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DPA data entry for HFA Piggyback 2nd liens - Quick Guide

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Mindi Bartley
  • June 14, 2021 15:39
  • Updated
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DPA data entry for HFA (PRMG UW and Closed) 2nd liens Quick Guide below.  Do NOT follow these instructions IF you are using a DPA that is a GRANT.  Grant data entry follows GIFT data entry!!!

Borrower Summary Screen (scroll about 80% of the way down)

Answer question "Does this loan have a related loan with a PRMG Loan #?  Answer Y/N 

  • If using a HFA DPA answer must be Yes and enter the loan number associated 
  • If using a Standalone DPA answer must be No and there would be no PRMG piggyback loan number associated

Click on the Sub. Financing Tab to check the following:

  • If AFS referred, then AFS will create the Piggyback 2nd lien and "Link" loan to the 1st lien, unless you've  been trained by PALS to create a Piggyback 2nd lien on your own.
  • If not AFS referred, then for HFA, create Piggyback 2nd lien in Tools > Piggyback loans and "Link" the loan.  The only time you would NOT link a loan with a HFA DPA is if you are creating a 3 pack 1st/2nd/3rd.
  • Standalone DPA info or HELOC info would be entered in New Financing NOT linked to Current Transaction
  • For all situations, confirm the LTV/CLTV/HCLTV ratios are correct

URLA Part 1 > Housing icon> Proposed Housing Payment: confirm correct monthly payment amount in Other Financing Field

URLA Part 4 Declarations question 5a "C" Are you borrowing any money... - answer should be "Yes" and state amount borrowed

Lender URLA section L4 > Total Mortgage Loan section J "Other New Mortgage Loans": confirm total amount of subordinate financing is entered correctly there

 

HUD-92900LT FHA Loan Transmittal Secondary Financing section

  • Enter Source (Name of DPA)/EIN number (EIN can be located in Product Profiles by searching EIN)
  • Check the box for Gov't, Non Profit or Family
  • Enter the Amount of Gift

FNMA Additional Data Form: Search Product Profiles by "data entry" to read how to enter the correct information in the Mornet Community Lending section.

  • Source of Down Payment should be "Secured Borrowed Funds" and enter name of DPA in Explanation of Down Payment section
  • Check the correct boxes for Community Lending and Community Seconds (as instructed in Product Profiles)
  • Complete County field (if instructed in Product Profiles
    Choose a FNMA Community Lending Product from the dropdown option (if instructed in Product Profiles)
  • Choose a Community Seconds Repayment Structure that fits your 2nd lien profile

When completed setup - don't forget to confirm all loans are back in My Pipeline if TRID is triggered!

DPA Job Aids - CLICK HERE

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