Feature Enhancements in Version 20.2.0.9 (Banker Edition)

For loans using the new URLA Forms, an update has been made to the calculation for Total of Other Assets Applied to the Loan (field ID URLA.X151) on the 1003 URLA – Lender input form to conform with the method adopted by Fannie Mae and Freddie Mac for updating the cash to close amount with other assets tagged as credits.

The Total of Other Assets Applied to the Loan now includes amounts listed in section 2b. Other Assets You Have on the 1003 URLA Part 3 that have any of the following options selected for Asset Typed:

• Earnest Money

• Employer Assistance

• Lot Equity

• Relocation Funds

• Rent Credit

• Sweat Equity

• Trade Equity

To support this calculation, the following new options have been added to the Other Assets dropdown list:

• Lot Equity

• Relocation Funds

This update changes the existing workflow in which these types of purchase credits are documented only in the Qualifying the Borrower table, since these credits are now covered in the calculation for Total of Other Assets Applied to the Loan. The Fannie Mae export functionality has also been updated to ensure that the Total of Other Assets Applied to the Loan does not duplicate the credit section of Other Assets.

Example:

If a borrower documents that they have Sweat Equity being applied to the loan in the Other Assets section of the 1003 URLA Part 3, this amount is now included in the Qualifying the Borrower section (previously Details of Transaction) on the 1003 URLA-Lender input form. The amount is included in the calculation for Total of Other Assets Applied to the Loan, which is part of the Total Credits. If the amount provided by the borrower is not approved to be applied to the loan file, the value in Other Assets must be modified to be correctly included in cash to close.

1003 URLA Part 3

1003 URLA - Lender

For loans using the new URLA forms, the following updates have been made to the Property Type section on the 1003 URLA-Lender input form:

• Instructional text has been added below the Property Type label and above the checkboxes to let user know that they should select at least one of the Property Type checkboxes.

• The Attachment Type field (field ID ULDD.X177) has been added to the 1003 URLA – Lender input form below the checkboxes to enable users to select Attached, Detached, and SemiDetached options for the attachment type.

  

The Attachment Type dropdown is an existing field that previously displayed only on the Fannie Mae and Freddie Mac tabs on the ULDD/PDD input form. The field was added to enable user to define the attachment type for the project directly on the 1003 URLA – Lender input form. The Attachment Type field is used in conjunction with the Project Type (field ID 1041) to populate data included in the Uniform Loan Delivery Dataset (ULDD) file.

If Attached or Detached is selected for the Property Type, the same value is populated by default in the Attachment Type dropdown list. This is a one-way copy from the Property Type field. A user can then change the Attachment Type without affecting the selection made for the Property type.

When importing a MISMO 3.4 loan file, the AttachmentType value from the MISMO file now maps to the Attachment Type dropdown list (field ID ULDD.X177) in Encompass. Previously, this value was mapping to the Property Type (field ID 1041). The Property Type (field ID 1041) is no longer exported or imported for MISMO 3.4 files.

When exporting ULAD data for Fannie Mae Desktop Underwriter (DU), the Attachment Type dropdown list is now mapped to the AttachmentType in the export.