This page allows the user the ability to select the conditions for a loan, clear conditions as well as publish an underwriting decision.
Tip: The U/W Conditions/Decision screen will only be available once a loan has been finaled.
The Underwriting Template, once selected from the drop-down list, will populate the defined conditions from the administration site.
The functionality of "Preserve Existing Conditions”, when checked, provides the user the ability to select a different template and the system will preserve all current conditions marked to apply. The option to Preserve Existing Conditions will only appear once the U/W Conditions/Decision screen has been saved.
The Underwriting Status is the decision that the Underwriter is making on the loan. The statuses in the drop-down list are defined by the administrators. Once a decision is published the U/W Decision Published field will switch from a red NO to YES. It is possible for an underwriter to choose a status and not publish their decision, keeping the status internal to users who have access to the underwriting edit screen. If the Underwriting Status is not published then the pipeline status will not update.
Tip: To publish the underwriting decision mark the Publish U/W Decision box located at the bottom of the screen.
The Maximum Rate field allows the underwriter, if the loan has not been locked, to set a max rate for the loan (restriction set on product level). The U/W Approval Rate is the rate at which the loan has been approved. If the Maximum Rate is lower than the U/W Approval Rate a pop up window will display with the message “Please enter a valid U/W Approval Rate. The U/W Approval Rate must be less than or equal to the Max Rate.”
The U/W Credit Score (Borrower and Co-Borrower) populate from the lock screen once a loan has been locked.
The Credit Docs Expire Date field requires the date that the credit documentation for the borrower(s) expires.
The Appraisal Date field is the date of the appraisal.
The Appraisal Sent to Borrower is the date the appraisal was sent to the borrower.
The Consent to Waive Delivery Received field is used to document the date in which consent to waive delivery of an appraisal was reached.
The Appraisal Delivery Method field is a drop-down allowing the selection of Email, Fax, In Person, Overnight, and U.S. Mail.
The Appraisal Expire Date field is used to input the date the appraisal will expire or no longer be valid.
The 2nd Appraisal Required as well as the additional Appraisal
information fields meanings mirror the Appraisal Date, etc. Only use this
section if a 2nd Appraisal is required.
Tip: If this information is completed on the Processing screen (see Processing screen for more details) then the information will prepopulate for the underwriter.
The Re-Disclosure Date field is the date the borrower(s) was provided with a supplemental copy of a GFE.
The Doc Type will flow from the Lock screen and will be greyed out. It can only be edited by a user with the applicable user right.
The Product Name field comes from the Lock screen and will populate this field. Once the loan is locked the Product Name will appear. If a product has not been selected, users will be prompted to select the product from the drop-down list.
The Loan Assigned To field will reflect the Account Executive (if being utilized), an assigned Lender Processor as well as the assigned Underwriter.
Tip: If there are no users appearing in the Loan Assigned To field or the field is not appearing at all, this means there is no lender assigned to the loan.
The Homeownership Counseling Date is the date that the counseling was completed (if applicable).