FastTrac 360 Retail Milestone Key

MILESTONE – This is the term used for the stages of the loan file, representing the actual “Hand Off” from one team member to the next. Common terminology refers to “Pushing Milestones” meaning completing milestones and thus moving the file from one stage/team member to the next.  Below are the Active Milestones and the responsible team member(s) for completing each:

• STARTED – this is the genesis of the loan, when it is first created, in the PROSPECT folder –prior to full application- LO will move through this to either Credit Prequal or Qualification (depending on template) – Loan Officer/ LOA / Loan Opener to complete

• CREDIT PREQUAL Finished – This is used only for loans requiring TBD / PreQual– will only be visible if a Retail Purchase Credit Prequal Only Template is used to create the loan – Underwriter / Ops Support / Mgmt to complete

NOTE: ONLY USE “TBD” in the street address portion – entering any numerical data will result in the address trigger for disclosures – Example “TBD, Corona, CA 92879”

• Qualification – the LO will input the 1003 and all other required data to run initial

AUS and ensure borrower qualification – hard stops will ensure completion of the 1003 for disclosing – Loan Officer / Opener / LOA to complete

• Set Up – DISCLSOURES are sent from this milestone – When the disclosures have been e-signed, retrieved and pertinent documentation uploaded - Loan Officer / Opener / LOA to complete

• Send to Processing – Order outs are typically handled in this milestone – Appraisal / IRS Transcripts / Flood Cert / VOEs / etc – depending on branch structure this will be handled by the Corporate Set Up Department, unless branch favors localized Set Up – Set Up Team Member /Opener / LOA / Processor to complete

• Processing – Milestone for processing to complete initial scrub of file and issue needs list – Processor to complete

• Submittal – File placed in queue for UW – Processor to complete

• UW Assigned – Ops Manager / Underwriter to complete

• UW Decision – Underwriter to complete

• Resubmittal – Milestone for resubmitting conditions to UW for review – Processor to complete

• Approval – UW has reviewed all UTR PTD conditions and issues the UW Clear to Close, aka “CTC” – Underwriter to complete
• Ready for docs / Docs Out – This is the milestone where the closing department can start prepping your loan to get closing instructions out to the settlement agent/title/escrow -Closer/Doc Drawer to complete
• Doc signing / Funding – These are the milestones where the docs are sent out, signed and wire is requested -Closer/Doc Drawer/Funder to complete

IMPORTANT:  CFPB designates an application is defined as the submission of six pieces of information – if all 6 of these pieces exist in your loan file, the TRID period / disclosure time frame will be automatically triggered

(1) the consumer’s name

(2) the consumer’s income

(3) the consumer’s Social Security number to obtain a credit report

(4) the property address

- Note:  if loan type is a refinance this will trigger regardless of data entry in the address field

(5) an estimate of the value of the property

(6) the mortgage loan amount sought

Note:  Empty CREDIT REPORT placeholders in the file will create a “hard stop” for milestone passing – you will need to upload the credit report (or a blank sheet of paper if the credit report is already uploaded to the correct placeholder)

The time between milestones will vary depending on the file and the borrower, but typically once the file is moved to “Send to Processing” – turn times should align with your branch processing turn times and then UW/CD/Closing; Docs Out expected turn times as outlined in the Retail Turn Times updated in the PRMG Resource Center

Upon the “Send to Processing” milestone completion, Retail Sales Staff will have limited access to the file, read only rights but with the ability to LOCK (which can take place from any milestone)

FYI:  Access rights are based on Persona Aka Job Title – see below:

Opener:  Edit / complete Set Up; Send to Processing; Submittal

Jr Processor:  Edit / complete Set Up; Send to Processing; Submittal; Resubmittal

Sales Assistant aka LOA:  Edit/Complete Qualification

Processor: Edit / Complete Processing; Submittal; Resubmittal