as an Excel workbook

that may contain one or more worksheets.• Views – A customizable way to look at workbook content. You

can set up and save views based on your own filter criteria.

EDGE Desktop vs. Mobile EDGE• EDGE Desktop allows you to access interactive reports on your

desktop computer.• Mobile EDGE allows you to access interactive reports on your

mobile device.

EDGE Reporting Continued

15

• EDGE Desktop – Origination Pipeline Manager• Pipeline Alerts and Active Pipeline

• EDGE Desktop – Production Summary• EDGE Desktop – CCM Funded Map• EDGE Desktop – Loan Officer Scorecard• EDGE Desktop – Profitability Dashboard• EDGE Desktop – Realtor Partner Review• EDGE Desktop – Sales Contest

EDGE Reporting – Pipeline Report

16

EDGE Reporting - Scorecard

17

EDGE Reporting – Realtor Partner View

18

EDGE Reporting Sales Contest

19

POINTS:

• 1 point is awarded for every $500kfunded

• 2 points are awarded for everyfunded unit

PRIZES:

• Who: Originating Branch Managersand Loan Officers who’s been withthe company for at least 5 monthsand closed at least $30 million.

• Where: Seasons Resort Punta Mita• What: 4-night stay• When: February 6-10, 2019

• The Top Gun, defined as the individual who wins the annual contest, will receive a pre-paid one-year lease of a vehicle selected by Ron.

What is LoanBeam

20

LoanBeam is an automatic income calculation software that will allow you tosave time and increase accuracy — all with proven reliability that will help youincrease your production.

How does it work?Upload all schedules of tax returns, including any K-1’s and statements. Do notinclude any state or city returns, only federal, and no misc. pages. LoanBeam willcalculate the income for you.

Will I know if I missed pages when the documents were uploaded?Yes. LoanBeam will identify any missing documents.

Do you need to organize the borrower’s tax documents before scanningthem?Individual tax returns, K-1’s and business tax returns can be submitted toLoanBeam in a single or combined PDF file, or split into separate PDF files in anyorder. The software will sort out which document is which. However, it is requiredthat the pages of each tax return be submitted in sequential order exactly as thetaxpayer would have received them from their accountant.

LoanBeam Continued

21

How long does it take for income results to come back?As a rule, each page of the tax returns will take approximately 30seconds to review.

After all documents are submitted to LoanBeam, what formdoes the income come back in?You will receive an Excel-based worksheet that has the borrower’squalifying income calculations.

Can the underwriter ever change the income calculation?Once LoanBeam has completed its calculation, the underwriter willreview and apply any adjustments necessary. For example, ifLoanBeam adds in Dividend and Interest income and the borrowerdoes not want to use the income for qualifying, the loan officer, loanprocessor or underwriter can remove the item.

3rd Party Verification Services

22

Who are they?

What are the benefits?• Less documentation needed from the borrower• Automated verification of employment, income and assets• Greater efficiencies in the loan process• Savings of time and money

What programs can I use them on?• Conventional – Fannie Mae and Freddie Mac• FHA• VA• USDA

AccountChek

23

How does it work?

AccountChek is an impartial, third-party service used to automaticallyretrieve financial asset data. Because the data is collected directly from theborrower’s financial institution, we can be sure it is accurate and complete.

Here are just some of the benefits:

• Close loans faster• Efficiency for you and your borrower:

• No more asking for missing pages or updated statements whendeposits clear

• Large items and NSF’s are identified• Average balances are calculated

• Control, you and your borrower determine which accounts to use• Ease of use, it’s Integrated with Encompass• 73% of customers want at least some sort of automation in their

mortgage process and 76% are open to the idea of securely sharingtheir login credentials to automatically pull data.

The Work Number

24

How does it work?

The Work Number® is a database that we can use to verify incomeand employment information. The Work Number database is thelargest central repository of payroll information in the United States,with over 82% of the Fortune 500 employers contributing data eachpay cycle.

What are the benefits?

• Verify applicant’s employment and income• Streamline the application process• Find unreported income• Reduce documentation needed from borrower

FNMA Day 1 Certainty Fact Sheet

25

What is it?Day 1 Certainty is a program from Fannie Mae that offers freedom from:

• Paper-based processes with validation of income, assets, and employment• Appraisal requirements on eligible refinance transactions• Reps and warrants relief on appraised value

Day 1 Certainty is offered for Conventional loans utilizing DU. Non-Conforming orgovernment loans are not eligible. (VA allows asset verification)

Using Day 1 Certainty components could result in:• Less documentation needed from the borrower• Quicker appraisal underwriting• Fewer appraisals needed• Greater efficiencies in the loan process• Savings of time and money

What are the components?• Validation of income and employment• Validation of assets• Property inspections waiver (PIW)• Reps and warrants relief on property value


26

How does it work?DU utilizes information obtained from approved systems and/or third party vendors tovalidate borrower information. If information is validated, in many cases, no furtherdocumentation is required from the borrower.

Income/Employment exampleThe branch receives borrower consent to pull electronic data and credit report. Branch pullsemployment and income information through Equifax Services: The Work Number andRapid Reporting. The branch then uses DU to run findings as usual. DU analyzes andvalidates information provided by Equifax Services: The Work Number and Rapid Reportingand the credit report. If validated, no further documentation is required for income andemployment. *certain restrictions apply depending on type of employment andincome

Validation of assets exampleThe borrower signs on to FormFree/AccountChek and gives consent for lender to receiveasset information. Borrower selects assets to include, and gives permission for updates tobe sent. The information is electronically sent to the lender. The branch uses DU to runfindings as usual. DU analyzes and validates information provided byFormFree/AccountChek. If validated, no further documentation is required for assets (ifassets are adequate for qualification.) *certain restrictions apply depending on type ofassets

Day 1 Certainty – Income Validation Example

27

Day 1 Certainty – Income Mismatch Example

28

Day 1 Certainty – Asset Validation Example

29


30

Property inspection waiver exampleNo cash-out refinance loan: lender uses DU to run findings as usual. DU analyzes previousappraisal information, matches with borrower on loan application, and provides PIW offerthat waives appraisal requirement. No appraisal is required. *certain restrictions andtime frames apply


31

Validation Type Provider Access Eligibility

Income Equifax – The Work Number & Rapid Reporting

Encompass – Services – Order Verifications – Rapid Reporting

Conventional through DU

Employment Equifax – The Work Number

Encompass – Services – Order Verifications – The Work Number


Asset AccountChek AccountChek Website Encompass – Services –

Order Verifications


Appraisal Collateral Underwriter (Fannie Mae)

Encompass – Services – Request Underwriting – Fannie Mae DU on ePass

2.5 or lower CU risk score: one unit attached, detached, or condo through DU

Property Inspection Waiver

Collateral Underwriter (Fannie Mae)

Encompass – Services – Request Underwriting – Fannie Mae DU on ePass

Refinance: one unit Limited cash out:

o Up to 90% LTV principal and second homes

o Up to 75% LTV for investment Cash-out:

o Up to 70% LTV for principalo Up to 60% LTV for second and

investment Approve/Eligible through DUPurchase transactions: Principal residences and second homes

up to 80% LTV/CLTV

Encompass 360

32

Learning Objectives:• Originate a loan from the pipeline

• Input a complete loan application

• Issue eConsent

• Complete Required Fields Specific to CCM Prior to Dislcosing

• Complete the 2015 Itemization

• Issue eDisclousres

• Retreive eDisclosures

• Upload additional documentation into File Manager

• Assign File Contacts

• Clear the Qualification and Sent to Processing Milestones

• Appraisal Order Process and Merchant Portal Payment Processing

• Pricing a loan and locking a loan

• FastTrack Pre-Approval

Encompass 360 Continued

33

• Username: trainingofficer

• Password: CrossCountry06!

• Pipeline View, click the drop down arrow and select Training, Loan

Folder, click on the drop down and select Training and then click on

the paper with the + to create a new loan

• Training file name:• Andy (middle name is your first name) Americas• 999-60-3999• 05/01/1970• 4321 Cul De Sac Street, any zip code

Knowledge Check

34

• Who can name the Fee Tolerance Categories as stipulated by TRID?

• What fees cannot change?

• What fees can change?

Encompass 360 Continued

35

Loan Officer Submission Checklist

36

System Access

37

• Microsoft Office 365 Sales Force (Employee Community)• Encompass • Search Field• Optimal Blue • Departments• The Work Number • Support• CBC Innovis • More > Files• FHA Connection • Learning and Resources• VA Portal • Training Calendar • USDA/GUS • Condo Review• Mercury Appraisal Orders • Product & Pricing• 8x8 Virtual Office • Reporting• AccountChek (D1C) • The 411 of CCM• Equifax • Idea Bridge

• All Regs

Idea Bridge

38

Questions

39

THANK YOU!

40

Joelle MasonMortgage Origination TrainerD:[email protected]

Jon-Michael MajkutMortgage Origination TrainerD: [email protected]

Mike ZahorchakMortgage Origination TrainerD: [email protected]

loan officer training - team baldino · • workbook – a set of reports. think of this as an...

Documents