TRID
TRID
QUICK REFERENCE GUIDE
10.3.2015
© 2015 CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS #1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender, licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act No. 4150025, Loans made or arranged pursuant to a California Finance Lenders Law license No. 6053674. Offer of credit is subject to credit approval. For information about our company, please visit us at www.cmgfi.com. To verify our complete list of state licenses, please visit www.nmlsconsumeraccess.org. For more information on State licenses, please visit http://www.cmgfi.com/corporate/licensing. Not intended to serve as a business solicitation for residents in Massachusetts. For Wholesale Brokers and Select Partner Clients only.
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Contents
TRID – Effective Date ... 2
TRID – Definition of an Application ... 2
Important Definitions ... 2
TRID – Creating New Loans ... 3
Create New Loan with an Application Dated on or after 10/3/2015 & Requesting an LE ... 4
Creating New Loan with Applications Dated Prior to 10/3/2015 ... 9
Transferred Loan ... 12
Creating TBD Registration ... 14
Creating An AIO-All in One Registration ... 18
Creating Quick Register to Advance Lock ... 22
Ordering the Appraisal Using an Authorization Code ... 26
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TRID – Effective Date
TRID rules go into effect with applications taken or after 10/3/2015. The following loans are exempt from TRID rules:
1. Loans with application dates before 10/3/2015. 2. All In One Loans
3. HELOCs
4. Reverse Mortgages
5. Mortgages secured by a mobile home or dwelling not attached to real property At CMG Financial, you will only need to concern yourself with the first two exemptions. We do not originate HELOCS, Reverse Mortgages or mortgages secured by a mobile home or dwelling not attached to real property.
Applications on or after 10/3/2015, will be originated with the new TRID forms, Loan Estimate (LE) and Closing Disclosure (CD). This document is meant to walk you through the new technology.
TRID – Definition of an Application
With the implementation of TRID the CFPB has redefined the application. The CFPB states that when you have the following six pieced of information, that is considered to be an application and the clock starts for disclosing.
1. The Consumer’s Name 2. The Consumer’s Income
3. The Consumer’s Social Security Number to obtain a credit report (or unique identifier if the consumer does not have a social security number).
4. The Property Address
5. An Estimate of the Value of the Property 6. Loan Amount
Important Definitions
General Business Days: Monday – Friday, excluding Saturday, Sunday and specific federal holidays. Specific Business Days: Monday – Saturday excluding Sunday and specific federal holidays.
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TRID –
Creating New Loans
On 10/3/2015, CMG’s website https://wt.cmgmortgage.com/DataTracWeb/Logon will be updated to include a new feature, ‘Create New Loan’. ‘Create New Loan’ is to be used as the starting point for all new loans. The ‘Create New Loan’ feature may be found under the Dashboard Tab.
After selecting the ‘Create New Loan’ option, you will be taken to the ‘New Loan’ screen. There you will answer a series of questions to determine whether or not your loan is subject to the new TRID Rules and the path that it will take during creation.
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Create New Loan with an Application Dated on or after
10/3/2015 & Requesting an LE
Once you have an application, these instruction will walk you through creating a new loan and requesting an LE/disclosure package.
After signing into CMG’s website, from the Dashboard tab choose ‘Create New Loan’.
From the ‘New Loan’ screen, you will answer:
1. ‘Yes’ you have an application. Enter the application date or choose the date from the calendar. For this scenario, the application date should be 10/3/2015 or after. 2. ‘Yes’ you have a property address
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From the ‘Create Loan and Generate Loan Estimate (LE)’ screen, Upload a 3.2 file or manually enter the require fields to create the loan and generate the LE.
After uploading the 3.2 file, please review the screen and complete the fields that are not available with the upload. The remaining fields should be intuitive.
Appraisal Information Section Clarification:
With your 3.2 upload or manual input of the ‘Create Loan and Generate Loan Estimate (LE) screen, CMG is gathering the information to create an LE and obtain a title, closing and accurate appraisal fee quote. You will be required to answer three items in the Appraisal Information section to complete the quote.
NOTE: This section does not speak to the eTrac Appraisal ordering site. The information that we are gathering here is for fee quite purposes only.
1. Final or Re inspection 1004D Required - From the dropdown choose ‘Yes’ or ‘No’. 2. Rush Fee – From the dropdown choose ‘Yes’ or ‘No’
3. Size (In Acres) – You will have 4 options to choose from.
After all of the information has been entered correctly, ‘Generate LE Request’ will appear green at the bottom of the page. Click ‘Generate LE Request’.
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If the ‘Generate LE Request’ field appears red, required items may have been missed. Please tab through the fields or look for the item that may also be highlighted red. Once all fields are completed correctly, the ‘Register’ field will appear in green.
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After clicking on the ‘Generate LE Request’ you will receive the following message that confirms that your creation was successful and it includes the new loan number.
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Once the new loan has been created, the loan may be locked. Find the loan in the ‘Registered’ section of your pipeline, click on the loan number. From the next screen, scroll down to the bottom and find the following action items.
Note: A new loan action item has been added to the menu of items available after clicking on the loan number. ‘Upload FNMA 3.2’ may be used to upload an updated 3.2 file prior to submitting your loan to CMG. Once loan has been submitted and status changed to Underwriter Received, this feature will no longer be available. All additional updates must be requested by sending an updated 1003 for review by the underwriter.
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Creating New Loan with Applications Dated Prior to 10/3/2015
A New Loan may be created for loans with application dates prior to 10/3/2015 by following these steps. Sign into CMG’s website, from the Dashboard tab choose ‘Create New Loan’.
From the ‘New Loan’ screen, you will answer:
1. ‘Yes’ you have an application. Enter the application date or choose the date from the calendar.
2. ‘Yes’ you do have a property address
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From the Create Loan ONLY (No LE will be generated) Screen, you will need to complete the required information. A 3.2 Upload is not available on this screen.
Once all of the fields have been entered, the ‘Registration’ field at the bottom of the page will appear green. Click on ‘Register’ to create your TBD registration.
If the ‘Register’ field appears red, required items may have been missed. Please tab through the fields or look for the item that may also be highlighted red. Once all fields are completed correctly, the ‘Register’ field will appear in green.
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After clicking ‘Register’ you will receive the following message that confirms that your creation was successful and it includes the new loan number.
The newly created loan may be found in your pipeline under the Pipeline tab.
Once the new loan has been created, the FNMA 3.2 file may be uploaded and loan locked. Find the loan in the ‘Registered’ section of your pipeline, click on the loan number. From the next screen, scroll down to the bottom and find the following action items.
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Transferred Loan
If the Loan Estimate was issued by the broker or by another investor/lender AND the LE has expired, CMG will accept the loan and issue a new Loan Estimate even though the loan has exceeded CMG’s policy that an LE request must be generated within 2 ‘General Business Days’ of the application date. Denied or Withdrawn Loans: If a Loan Estimate was issued by the broker or by another investor/lender AND the borrower expresses a desire to transfer their application to CMG Financial OR the other
investor denies the loan, CMG will accept the loan and issue a new Loan Estimate.
Broker’s Responsibility: The broker will not be required to take a new application. They will be required to provide a copy of the original LE, prove that it was issued in a compliant manner (within 3 general business days of the original application) and provide either a written request from the borrower(s) expressing their desire to submit their application to CMG or the previous lenders denial letter.
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From the ‘New Loan’ screen, you will answer:
1. ‘Yes’ you have an application. Enter the application date from the original application or choose the date from the calendar.
2. ‘Yes’ you do have a property address 3. ‘Yes’ you have a Compliant LES 4. Choose the appropriate explanation. 5. Submit
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After hitting submit you will be taken to the ‘Create Loan and Generate LE’ screen. Refer to page 5 and follow the instructions.
NOTE: When completing the ‘Create Loan and Generate LE’ screen, please consider the date of the borrower’s written request expressing their desire to submit their application to CMG Financial or denial letter and the application date.
Please refer to page 5 and follow the steps.
Creating TBD Registration
A TBD registration may be created by following these steps. Sign into CMG’s website, from the Dashboard tab choose ‘Create New Loan’.
From the ‘New Loan’ screen, you will answer:
6. ‘Yes’ you have an application. Enter the application date or choose the date from the calendar.
7. ‘No’ you do not have a property address
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From the Create Loan ONLY (No LE will be generated) Screen, you will need to complete the required information. A 3.2 Upload is not available on this screen.
Once all of the fields have been entered, the ‘Registration’ field at the bottom of the page will appear green. Click on ‘Register’ to create your TBD registration.
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If the ‘Register’ field appears red, required items may have been missed. Please tab through the fields or look for the item that may also be highlighted red. Once all fields are completed correctly, the ‘Register’ field will appear in green.
NOTE: Please do not use any punctuation in the fields when completing the form.
After clicking ‘Register’ you will receive the following message that confirms that your creation was successful and it includes the new loan number.
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TBD Next steps:
The LE/Disclosure package will not be created or sent to the borrower.
Once a property has been identified, within 2 business days you will need to ‘Generate a Loan Estimate’ by finding the loan in your pipeline, clicking on the loan number and scrolling down to the Loan Action items.
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Creating An AIO-All in One Registration
The AIO-All In One program is exempt from TRID Rules. An AIO loan may be created following these steps. Sign into CMG’s website, from the Dashboard tab choose ‘Create New Loan’.
From the ‘New Loan’ screen, you will answer:
1. ‘Yes’ you have an application. Enter the application date or choose the date from the calendar.
2. ‘Yes’ you do have a property address. 3. ‘Yes’ this is an AIO loan.
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From the Create Loan ONLY (No LE will be generated) Screen, you will need to complete the required information. A 3.2 Upload is not available on this screen.
Once all of the fields have been entered, the ‘Registration’ field at the bottom of the page will appear green. Click on ‘Register’ to create your TBD registration.
If the ‘Register’ field appears red, required items may have been missed. Please tab through the fields or look for the item that may also be highlighted red. Once all fields are completed correctly, the ‘Register’ field will appear in green.
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After clicking ‘Register’ you will receive the following message that confirms that your creation was successful and it includes the new loan number.
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Once the new loan has been created, the FNMA 3.2 file may be uploaded and loan locked. Find the loan in the ‘Registered’ section of your pipeline, click on the loan number. From the next screen, scroll down to the bottom and find the following action items.
NOTE: The AIO – All In One program is TRID exempt, it is the broker’s responsibility to send out the early disclosures to the borrower(s).
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Creating Quick Register to Advance Lock
On those rare occasions when you do not have the six pieces of information that define an application and you need to lock a loan, we have that covered.
A ‘Quick Register to Advance Lock” registration may be created by following these steps. Sign into CMG’s website, from the Dashboard tab choose ‘Create New Loan’.
From the ‘New Loan’ screen, you will answer: 1. ‘No’ you do not have an application. 2. ‘Yes’ you do have a property address
3. ‘Yes’ you would like to “Quick Register to Advance Lock’
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From the Create Loan ONLY (No LE will be generated) Screen, you will need to complete the required information. A 3.2 Upload is not available on this screen.
Once all of the fields have been entered, the ‘Registration’ field at the bottom of the page will appear green. Click on ‘Register’ to create your TBD registration.
If the ‘Register’ field appears red, required items may have been missed. Please tab through the fields or look for the item that may also be highlighted red. Once all fields are completed correctly, the ‘Register’ field will appear in green.
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After clicking ‘Register’ you will receive the following message that confirms that your creation was successful and it includes the new loan number.
The newly created loan may be found in your pipeline under the Pipeline tab.
Search for the loan within the pipeline. Once found, click on the loan number. This will open the loan and appropriate action items. To lock the loan, choose the ‘Lock’ action item and complete the required fields to lock the loan.
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Note: An LE has not been generated. The LE must be requested within two ‘General Business Days’ of the loan being locked or risk the lock being cancelled. Automated email reminders will be sent to the contacts provided when loan created.
The LE may be requested by accessing the loan within the pipeline. Click on the loan number, scroll down to the action items and choose, ‘Generate Loan Estimate’.
After choosing ‘Generate Loan Estimate’, the ‘Create Loan and Generate Loan Estimate (LE) screen will open. From here you will upload your FNMA 3.2 file or manually complete the fields to create your LE. Refer to page 5 of this document and follow the steps.
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Ordering the Appraisal Using an Authorization Code
At the time that CMG generates the LE, we will also create the authorization code that is needed to order the appraisal via the eTrac Appraisal ordering site. This code will be emailed to the email address or addresses provided at the time that the LE was requested. This authorization code will also be placed in the ‘Notes’ tab inside of the loan for future reference.
The email will be sent from [email protected] and the subject line will be ‘Global DMS Code and reference your CMG loan number. See below for a sample of the email that will be sent.
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The authorization code must be entered into the ‘Authorization Code’ field inside of the eTrac appraisal ordering site when placing the order.
Note: The appraisal should not be ordered until the primary borrower has opened/received the LE and he/she has indicated their Intent to Proceed.
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Generate the Closing Disclosure - CD
Once the underwriter has placed the “Approved” loan in CTC status, the ‘Generate Closing Disclosure’ will be an available action items inside of the loan. From the pipeline screen, find the loan, click on the loan number. After the loan opens, scroll to the bottom, there you will find the ‘Generate Closing Disclosure’ action item. Click on the action item to open the Closing Disclosure (CD).
Complete the required information within the online Closing Disclosure to schedule the loan for closing. Most of the information will be completed on this screen as the information is gathered during the approval process.
