Things to Know from the Compliance Team
- Removing items from disclosure tracking timeline. Keep in mind, just because it is removed from timeline does not remove from borrower’s account. They still have access and can view or sign documents at any time. This could result in the need to restart files.
- Mavent error listed below is due to ATR/QM eligibility screen needs to be listed a “General QM’ versus “Agency /GSE QM”
- Disaster Inspections – Underwriter adding condition is NOT a valid COC to disclose a disaster inspection. Fee was to be disclose within 3 days of event, meaning when disaster was declared.
- Credits, regardless of by whom, can NEVER exceed closing costs and prepaids.
- TBD packages sent and not reflected in disclosure tracking can not be manually entered. Manual entries are for LE, CD and SSPL which are not sent on TBD packages.
- If your intention is to have your borrower wet sign or Docusign a CD, have your closer send as US Mail versus Edisclosure. This will eliminate the issue of borrower esigning the same disclosure after original signature that could result in closing being pushed out.
- Redisclosing CD, the only time the reason “Change to APR” should be checked is if APR increase over the .125, if checked, Encompass will recalculate earliest closing date for an additional 3 days.
- The ICD cannot be sent the same day the last disclose LE was signed, must be issued the following day per TRID guidelines, Mavent and investor requirements.
- If issuing a CD with a fee for which you do not have a valid COC, you must reset baseline to capture need for tolerance cure on final.
- Be mindful of the “Paid to” on the itemization, if fee not paid directly to us, should be marked as paid to “O”-other, this includes pass through fees (ie. Condo questionnaire)
- If increasing an appraisal fee, need email or statement from borrower uploaded in the appraisal bucket reflecting they chose the higher appraisal amount option.
- Redisclosure does not make corrections in files, if error needs to be corrected and unsure how to correct it, please reach out to HELP@goldstarfinancial.com for assistance
- Reminder: If no Econsent at time of disclosure, disclosures will be sent to your borrower(s) via US Mail
- Respond to emails….multiple emails being sent due to no response. Please be clear if approved or not to redisclose.
- Locks NOT validated cannot be redisclosed, you must correct with the Lock desk prior to redisclosure.
Loan Status Corner
- If you request a file be closed out, it will not be reactivated. Be sure file is inactive before requesting it be closed out.
- If LS receives no response to the several emails sent, file will be closed out and will not be reactivated.
- 25 Day Email: Items needed for submission for credit decision are listed below, if these are obtained in file, file must be submitted to underwriting within 30 days of application
- Signed Application
- Credit Report
- Income Documents, if required
- Asset Documents, if required
- If you know a file needs to be closed out, email LoanStatus@goldstarfinancial.com, you do not need to wait for us to email you for status
- Inactive TBD loans are systematically closed out after 6 months
Post Consummation Corner
- Title company file number must be added on CD. Investors calling out for post CD’s due to number being missing.
- REMINDER!!! If we are collecting the appraisal fee from borrower at close, payee MUST reflect “Gold Star FBO….” THIS is my 4th reminder on this…..
- REMINDER!!! Payee MUST always be entered on itemization for final CD.
- If tolerance cure needed, it must be applied on final CD. Seeing a lot coming in for issuance on Post CD…
- Missing LE’s in files….if an LE has been issued that requires a signature, it needs to be uploaded in the appropriate bucket. A lot of missing LE’s….
- On FHA Purchase transactions, the HUD Settlement Certification must be signed by all parties. It should be sent with the Pro Forma CD to title. This is still a huge issue post-closing as they are not being returned signed by all parties in closing package. Need for insuring purposes as well.
- New 29200a format effective on FHA case assignment after 3/22/21. Encompass prints form based on case assignment date entered. If case assignment not pulled at initial application and you are entering in a date to clear alert until pulled, be sure to enter a date after 3/22/21 or incorrect form will print in your application package.
- Be sure to enter accurate information for seller, CD’s reflecting “1” as seller which is unacceptable.
- If a loan has funded, but later is cancelled and funds returned on Government loans, please let Compliance know a.s.a.p. Once funds are returned, milestone should be pushed back.
- USDA loans, $25.00 technology fee only required is GUS is ran. If you see fee on itemization and not needed, please remove. Typically on purchase transactions only.
Any suggestions, topics, or questions you may have, you can always reach out to me directly for review at firstname.lastname@example.org
If you are having any issues or need assistance, please reach out to Help Desk @ HELP@goldstarfinancial.com