The Compliance Alerts window opens to an Overview Tab which provides a summary of pertinent loan details that includes the Amortization Type, Amortization Term, Lien Position, AUS Approval Date, Product, Note Rate, PITI, Loan Purpose, Occupancy, and Rate Status. If the interest rate has not been locked, a statement displays to let the user know that all APR tests have been evaluated using the most recent APR value and that compliance testing results must be confirmed after the rate is locked.
Summary information for the compliance testing that has currently been performed displays in separate boxes to provide the user with a quick glimpse at the test results. General Compliance Alerts box displays summary test results for the compliance testing performed in the General Alerts tab. Ability to Repay (ATR)/Qualified Mortgage (QM) box displays summary test results for the compliance testing performed in the Ability to Repay/QM tab. High Priced Mortgage Loan (HPML) box displays summary test results for the compliance testing performed in the High Priced Mortgage Loan tab. HOEPA/High Cost Loan box displays summary test results for the compliance testing performed in the HOEPA/High Cost Loan tab.
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.