LENDER LAB - LenderSelect Mortgage Group

Transcription

LENDER LAB
JULY 13, 2016
10:00 – 5:00
AM
PM
OUR MISSION
Everyday and in every task,
LenderSelect Mortgage Group
relentlessly endeavors to empower
community lenders with efficient and
compliant mortgage solutions.
SCORECARDS
LENDER SELECT MORTGAGE GROUP SEMI-ANNUAL SCORECARD
JAN 1-JUN 30 2016 (Q1 & Q2)
Total
7%
Purchase Conventional
4%
Purchase FHA
29%
Purchase RHS
Purchase VA
33%
Refinance Conventional
14%
Refinance FHA
7%
Refinance VA
6%
AVG DAYS TO CLOSE: 31.2
LOAN TYPE
GOVT
(FHA/VA)
CONFORMING
USDA
TOTAL
# OF LOANS
235
469
54
758
$ VOLUME
$44,084,962
$82,671,142
$7,793,382
$134,549,486
REFINANCE
PRODUCTION
AVERAGE
LOAN
AMOUNT
AVERAGE DTI
$177,506
34.92%
AVERAGE
CREDIT SCORE
727
44%
SURVEY RESULTS
4.54 Out Of 5 Stars*
*based on over 300 surveys!
I Received
Professional
Service
My Loan
Process Was
Efficient
All Of My
Questions
Were
Addressed In A
Timely Manner
My Loan
Closed In A
Timely Manner
I Would Refer
My Lender To A
Friend
TOTAL
AVERAGE
SCORE
4.62
4.52
4.57
4.56
4.41
4.54
“Bryan Payne is absolutely amazing and made my experience of becoming a first
time homebuyer wonderful. I will tell any of my friends who are buying to go to
him - hands down!”
“Alicia Westfall is amazing! Incredibly helpful and professional.”
“Drew Edwards was wonderful! He was so patient with my many questions and
always quick to respond. His guidance during this process was invaluable.”
“Very pleased with all of the help that I received from John Holcomb.”
“Loved Alfred Howard!”
“(I would refer my lender to a friend rated 5 +10!) Thank God for Shelley Collins!
I came to her in distress due to my loan and she saw me immediately and began
to help. I called her on Thursday and the very next day I was in her office. She
never rushed me, she communicated every single step, every step of the way! I
was always able to contact her whenever I had questions or concerns. Not only
did I acquire a new home through the process, but I honestly feel like I acquired a
friend. I am sad the process is over because I don't want to lose contact with
Shelley. She was always in my corner and also is an expert in her field. I am so
glad I decided to go to Beacon and talk to her. I would highly recommend Shelley
to anyone looking into buying a home and hope if I move again in the future, I am
still able to use her help then too! Thank you Shelley! You saved me!”
THANK YOU!!!
LSMG STATE LICENSES
We are now licensed in the following 28 states and D.C.!
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Alabama
Colorado
Connecticut
Delaware
Florida
Georgia
Idaho
Illinois
Kansas
Kentucky
Maryland
Maine
Michigan
Minnesota
New Hampshire
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North Carolina
Ohio
Oregon
Pennsylvania
South Carolina
Tennessee
Texas
Utah
Vermont
Virginia
Washington
Washington, D.C.
West Virginia
Wisconsin
USDA GUARANTEED LOAN
REFINANCE
USDA SECTION 502 STREAMLINE-ASSIST
Guaranteed Loan Refinance Options
Requirement
Maximum Loan Amount
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Non-streamlined
Streamlined
Cannot exceed new
appraised value plus
upfront guarantee fee.
Cannot exceed original
loan amount.
Principal & Interest
Closing Costs
Funds to establish tax
and insurance escrow
Subsidy recapture due
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Re-conveyance fee
Upfront guarantee fee
Streamlined-assist
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Closing Costs
Funds to establish tax
and insurance escrow
Upfront guarantee fee
Appraisal
Yes
No
No
30 Year Loan Term
Yes
Yes
Yes
Fixed Interest Rate
At Or Below Interest Rate Of
Current Loan
Yes
Yes
Yes
Add/Remove Borrowers
(One Original Borrower Must
Remain)
Yes
Yes
Add borrowers only
Seasoning: Loan Must Have
Closed 12 Months Prior To
Loan Request To USDA
Yes
Yes
Yes
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Credit
Ratios
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Loan paid as agreed
180 days prior to loan
request to USDA
Requirements of
Chapter 10
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GUS Accept
GUS Refer with debt
ratio waiver to meet
HB Chapter 11
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Loan paid as agreed
180 days prior to loan
request to USDA
Requirements of
Chapter 10
GUS Accept
GUS Refer with debt
ratio waiver to meet HB
Chapter 11
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Loan paid as agreed
12 months prior to loan
request to USDA
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No ratio calculation
required
Revision Date: June 2016
lenderselectmortgage.com
804-977-2393
Atlantic Bay Mortgage Group, LLC DBA LenderSelect
Mortgage Group NMLS #72043 nmlsconsumeraccess.org
USDA SECTION 502 STREAMLINE-ASSIST
Guaranteed Loan Refinance Options
Requirement
Non-streamlined
Streamlined
Streamlined-assist
Can GUS
Be Utilized?
Yes
Yes
No
Include Subsidy
Recapture?
Yes, if appraised
value supports
No
No
Net Tangible
Benefit Required?
No
No
Yes
$50 or greater reduction in
new PITI (including annual fee)
as compared to current PITI
payment
Owner Occupied
Status Required?
Yes
Yes
Yes
Meet Adjusted
Annual Income
Limitation?
Yes
Yes
Yes
Subordinate “Silent”
Seconds Or Subsidy
Recapture Due?
Yes
Yes
Yes
Late Mortgage Fees
Eligible To Be
Financed?
No
No
No
Properties Now In
Ineligible Rural Areas To
Continue To Be Eligible
Yes
Yes
Yes
Eligible To Refinance A
Direct Leveraged Loan?
No
No
No
Revision Date: June 2016
lenderselectmortgage.com
804-977-2393
L E N D E R S E L E C T
M O R T G A G E
G R O U P
APPLICATION PROCESS
We are here to help promote increased efficiency within your processes
and to put you in control with the new ACE Delivery System!
What Does This Mean For You?
¡¡ No more incorrect program print sets!
¡¡ No more incorrect state specific print sets!
¡¡ No more selecting from over 200 print sets!
¡¡ Smaller TBD Print Sets that will go straight to underwriting.
¡¡ LOs will still be able to print and have the client(s) sign the 1003 and/or Initial Fee Worksheet as a
tool for immediate signatures – But neither of these will be required to sign.
The Process
At the same time that Compliance would currently send out the LE (either at the 3-day TRID calendar point or
after “Early Bird” notification), Compliance will create the DocuSign packet to include the LE, Letter of Intent to
Proceed, current Step 2 (program specific disclosures), and current Step 3 (state specific disclosures).
Compliance will transfer your ACE Delivery Package to your DocuSign account. Additionally, Compliance will
email the LO alerting them that the DocuSign packet is ready. Compliance will continue to mail the LE and all
other disclosures that are time sensitive ensuring timing compliance.
The LO will choose ONE(1) of the following options:
Options 1 & 2 will result in less auditing and a more direct package flow into Underwriting.
1. Send the DocuSign packet and have the borrowers sign electronically.
2. Have the client(s) sign in person via DocuSign:
3. Print the documents for the client(s) to physically sign & then scan.
Speed to Appraisal Payment:
After the DocuSign packet is signed, the appraisal payment can be processed. Compliance will add the
FreshBooks payment link to the TPO Appraisal Screen in Byte. You may then copy and paste that link into your
Internet Browser for payment processing.
Beginning August 1st, ACE will begin for all TPOs.
All new incoming files will have the ACE Opt in button automatically checked. This signifies that this
loan is moving forward under the ACE loan program disclosure process. This will be marked on all
incoming loans except your TBD’s. TBD’s will not automatically be enrolled in the ACE process. TBD
files will follow the current process of disclosure packages being available in the BYTE print sets. They
are labeled accordingly as TBD Mini Corr or TBD LSMG as shown below in the print set options.
If you choose to ‘Opt out’ of the ACE process, you will need to uncheck the box and
you will receive the following pop up message which states that the LE and intent to
proceed will be sent and the loan will not be moved into production until the
borrower signed intent to proceed is received. You will click on OK to confirm your
agreement and understanding.
THE ACE PROCESS
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Once you have a subject property and credit report in file, our Loan Estimate delivery process begins.
You will have 48 hours to:
1. Populate Page 2 of the Loan Estimate with rate and selection of a closing costs templates
2. With Broker or Wholesale Loans, you must prepare the anti-steering disclosure.
You will have 48 hours to complete this process or compliance will assign rates and closing costs templates to ensure
TRID compliance.
You may also expedite this process for immediate ACE and TRID delivery by selecting the early bird notification:
Compliance will prepare your application with all Program and State Specific Disclosures, including the Intent to
Proceed and then notify you of your ACE documents ready for presentation to the borrowers, as evidenced below:
Note: Compliance will transfer your ACE Delivery Package to your
DocuSign account.
THE ACE PROCESS
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Compliance will continue to mail the LE and all other disclosures that are time sensitive, ensuring timing compliance.
The Loan Officer can choose ONE(1) of the following signature options by retrieving the ACE
package in the DRAFT folder:
(Note: Options 1 & 2 will result in less auditing, and a more direct package flow into Underwriting.)
1. Send the DocuSign packet and have the client(s) sign electronically.
2. Have the client(s) sign in person via DocuSign.
3. Print the documents for the client(s) to physically sign & then scan.
SUBMISSION
Once your ACE package is signed, there is no need to upload your signed disclosures since they are recorded by
Compliance in DocuSign. However, you will still need to upload your credit package from our Byte TPO Submission Screen.
Please complete this screen accordingly, noting all 6 steps, upload your credit documents and “Submit to New Loans”
SIGNING OPTIONS
OPTION 1 - Send the DocuSign packet for the borrower to sign electronically:
• Once the DocuSign package has been created, perform the following steps:
1. Click the “Manage” tab.
2. On the left-hand side of the screen, click the “Draft” folder.
3. Select (double-click) the DocuSign package you would like to send.
• Double-check the accuracy of the “Email” address and “Name” of the borrower(s). Please note that
“Action” will be defaulted to “Sign” which means the application will be sent to the borrower(s) email
address.
• Click the “Next” button to review, or “Send Now” to deliver the package.
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• The LO will have the option to sign the package immediately.
• If the package is not signed immediately, the LO will receive this email prompting them to review and
sign the DocuSign package.
• Once the LO has signed the package, the borrower will receive an email prompting them to review the
package documents.
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For the borrower(s) to complete their package, they must open the DocuSign email from their personal
email account.
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Click “View Documents”:
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The borrower’s Internet browser will then direct them to their DocuSign package.
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The borrower(s) must check “Agree” to continue:
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• Click on the thumbnails icon in the top, right-hand corner:
• Yellow tags on the thumbnails will indicate signature, initials, and/or other information required:
• Once all signatures and initials have been completed, DocuSign will prompt them to finish:
• Once all recipients have signed the DocuSign package, the LO will receive this email confi mation:
APPRAISAL DEPOSIT INVOICE
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Once the Intent to Proceed is signed by the borrower(s), the LO is able to collect the appraisal deposit.
Compliance is going to create the appraisal invoice at the same time they create the DocuSign package.
UNDER NO CIRCUMSTANCE CAN YOU COLLECT THE APPRAISAL DEPOSIT UNTIL AFTER THE
INTENT TO PROCEED IS SIGNED (DOCUSIGN PACKAGE IS COMPLETED, COMPLETELY SIGNED IN
PERSON (ELECTRONICALLY), OR SIGNED INTENT TO PROCEED IS SCANNED INTO OPERATIONS).
Once the Intent to Proceed is signed, you may retrieve the Appraisal Deposit Link on the
Appraisal Order Screen:
This will not be an actual link but rather a text URL that you can copy and paste into your browser.
LONG TERM LOCK POLICY
Conforming & Government Fixed Rate Loans
Term
Upfront Fee*
60 Day Rate Add-on:
90 Day Lock
1.00
0.125
120 Day Lock
1.00
0.25
150 Day Lock
1.00
0.375
180 Day Lock
1.00
0.5
210 Day Lock
1.00
0.625
240 Day Lock
1.00
0.75
270 Day Lock
1.25
0.875
300 Day Lock
2.00
1.00
330 Day Lock
2.50
1.125
360 Day Lock
3.00
1.25
Eligible Products (Fixed Rate Only)
• Conventional/Conforming
• FHA, VA, USDA
Upfront Fee
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Due within 5 business days of locking.
• If not received in 5 days, the lock will be cancelled and subject to worse case
and relock
This is a NON-CREDITABLE fee.
The fee is only refundable in cases where the file is denied by underwriting.
Extension Fees
• Standard extension fees can be used.
Relocks
• If a relock is required due to an expired lock, a relock will then be completed based
on a worst case scenario from how loan was originally locked.
Float Down
• A one-time float down is permitted between 20 and 30 days of closing
• The rate will be based on the 60-day price plus .125 to the RATE.
ALLONGE TO NOTE
allonge
[uh-luhnj; French a-lawnzh]
noun, plural allonges
paper annexed to a negotiable instrument, for endorsements
too numerous or lengthy to be contained in the original.
The originating lender must:
• Be the original payee on the note
• The note must be endorsed to each subsequent owner of the mortgage
• The last endorsement on the note should be that of the mortgage seller.
• The mortgage seller must endorse the note in blank and without recourse.
The endorsement should be signed only by those
persons specifically authorized to execute
documents on the lender’s behalf. Signatures must
be original.
-orUse OUR Limited Power of Attorney
LIMITED POWER OF ATTORNEY
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This Limited Power of Attorney is made as of the ____ day of ___________ of 201__, by
______________________________________________ (“Correspondent”), in favor of
____________________________________, ______________________________________,
____________________________________, ______________________________________,
____________________________________, ______________________________________,
____________________________________, ______________________________________,
____________________________________, ______________________________________,
(singularly, “Attorney in Fact” and collectively, “Attorneys in Fact”) who are employees of Lender
Select Mortgage Company, (“LSMG”).
RECITALS
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Whereas, Correspondent originates real estate secured loans which are made, funded
or purchased or serviced by LSMG (“Loans”); and
Whereas, Correspondent desires to appoint the Attorneys in Fact, each individually, to
perform certain administrative and servicing acts relative to such Loans.
APPOINTMENTS
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(1) Correspondent hereby appoints each Attorney in Fact as its lawful Attorney in Fact and
authorizes each Attorney in Fact to perform the following acts (collectively, “Acts”) on
Correspondent’s behalf relative to any and all Loans:
a. Execute any and all documents necessary to transfer and assign Loans to LSMG
or any other assignee including, but not limited to, endorsement of the notes
evidencing the Loans and execution of transfers and assignments of mortgages,
deeds of trusts and security deeds securing the Loans;
b. Execute any arbitration agreement in connection with any Loan (other than
arbitration agreement between Correspondent and LSMG); and
c. Perform any other act in connection with the origination, administration or
servicing of Loans which Correspondent is authorized to do pursuant to the Loan
documents, as Attorney in Fact deems necessary or desirable in connection with
the origination, administration or servicing of the Loans.
Limited Power of Attorney Lender Select Mortgage Group 6/17/2016 12:41 PM (2) Attorney in Fact may perform the Acts as fully and to all intents and purposes as
Correspondent, with full power of substitution, and Correspondent hereby ratifies all the
Acts Attorney in Fact may do by this Limited Power of Attorney
(3) This Limited Power of Attorney shall terminate to each individual Attorney in Fact if such
Attorney in Fact is no longer employed by LSMG. Such termination shall not impact the
powers of the other Attorneys in Fact to perform all Acts, and upon the termination of
any Attorney in Fact, the powers conferred herein shall remain in full force and effect to
all other Attorneys in Fact who remain employed by LSMG.
(4) For purposes of this Limited Power of Attorney, the terms “Loan” and “Loans” apply only
to those Loans originated by Correspondent which LSMG makes, funds, purchases, or
services.
(5) This Attorney in Fact shall be governed by the laws of the State of _________________.
If any part of this Limited Power of Attorney is deemed to be unenforceable as to one or
more parties or in any respect, such determination shall not impair or affect the
enforceability of the other terms of this document.
IN WITNESS WHEREOF, Correspondent has caused this Limited Power of Attorney to
be executed by its duly authorized representative under seal, as of this day and year above
written.
Witnesses:
Correspondent:
___________________________________
___________________________________
By: _______________________________
Print Name: ________________________
Print Name: ________________________
Print Title: __________________________
___________________________________
Print Name: ________________________
By: _______________________________
Print Name: ________________________
Print Title: __________________________
(SEAL)
Acknowledgement
State of ____________________________ )
) as
County of ___________________________ )
Limited Power of Attorney Lender Select Mortgage Group 6/17/2016 12:41 PM On this ____ day of _____________, 201__, before me, a notary Public, personally
appeared _______________________________ and ________________________________,
to me known to be the _____________________________________________________ and
______________________________________________________, respectively, of
Correspondent and who executed the foregoing instrument on behalf of said Correspondent and
acknowledged same as the free act and deed of the Correspondent.
_________________________________________
Notary Public, County of _____________________
State of __________________________________
My commission expires: _____________________
(NOTARY STAMP OR SEAL)
Revised 6/17/2016
Limited Power of Attorney Lender Select Mortgage Group 6/17/2016 12:41 PM WHERE ARE INTEREST
RATES GOING?
REFI PUSH
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The data in your spreadsheet was scrubbed against MERS.
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The Zestimate from Zillow gives you our best estimate of value.
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We’ve calculated the current principal and interest payment based on the original
terms of the loan.
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Based on the projected payoff and Zestimate we were able to calculate an
estimated NEW LTV.
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All savings were based on an apples to apples basis – i.e. matching terms. Note that
MI was not added (just P&I to P&I).
•
Don’t Forget about the modifiable Savings field (Column U). This field allows you to
insert any interest rate above (“Plug In Your Interest Rate” - U1) and immediately
see new savings in this column (column U).
JUMBO PRICING
If the loan is…
• GREATER OR EQUAL TO 500K ---15 bps
• GREATER OR EQUAL TO 750K ---10 bps
• GREATER OR EQUAL TO 1 MM ---15 bps
• GREATER OR EQUAL TO 1.25 MM ---12.5 bps
• GREATER OR EQUAL TO 1.5 MM --- 12.5 bps
Better pricing will be shown in Optimal Blue
“KEYS TO SUCCESS”
CONTEST RULES:
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CONTEST WILL RUN FROM JULY 15, 2016 UNTIL SEPTEMBER 30, 2016
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EACH PARTICIPANT MUST TAKE A SCREEN SHOT OF THEIR CLOSING KEY PHOTO
POSTED ON A SOCIAL MEDIA PLATFORM
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SEND YOUR SCREEN SHOT TO YOUR LSMG AE/TRANSACTION COORDINATOR
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THE TPO WITH THE MOST PICTURES, NOT THE MOST CLOSED LOANS WILL BE
RECOGNIZED BY THEIR LSMG AE/TRANSACTION COORDINATOR
LinkedIn
Twitter
Instagram
Facebook
LSMG WEBSITE RESOURCES
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UNBRANDED AND EASILY CUSTOMIZABLE MARKETING MATERIALS IN WORD
DOCUMENT FORM FOR THE TPOS TO ADD THEIR LOGO AND CONTACT
INFORMATION.
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INTENDED FOR MARKETING PURPOSES, THE TPO IS ABLE TO SIMPLY CLICK
ON THE DOCUMENT THEY WISH TO DOWNLOAD.
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THESE DOCUMENTS CAN BE FOUND BY LOGGING INTO THE LSMG
WEBSITE:
MARKETINGPLUG & PLAY MARKETING MATERIALS
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UNBRANDED AND EASILY CUSTOMIZABLE MARKETING MATERIALS IN
WORD/POWERPOINT DOCUMENT FORM FOR TPOS TO ADD THEIR LOGO
AND CONTACT INFORMATION.
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FACEBOOK IMAGE IS ALSO AVAILABLE FOR DOWNLOAD.
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ON THE DOCUMENT THEY WISH TO DOWNLOAD.
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WEBSITE:
MARKETINGWORKSHOPS
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UNBRANDED MARKETING MATERIALS IN PNG IMAGE FORMAT FOR TPOS
TO UPLOAD TO VARIOUS SOCIAL MEDIA PLATFORMS.
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ON THE IMAGE THEY WISH TO DOWNLOAD.
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WEBSITE:
MARKETINGSOCIAL MEDIA IMAGES
**IMPORTANT REMINDER**
PLEASE REMEMBER TO ADD YOUR APPROPRIATE
LEGAL DISCLOSURES, NMLS#, AND HAVE YOUR
MANAGEMENT/COMPLIANCE TEAM REVIEW
THESE MARKETING RESOURCES.
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THIS APP WILL HELP YOU KEEP UP WITH YOUR REFERRALS
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YOU CAN PERSONALIZE WITH YOUR OWN TEAM BRANDING
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NO MORE COLLECTING BUSINESS CARDS
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MORTGAGE CALCULATOR
•
MORTGAGE RATE TRENDS
DISCOUNTED RATE OF $299/YEAR – VALID UNTIL JULY 29, 2016!!
https://www.mortgagemapp.com/app_features

LENDER LAB - LenderSelect Mortgage Group

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