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
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The information contained in this document is for the use of Stearns Lending.
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
Multiple Loans to Same Borrower
SECTION 7: Running DU………….…………………………….. 68
SECTION 8: Pipeline Management….………………………… 75
STEARNS LENDING - YOUR BRANCH
1111 MAIN STREET #250
ANYWHERE, CA, 95404
The Home Page is the first screen that you come into after logging in.
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.
PRICING YOUR LOAN
You will see your scenario at the top of the page and your results appear below:
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
Pre-Locking your Loan
Locking at Registration
Locking an In-Process loan
The lock request button will only be available during our Lock Desk Hours, currently 7:30 AM to 3:00 PM, PST.
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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.
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.
For complete details of these screens REFER to Section 5 Page 49
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.
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.
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.
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.”
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:
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.
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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.
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.
(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:
This is the format - regardless of the
vendor - that the system will generate.
All words in blue are HYPERLINKS and will
take you to that specific part of the report.
IF RATE IS NOT ALREADY LOCKED:
IF RATE IS LOCKED:
Refer to Section 5 Page 31
PLEASE NOTE: The Underwriters or Lock Desk will not see your comments.
To confirm that the loan has been registered, click on the Pipeline view from the toolbar to see that thestatus has been changed to “registered
On the Loan Summary page, under the Credit section, is the Tab: ADDITIONAL 1003’s
To add an additional Borrower who is not the spouse of the Borrower, you will need to select the Additional 1003’s
When ADD is selected, the Order Credit screen is opened. This is where you will be able to run credit for each
PLEASE NOTE: Completing this screen with Borrower name, Social Security Number, Address, etc., creates the Additional 1003 in the system populated with this same information.
allowed for the additional borrowers. Must use the same Credit agency for the Additional 1003 borrower(s) as used for the Primary Borrower(s).
To delete the Spouse of the Borrower, click into each field for the Spouse in the Loan Summary screen and select the Delete key from the keyboard.
To delete a Non Spousal Co-Borrower, click on the name of the Co-Borrower and the Additional Borrower Info/Order Credit screen will open.
In the Additional Borrower Info/Order Credit screen, click on the DELETE button in the upper left hand corner of the screen. Click on SAVE and you will see the name has disappeared from the Additional 1003’s section on the Loan Summary screen.
There are two places within the system to upload your documents and attach to the loan file; from the Pipeline view and on the Loan Summary Page Pipeline View:
From the Loan Summary Screen:
A loan is not considered a full package for a true submission until all income/asset disclosures (Good Faith estimates are mandatory) are received.
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Don’t Worry – if you have uploaded the wrong document, you can delete it by clicking on the X. However, please let your Branch office know that you have deleted an item as they have already been notified that a document has been uploaded into the system.
To have DU enabled, please contact your AE
To run DU, please go to your Loan summary page and click on the DU button.
DU can not be run unless there is a live credit report in system.
PLEASE NOTE: The DU button will disappear once the loan has been put into U/W Receipt status.
The first time the DU button is selected, the system will take you to the DU Submittal screen:
Select the RE-SUBMIT button in the upper right of the screen, which will open up the DU Submittal Page.
PLEASE NOTE: If you have previously run DU through SNAP and you’ve come to this screen and it states
“ORDER NEW”, please contact SFHELP.
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To see all your prequals, as well as all of your active pipelines, please check the ALL Box.
Upload 3.2 file REFER to Section 5 Page 33
Or send an email to [email protected] with your questions.