Effective: 10-6-10 The information contained in this document is for the use of Stearns Lending.
TABLE OF CONTENTS TABLE OF CONTENTS SECTION 1: Getting Started……………………………………. 3 SECTION 2: Home Page………………………………………… 7 SECTION 3: Setting Up Users…………………………………. 9 SECTION 4: Pricing Your Loan………………………………… 14 SECTION 5: Locking Your Loan……………………………….. 23 Pre-Locking your Loan Locking at Registration Locking an In-Process Loan SECTION 6: Loan Submission…………………………………. 35 Uploading your 3.2 fnm file Registering your Loan Adding/Deleting Borrowers Multiple Loans to Same Borrower Attachments SECTION 7: Running DU………….…………………………….. 68 SECTION 8: Pipeline Management….………………………… 75
GETTING STARTED • System Requirements: • Latest version of Internet Explorer • »If utilizing Internet Explorer 8.0: • Must go to tools • Select compatibility settings • View all compatibility modes • Pop-Up Blockers DISABLED • Java Script ENABLED • Log-in Credentials: • Username & Password will determine the rights a user will have (pipeline, etc.) • Contact your Stearns Lending Account Executive for your initial company password to the • SNAP website. • Go to: www.StearnsWholesale.com • Click on: SNAP • The log-in fields are located in the upper-right corner of the HOME page:
The Tool Bar contains access to the following: • Home • Price It! • »Contains: • Pricing Engine • Program Finder • Pre-Lock Request • Rate Sheets (current rate sheets) • Forms (current broker forms) • Announcements (Stearns Lending announcements) • Once logged in, user will see the branch contact information in the upper-right corner: STEARNS LENDING - YOUR BRANCH 1111 MAIN STREET #250 ANYWHERE, CA, 95404 Tel: xxx-xxx-xxxx Fax: xxx-xxx-xxxx
SYSTEM BASICS • Inactivity • After approximately 30 minutes of inactivity, SNAP will • require user to log back into system. Work gets saved prior • to system timing out. • Hyperlinks • Throughout the system, there are various data elements • that will appear as BOLD. These are actually hyperlinks • that will take the user to another screen. • I can help you! • Anytime you see “I can help you!” in this user guide, you will see additional notes that provide helpful hints for a particular section of the system and/or Stearns Lending requirements. • Mandatory Fields • Fields with BOLD, Black boxes in the screen shots identify • the minimum required fields that are mandatory to be completed for that screen.
HOME PAGE The Home Page is the first screen that you come into after logging in. • RATE SHEETS – View the daily rate sheets in .pdf format • FORMS – Program Guidelines, Submission Checklist, Credit Vendor sign up information, plus any Form or Document needed to submit your loan • ANNOUNCEMENTS – Important messages will be posted here • PRICE IT – Link to the Pricer for Pre-Locking a Loan • CLOSE IT – Manage your pipeline, Link to Appraisal Request System, Submit Conditions and Order Documents all from one place
SETTING UP USERS • when you log in, click on CLOSE IT; this will bring you to the Pipeline View: • If you are the System Administrator for your office, • you will have an ADMIN tab on your top menu bar. • This is what you will see when • you click on the ADMIN tab:
ADDING A USER • As the Administrator, you will have been given: • A user name that is at least a four-digit number. It may also have a letter after the number (example: 1233A). • This is your company’s code with Stearns. • When you ADD A USER for your company, you must use that code, plus another number, as the person’s • user name. • Example: Admin. user’s name is 1233A • New user will be 1233A-1 or 1233A – Joe Smith • Enter user’s full name; i.e. Joe Smith - Loan Officer • Enter in email address, phone and fax numbers • RIGHTS – When Checked • “ADMIN” will give the user the same rights as you to add users. • “View all Applications” will allow the user to view your • company’s pipeline, as well as access every application • started by any of your loan officers or processors. • (if both are UNCHECKED, the user can only see his/her • own pipeline). • “Not Allowed To” restricts users fromrunning credit reports, • even if the credit credentials are stored in the system or from • exporting files. • STATUS • Allows the Admin to Activate or Inactivate Users, Re-set Passwords. • To add a new user, click on the ADD USER button. • To edit a user, click on the EDIT USER button. • To delete a user, click on the DELETE USER button
To Change or Reset a Password - type a new password in the “password” field and confirm that password in • the “confirm password” field. • Select “Pre-Expired Password” in the drop-down menu. This will prompt the user to select a new password • when the user logs in. CREDIT CREDENTIALS If you are a DU-enabled broker, your credit credentials will have to be stored in the system within the broker/Company Information screen. You can add these at the user level for individual credentials to track personal usage, or if you choose to only have one set of credentials for your whole company to share, you would enter them on the main admin. screen (not on the individual user profile screens). PLEASE NOTE: The FNM box must remain un-checked for CREDCO,EQUIFAX and KROLL Factual Data credentials. Informative Research requires two entries, one for Credit and one for DU. DU credentials must have the FNM box checked. See SNAP Credit Guide hand-out. Contact your AE to find out how to sign up with our Approved vendors. If you are not a DU approved broker but wish to store your credentials so that you don’t have to keep re-entering them every time you wish to run credit, please enter them here.
In the PRICE IT section, you can: • Find a product that fits your borrower • Price a loan • Request a pre-lock • Print your scenario PRICING YOUR LOAN
PRICE IT SCREEN: • There are many filters that can be selected to help narrow down what programs and pricing your • scenario will generate. • Fields with bold boxes require an entry to proceed. • Amort Type: ARM, FIXED, ALL. • Loan Type: Conv. FHA, VA ALL – (for USDA Rural, select ALL). • Amortization Term: 30-year, 20-year, 15-year and 10-year. • Last/First Name: While these fields are not mandatory to price a loan, they will need to be completed if you wish to request a lock or print your scenario. 15
Qualifying FICO: Please ensure that you use the correct score when running the pricing (lowest of all borrowers’ middle score). • Doc type: Current selections are FULL DOC and Streamline (Gov’t Loans only). • Occupancy: Current selections are Owner Occupied, 2nd Home and Non Owner Occupied. • Property type: SFR/SFD, Condo, Townhome, PUD-Attached, PUD-Detached, 2 Units, 3 Units, 4 Units. • Zip Code: This is a mandatory field – by entering the Zip Code, the County field will automatically populate. • Market value: Mandatory field. • AUS Results: Select the AUS results from the drop down table – To enable the FHLMC Open Access program, choose LP Accept. • I Can Help You! • PLEASE NOTE: if you want Interest-Only, you must select the button or it will not return those results. 16
RESULTS You will see your scenario at the top of the page and your results appear below: • RESULTS - FAIL • If you do not get any pricing results, you will see this screen. • It will show you why your scenario failed, giving you the opportunity to see what information may • have been entered incorrectly. In this scenario, the FICO did not meet the guidelines. 17
RESULTS – PASS: • You will still see your scenario, but at the bottom of the page you will see the Pricing Results box. • You will notice that the Product and Rate /(rebate)/Cost are in blue and underlined. The items are hyperlinks • that may be clicked on for more information. 18
Click into Product Name and you will see a breakdown of your pricing, including all applicable adjustments. • You can either select Print it or Close it, to close the screen.
When you click on the Rate or (Rebate)/Cost, you will see the whole range of rates and (rebates)/costs available on that product for your scenario. • PLEASE NOTE: This price WILL INCLUDE all of your adjustments, so it will be your “net” price. • If you wish to select a different rate, just click the button corresponding to the desired rate and • click on Select Rate. The system will refresh your screen with the newly selected rate populated • in the Rate field.
Reading buttons from right to left After you run your scenario, you will see three buttons at the bottom of the page: Print Scenario–thiswill provide a printable version of the selected program and pricing. PLEASE NOTE: you will need to have a borrower’s first and last name to print. Convert to APP –allows the user to upload a FNMA 3.2 file from your LOS system or manually enter information on the 1003 and Loan Summary screen to electronically submit the loan. REFER to Section 6 Page 35 Lock Request – allows the user to Pre-Lock the loan. REFER to Section 5 Page 23 • You will need to enter the borrower’s name in order to identify this scenario. • Convert to Full App and Lock Request will be addressed later on in this manual. 21
PRINT SCENARIO • Select the PRINT SCENARIO button • and the following screen will appear:
SECTION 5: LOCKING YOUR LOAN Pre-Locking your Loan Locking at Registration Locking an In-Process loan
LOCKING YOUR LOAN • 1. PRE-LOCKING YOUR LOAN - Price It Screen • Please do not lock your loan this way if you already have a Loan Number.REFER to page 27 in this • section. • After you have completed the Price It screen, CLICK on PRICE IT! • CLICK on program and select rate and price (REFER to Section 4 Page 19 and 20 for details) • CLICK on the LOCK REQUEST button PLEASE NOTE: The lock request button will only be available during our Lock Desk Hours, currently 7:30 AM to 3:00 PM, PST. 24
When the lock request is selected, you will see the following screen: I Can Help You! Please make sure that you complete the additional contact information, name and e-mail and phone contact numbers of the person you would like to receive the lock confirmation.
Rate Lock Request • The Lock Request form consists of seven sections. Most of the information auto-fills from the original scenario data entered. If you miss any of the mandatory information needed (the fields in bold black outline), the system will not let you submit your lock request. • Broker Information – Enter the additional contact information in order to receive the Lock Confirmation form. • Lock Information – Contains the rate and price and lock term from the selected scenario from the previous screen. • Borrower Information – Must enter a Social Security number, Co-Borrower’s name, Social Security number and FICO (mid of 3, lower of 2). • Loan Information – Contains the loans terms and program originally selected; be certain to enter the UFMIP% to ensure that the lock is at the correct loan amount. • Property Information – Must have a property address. • Pricing Details – Contains rate and costs associated with the scenario that was selected on the previous screen. • Comments – the user may enter comments here for the Lock Desk personnel. Comments cannot be viewed by any other staff. • After all mandatory fields have been completed, click on Submit and the system will take you to the Lock Request Confirmation Page.
This is NOT a Lock Confirmation, but a confirmation of your Lock Request. Please remember to PRINT a copy for your records by clicking on Print in the text on the screen. PLEASE NOTE: All Locks are processed by the Lock Department. Upon completion the Lock Desk will send an email confirmation with your Locked terms.
2. LOCKING AT REGISTRATION • For Details on how to get to this screen REFER to Section 5 Page 49 • PLEASE NOTE: If your loan is in Registered status, please follow these simple steps to lock your loan: • Go to Pipeline and double Click on your loan • In Loan Summary screen, select your Lock Term • Click on Check Guidelines • Select Program • Select Amortization and Rate • Click on REGISTER/Update or Lock My Loan button For complete details of these screens REFER to Section 5 Page 49 • Once your loan has passed the guidelines, Select your • loan program and rate, then Select the REGISTER • WITH STEARNS button. • If it is during Rate Lock Hours, you will see the following • check box (“I Want to Request a Rate Lock”): • CLICK into the Box next to I want to Request a Rate • Lock, and the system will automatically generate a • Lock Request based on the loan terms that you have • just selected (Program, rate, etc.). • CLICK on the SUBMIT button PLEASE NOTE: If you want to Register without Locking the loan, REFER to Section 5 Page 60 to register your loan without a Rate Lock. I can help you!You must click into the box and have a check mark appear in order for the Lock Request form to be generated.
3. HOW TO LOCK AN IN-PROCESS LOAN • You have the ability to Lock at loan at any point of the loan process. • If you have imported a 3.2 file or manually created a loan, but have not done anything further your loan will be in App/Qual status. • If you have Registered your loan, but have not submitted the required documentation in the form of attachments your loan will be in Registered status. • If your loan has been Registered and you have submitted the required documentation your loan will be in Submit Status. • If the Submitted loan has been forwarded to Underwriting, your loan will be in U/W Receipt status. • After Underwriting approval, your loan will be in UW Approved status. • At any status if you are ready to lock the loan, please follow these simple steps. • Search for the loan in your pipeline.
Click into the borrower’s name and you will arrive at the Loan Summary Screen as shown on the next page.
Request Lock Term by selecting from drop-down table. • DO NOT CLICK SAVE as you will receive the following popup message. Just proceed to CHECK GUIDELINES. The system will save your Lock Term days.
From the Loan Summary Screen you can CHECK GUIDELINES from the Toolbar or in the Lower left-hand corner. • On the Results page, select the program name for which you would like to lock. • Select the rate and price. • Click on LOCK MY LOAN
You will then see a copy of your lock request and should always print it for your records. You will receive a confirmation from the Lock department within 24 hours. PLEASE NOTE: Any change requests may require certain wait periods to start again. Your local Operations office will give you the specific information when and if it does apply to your loan.
PLEASE NOTE: When you are going from a Float to a Lock, this does constitute a Changed Circumstance. • Click on CHANGE REQUEST • A pop-up window will appear requesting you to complete the Change Form, click OK to continue.” • Complete all relevant fields and print it out for your records; next, click on the Email Submit button. This will send the form to your local branch for review).
SECTION 6: LOAN SUBMISSION • Converting to Full Application from Pricer • Full Application – Upload a Fannie Mae 3.2 file • Importing a 3.2 fnm file over a Pre-Locked Loan • Running Credit • Registering your Loan • Adding/Deleting Borrowers • Multiple Loans to Same Borrower • Attachments
1. CONVERT TO FULL APPLICATION FROM THE PRICE IT SCREEN After you have priced your loan scenario and wish to create a full application, at the bottom of the pricing screen you will see the CONVERT TO FULL APP button. • By selecting this button, you will be able to import a FNMA 3.2 from your LOS system. • If you have one for your scenario, just click YES and you will land on a screen where you can browse for your file. • CLICK on Upload DU File Now! You will land on the Loan Summary Screen. REFER to Page 41 to on how to • complete the submission process
2. FULL APPLICATION – UPLOAD A FANNIE MAE 3.2 FROM APPROVE IT When you click on the APPROVE IT icon on the Home Page, the following screen will appear: (No scenario has been previously entered – NEW FILE) Click on Browse to locate the 3.2 file in your computer system; highlight it to select it; then click on Open/Insert. You will see the path way in the “Select it” field. Then click on Upload FNM 3.2 File Now.”
PLEASE NOTE: If you have questions on how to export a 3.2 file from your LOS system, CLICK on the question mark in the circle and you will see quick how-to instructions”
3. TO IMPORT A 3.2 FILE OVER A PRE-LOCKED LOAN: • From Home Page click on the CLOSE IT icon and you will land on the Pipeline page • To import your 3.2 file over the locked information, locate the borrower from the pipeline and click on the name. This will open the loan to the Loan Summary Page.
To Import or Upload a 3.2 file, select the IMPORT button in the upper left hand corner of the screen. • When you click on IMPORT, you will see the Create a New Submission screen (please do not be concerned that screen is titled NEW, just upload your 3.2 fnm file). • CLICK on Browse to locate the 3.2 file in your computer system; highlight it to select it. • Then click on Open/Insert. • You will see the path way in the “Select it” field. • Then CLICK on Upload FNM 3.2 File Now.
LOAN SUMMARY PAGE Through the Loan Summary Page, you will be able to copy loan for multiple loans to one borrower; Import a 3.2 file; run DU and Credit. (see sections on Multiple Loans to Same Borrower, Running Credit and Running DU) Where you land after uploading a file: In the top tool bar you will see the following headings: • 1003: Links to all pages of the 1003 • Loan Summary: the page where you are, and where you will run credit and enter most of your loan information • Check Guidelines: This will run the loan through our Guidelines to see which programs it passes. • Home: This will bring you to your pipeline to search for any loans and see their current status. • Admin: You will only see this tab if you have been given ADMIN rights by your company administrator. • Log Off: Logs you out of the system • Attachments: This will allow you to upload documents as attachments to the loan (i.e. Submission package, conditions, etc.) • Home • Pipeline: This is where to can manage your loan pipeline, review the status of your loan, review Lock confirmations, attach documents to the loan and review credit report • Admin: You will only see this tab if you have been given ADMIN rights by your company administrator. • Log Off: Logs you out of the system
COPY Button will allows you to copy the loan data exactly and assigns a new loan number. This is helpful when doing multiple loans for the same borrower. • REFER to page 65Multiple Loans to One Borrower. • IMPORT Button allows you to import a 3.2 file to (see details below). • REFER to page 40Full Application – How to Import • a 3.2 file. • DU allows the user to submit the loan to FNMA for a DU Decision (the Loan Summary & all three pages of • 1003 need to be completed prior to running DU) and it needs to pass at least one program via the Guideline • Checker. This DU button will not be visible to all users. To have DU enabled, please contact your AE. REFER to Section 7 Page 68 Running DU. • You will need to SAVE all entries and you will also have the option to PRINT them. • I can help you! You must have run the guideline check first and the loan must have at least one program before you can run a DU.
Complete the screens as applicable. • DOB (Date of Birth) needs to be in the format of 00/00/0000 when initially entered, when SAVED, it will appear as 00/00/00. • Citizenship fields need to be completed on the Loan Summary screen as well as on Page 3 of the 1003 within SNAP (Click on the 1003 from the tool bar then click on Page 3 to the Declarations section). • When all entry has been completed, click on SAVE. Your screen will refresh to show the information that was either imported from the 3.2 or manually entered. • See next page for the Running Credit section
4. RUNNING CREDIT THE SYSTEM CURRENTLY SUPPORTS THE FOLLOWING VENDORS: Credco Equifax Informative Research KROLL Factual Data Your company will need to sign up with one of our approved vendors and the credentials need to be stored in the system. (See Admin section – setting up users for details). CREDIT SECTION ALLOWS THREE OPTIONS: 1) Re-Issue Credit *– Select the credit vendor and enter the reference number 2) Order New Credit *– pulls new credit report. I can help you! When re-issuing credit, the borrowers’ name, address and SSN must be entered exactly as it was when credit was first pulled. Please contact your Account Executive with any questions regarding our Approved List of Credit Vendors. A window will pop up so that you can enter your own credit credentials each time to order or re-pull a credit report, if you have not stored your credentials in the system.
When the ORDER button is selected, a new screen will appear advising that by running a credit report ALL the liabilities on Page 2 of the 1003 will be overridden by information provided on the credit report. If it is ok to replace the liabilities on the 1003, then click on OK. NOTE: If CANCEL is selected, no credit report will be generated. Once credit has been returned, the system automatically takes you to the Liabilities section on Page 2 of the 1003, where a VIEW button will appear in the Liabilities separation line. On the Loan Summary Page, you will see a message along with reference number along with a VIEW button.
3)Manual Credit Entry – allows user to enter minimal credit info to run decision through Guideline Check (but not to run DU). If you are not signed up with one of our approved credit vendors, you must complete the Manual Credit Entry section: • Borrower FICO scores: XPN, EFX, TU – need to enter all three • Co-borrower FICO scores: XPN, EFX, TU – Need to enter all three • BK/Foreclosure • Type – pull down selection • Filing Date – enter date format as 00/00/00 • Discharge Date – enter date format as 00/00/00 • Mtg/Rent Lates- recent 12 & 24 months • Credit Depth • Total # tradelines • Oldest trade Started – enter date format as 00/00/00 • High trade balance • Consumer Lates - recent 12 & 24 months
SAMPLE CREDIT REPORT This is the format - regardless of the vendor - that the system will generate. PLEASE NOTE: All words in blue are HYPERLINKS and will take you to that specific part of the report.
MODIFYING CREDIT ITEMS • You have the ability to go into and modify any item on the report; just click on the name of the liability and you will see this screen. • This will not change anything on the credit report. • It would be best practice to attach an Explanation letter with the file explaining why the credit item has been modified. • Changeable fields are the white boxes below the shaded boxes with information in them. • Make the applicable changes, and enter a reason why the changes are being made in the REASON field at the bottom of the screen. • Click SAVE. • Your screen will then be refreshed and take you back to the Loan Summary page
5. REGISTERING YOUR LOAN • After you have entered Credit from one of three options, see Page 42 for details on Running credit; you are ready to register your loan. • Review the Loan Terms section of the Loan Summary screen for completeness. • LOAN TERMS, SUBJECT PROPERTY AND SETTLEMENT SUMMARY SECTION • Some of the fields in this section have already been auto-populated if a pricing scenario had previously been run, then immediately converted to an application or if you have imported a 3.2 file. • If your loan is a Purchase Transaction, your screen will appear as:
Proposed Loan – Contains lien position, loan amount, tem, interest rate and prepayment penalty. The system will calculate a P & I payment based on the loan amount, rate and term. • FOR FHA LOANS: The loan amount is the base loan amount. For system to calculate the Note Loan Amount, click on 1003 in the tool bar, and enter the MIP amount being financed on Line N. • I/O – The checkbox must be marked to return interest-only results. • MI & Impounds - The check boxes for each must be checked to return FHA results and accurate pricing. • Purch or Refi – To select the transaction type, click on the drop down table and highlight either Purcahse or Refi. • Market Value/LTVS – The system will calculate the LTV and CLTV based on the value/sales price (lower of the two) and the loan amount entered. • 203k Button – Click on the 203K button for PopUp window with instructions for entry of Market Value and Purchase Price on 203K REOs.