Borrower Summary URLA (PRMG):
- Scroll about 80% of the way down, answer question "Does this loan have a related loan with a PRMG Loan number” answer Y/N
- If using an 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 PALS have trained you to create a Piggyback 2nd lien on your own.
- If not AFS referred, then for HFA, create Piggyback 2nd lien in Tools
- Piggyback loan and "Link" the loan. The only time you would NOT link a loan with an 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
1003 URLA Part 1:
Click on Housing icon
Go to Proposed Housing Payment, confirm correct PITIA and Other Financing fields are correct
1003 URLA Part 4:
- Go to Declarations question 5a "C" Are you borrowing any money? Answer should be "Yes” and state amount borrowed
Lender URLA section L4:
- Review Total Mortgage Loan Section “J,” other New Mortgage Loans, confirm total amount of subordinate financing appears correctly there
HUD-92900LT FHA Loan Transmittal Secondary Financing section:
- Enter Source (Name of DPA/EIN number). Typically, the EIN can be identified within the Product Profiles by hitting Ctrl-F to search by 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
- Choose a Community Seconds Repayment Structure that fits your 2nd lien profile
- When completed setup - do not forget to confirm all loans are back in My Pipeline if TRID is triggered!