General Alerts

Click General Alerts to view the General Compliance Alerts. The General Alerts tab includes compliance testing and results for the following:

 

·         RESPA 3 Day Disclosure Delivery

·         TILA 7 Day Disclosure Delivery Waiting Period

·         TILA 3 Day Redisclosure Waiting Period

·         RESPA and TILA Redisclosure Delivery

·         ECOA Decision Notice Delivery

·         Valuation Delivery Waiting Period

 

RESPA 3 Day Disclosure Delivery is designed to monitor that the required 3-day disclosures have been provided to the borrower. This section displays the Date of Application, Initial Disclosure Ordered, and Days Left for disclosure delivery. The Date of Application automatically displays the Interview Date from the Forms & Docs 1003 > Government Monitoring tab. The Initial Disclosure Ordered date will be blank until the GFE is disclosed (see the Chapter on GFE 2010 and Itemized Fee Worksheet for detailed information on disclosing the GFE). Days Left will count down the number of days left for disclosure delivery.

 

TILA 7 Day Disclosure Delivery Waiting Period is designed to monitor that the required waiting period has passed after providing the initial 3-day disclosures to the borrower before going to closing. This section displays the Date of Application, Initial Disclosure Received Date, Closing Cannot Occur Until, and Closing Date. Date of Application populates from the Forms & Docs > 1003 > Government Monitoring > Interview Date field. Initial Disclosure Received Date populates from the Forms & Docs > GFE/IFW > Good Faith Estimate > Initial Disclosure Received Date field. Closing Cannot Occur Until populates from the Forms & Docs > GFE/IFW > Good Faith Estimate > Date the Borrower Can Close After Initial Disclosure field. Closing Date populates from the Doc Packages > Closing Docs > Loan > Closing (Note) Date field.

 

TILA 3 Day Redisclosure Waiting Period is designed to monitor that the required waiting period has passed after providing re-disclosures to the borrower before going to closing. This section displays the Re-Disclosure Received Date, Closing Cannot Occur Until, and Closing Date. Re-Disclosure Received Date populates from the Forms & Docs > GFE/IFW > Good Faith Estimate > Re-disclosure Received Date field. Closing Cannot Occur Until populates from the Forms & Docs > GFE/IFW > Good Faith Estimate > Date the Borrower Can Close After Re-disclosure field.

 

RESPA and TILA Redisclosure Delivery is designed to monitor that the GFE and TIL are in Tolerance and that the re-disclosures are provided after locking or extending the interest rate. This section displays the GFE Out of Tolerance, Rate Locked After Loan Disclosed, Lock Extended After Loan Disclosed, and TIL Out of Tolerance. This section will display a No for each passed compliance test and a Yes for each failed compliance test.

 

ECOA Decision Notice Delivery is designed to monitor that the required 30 day decision has been made on the loan application. This section displays the Date of Application and Date Decision Sent. Date of Application populates from the Forms & Docs > 1003 > Government Monitoring > Interview Date field. Date Decision Sent populates from the Forms & Docs > Commitment Letter > Mailed On field or the Forms & Docs > Denial/Withdrawn Letter > Mailed On field.

 

Valuation Delivery Waiting Period is designed to monitor that the required waiting period has passed after providing the borrower with a copy of the appraisal before going to closing. This section displays the Primary Valuation Delivery, Second Valuation Delivery, Closing Cannot Occur Until, and Closing Date. Primary Valuation Delivery populates from the Forms & Docs > Processing > Appraisal Sent to Borrower field or the Forms & Docs > U/W Conditions/Decision > Appraisal Sent to Borrower field. Second Valuation Delivery populates from the Forms & Docs > Processing > 2nd Appraisal Sent To Borrower field or the Forms & Docs > U/W Conditions/Decision > 2nd Appraisal Sent To Borrower field if a second appraisal is required. Closing Cannot Occur Until automatically calculates based on the Primary Valuation Delivery date. Closing Date populates from the Doc Packages > Closing Docs > Loan > Closing (Note) Date field.

 

Tip: Business day calculations will exclude Sunday and Federal Holidays. Administrators can setup the LOS to include or exclude Saturday as a business day for the RESPA 3 Day Disclosure Delivery Test.

 

Badges appear in the Compliance Alerts and are used to indicate if the loan has passed or failed a compliance test. A green badge with a checkmark will appear if the loan is currently passing that compliance test. A red triangle badge with an exclamation mark will appear if the loan is currently not passing that compliance test. A yellow circle badge will appear if there is not currently enough information to perform that compliance test.

 

Tip: Compliance testing in the LOS is dynamic and updates automatically as information is added or changed on the loan application. Users should periodically review the Compliance Alerts for any updates that could affect the loan application.

 

Click Print to print the Compliance Alerts which will print each of the compliance testing tabs on a separate page.

 
Click Close to close the Compliance Alerts window.