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!