Borrower Summary - Processing
Use the Borrower Summary form to record basic borrower and loan information. The Borrower Summary is typically the first form filled out in the loan process. You can also order services such as credit reports and appraisals.
To shortcut the entry of address information, type the zip code first. The City, State, and County fields will automatically be filled.
-
Select a Channel from the list to indicate how your company is handling the loan: Brokered, Banked-Retail, Banked-Wholesale, or Correspondent.
Select the Correspondent option if you are a correspondent lender purchasing a loan originated by another entity. Do not select the Correspondent option if you are originating a loan that you intend to sell to a correspondent lender.
-
The Current Status value is synchronized with the Action Taken field on the HMDA Information form. You can search for and run reports based on loan status, including one of six adverse statuses.
While processing a loan, the option for Current Status should remain Active and the Date should remain blank until the date of actual disposition or the date when a loan is assigned an adverse action. Do not use these fields during your pre-closing workflow when preparing your loan file for closing.
-
Select a Vesting Type for the borrower, and then enter the borrower information.
-
Select a Vesting Type for the co-borrower, and then enter the co-borrower information. To copy information from the Borrower section, click Copy From Borrower. You can edit the copied information as needed.
Refer to Update Contacts from the Borrower Summary for detailed procedures on linking and synchronizing contact details between the loan file and the Contacts tab.
Or, select the No co-applicant checkbox if there are no co-applicants on the loan. When this checkbox is selected, the Information for Government Monitoring section of the HMDA Information form is automatically updated to indicate that there are no co-applicants on the loan.
-
Click Order Fraud to order a fraud review that identifies irregular or suspicious information within the loan file and identifies the loan’s fraud risk.
To sign up for the Fraud service, contact your ICE Mortgage Technology account representative. They will walk you through the process of signing up for the service.
-
In the Company's Information section, indicate whether the lender, broker or another company is providing the Social Security authorization according to the investor guidelines. Type the information or click the Lender/Broker Data button to populate the data according to the logic described below:
-
If the Lender (field ID 1264) is populated, the Lender information is copied to the section.
-
If the Lender is blank and the Broker Company Name (field ID VEND.X293) has data, the Broker information is copied into the section.
-
If both the Lender and Broker Company Name are blank, a Please enter Lender/Broker info pop-up window displays, and you must type the information in this section.
-
If both the Lender and Broker Company Name are populated, the Lender information is copied to the section.
-
Users can change the data in this section without changing the lender of broker information in the file contacts.
-
-
Click Product and Pricing to search for best fit program and pricing information using the Product and Pricing service.
-
Click the Address Book icon to select a lender from your business contacts, if not already filled from your Default Providers list. You can also type a name and then right-click to add a new contact to your business contacts.
-
Click the Find icon
next to the Loan Program
field to select a template that fills the fields on the TIL disclosure with
predefined values. -
Click the Find icon
next to the Closing
Cost field to select a template that calculates the closing costs using
predefined rates and values. -
Click the MERS MIN button to automatically assign a MERS MIN number to the loan. To change this number, type the new number in the MERS MIN field.
-
Enter basic loan information including purpose, type, and terms. For more information on construction loans, refer to the topic Process a Construction Loan. For more information on HELOC loans, refer to the topic Process a HELOC Loan.
-
Click Sub. Financing to open a window to record details related to funds from other sources, such as a second mortgage.
-
Click the Edit icon next to the Total Monthly Payment field to open a window to view and edit the expenses included in the total monthly payments.
-
Click the Edit icon next to the Income (monthly) field to open a window to add and calculate the borrower's monthly income.
-
Click the Edit icon next to the Proposed Housing Expense field to open a window to view present and proposed housing expenses for the loan.
-
Use the Access Lenders button to pre-qualify the borrower with a selected lender.
The Rate Lock Disclosure Date field (field 3259) captures the date that the rate lock agreement was prepared. This date is copied to applicable state specific rate lock disclosures. While the Date Prepared field (field 363) captures the date that the loan application was prepared, you can use the Rate Lock Disclosure Date field to indicate the date the rate lock agreement was prepared independent of when the loan application was prepared.
-
Complete the Subject Property information or click Copy from Present to copy the address information from the borrower's Present Address section.
-
Click the appropriate buttons to order an appraisal, flood report, and title report from selected service providers.
-
Enter the borrower's Present Address and Previous Address.
-
Complete the co-borrower information. To copy information from the Borrower section, click Copy from Borrower. You can edit copied information as needed.
-
Click Order Credit to order a credit report, or View Credit to view the received credit report.
-
Click Import Liabilities to import data from the credit report to the Verification of Liabilities (VOL) form.
-
In the Liability Import pop-up window, select the Import Credit Fee to HUD and GFE checkbox to import the credit report provider and credit report fee to line 805 on the 2015 Itemization input form (fields 624 and 640, respectively).
-
Depending on the version of the forms being used for the loan (RESPA-TILA Form Version > RESPA 2010 GFE and HUD-1 or RESPA-TILA Form Version > RESPA-TILA 2015 LE and CD), the credit report provider and report fee are imported to fields 624 and 640 on the following forms: 2010 HUD-1 Page 2, 2010 Itemization, MLDS - CA GFE 882, MLDS – CA GFE 882 – PTC/POC Pop-Up, MLDS – CA GFE 885 P 1- 3, 2015 Itemization, Section 32 HOEPA.
-
-
Record additional borrower and co-borrower credit information as required.
Income, Assets, Liabilities, and Expenses
-
Most fields in the Income, Assets, Liabilities, and Expenses section are calculated based on other entries in Encompass.
-
The Borrower's Income and Co-Borrower's Income are populated based on the base pay entered in VOEs:
-
For URLA 2020 loans, the value includes the total base pay of all current VOEs for the borrower or co-borrower.
-
For URLA 2009 loans, the value includes the base pay from the first current VOE for the borrower or co-borrower.
-
Click the Edit icon if available to open a pop-up window to calculate the base income.
-
Click the Edit icons for the Other Income and Proposed Housing Expenses to open pop-up windows to adjust the amounts.
This section contains current registration information. You can add a new registration, however you cannot change the current registration.
Loans can also be registered from the Secondary Registration tool.
-
Click Add Registration.
-
Set the Registered On and Registration Expires dates as required.
-
Type an Investor Name.
-
Or click the Address Book icon to select an investor from your business contacts.
-
-
Type a Reference Number, such as the commitment number.
Brokers working with wholesale lenders can track specific loans by entering the wholesale lender loan number in the Reference Number field on the Borrower Summary–Origination input form, adding the field to the Encompass Reporting Database, and then including the field in a custom view or report. For detailed information, see the Quick Reference Guide for Broker Tracking of Wholesale Lender Loan Numbers.
-
Click OK.
-
An entry is added to the log
-
An alert will display when the registration expires or expiration is pending (depending on your system settings).
-
-
Type the name of the referral source.
-
Or, click the Address Book icon to select from your business contacts.