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NEW VA PIN: IJKNoLM1
Patch Notes for GFI-Encompass Release 2.10
Patch 2.10 is slated to be released on Monday August 12th We are sending out a notification of changes document that will detail the changes. Additionally we will host a daily Q&A to assist and explain these new things. Please refer to the HUB Calendar for these events. We will update this announcement with a link to the patch notes.
As you all know we have moved to Paycom for our payroll services as of this past week. There have been several emails that I would like to address:
The first item you will see in Paycom as an option for viewing is your YTD dated 6-30 – this is not a paystub and was only used to push your YTD from ISolved to their system – PLEASE only review the paystub that is dated 7-5-2019 or later as we progress in their system.
2. Geneva Financial is a weekly payroll company – which means if you are commissioned, the tax rating is at a weekly basis rate (this could be significantly higher than a normal bi-weekly/monthly rate) - but YOU HAVE CONTROL over your tax deductions in the sytem and the link that has been included in this email shows you how easy it is to review and test your tax rate to show you what your check will look like. Adjust and make it fit your tax deduction need/want, a W4 will pop up for you to esign and confirm changes and will go into effect on the next payroll cycle. This was in your initial set up of your account to review, so please take the time to go in and adjust this according to your current need, we will not be able to adjust the first one and return any Federal or State tax adjustments from this past payroll processed.
3. Paycom University – is your HOW TO GUIDE – there are videos and tests and links you can save to find out any of your payroll needs. I have included the visual below – please go in and get to know this – there are some amazing things you can learn to help with your payroll questions or needs.
Attention All Employees – Paycom Launched June 24, 2019
As you all know, we’re changing payroll providers to Paycom, an all-on-one HR and payroll website. You’ve been through the training and should be familiar with their easy-to-use system now. Please see the attached PDF for more information about Employee Self-Service.
Once you’re logged in, you will be prompted to complete the following items:
• Verify your tax status
o You now have the ability to update this information without contacting HR.
• Enter emergency contact information
o This is not being transferred due to outdated and inaccurate information.
• Complete these Paycom University courses: Introduction to Employee Self-Service and My Time and Attendance
• Paycom will email your login information on [enter date].
• The first character of your login information is a zero, not the letter “O”.
• Passwords are case sensitive.
• The first payroll processed with Paycom will be [enter date].
Upgrading our HR technology is an exciting change for our organization, and we’re thrilled that you’re a part of it. Please contact HR if you have any questions.
Please also note – if you need copies of paystubs or past W2s – please log into ISolved and pull them out by July 5, 2019
Build 2.05 Updates
Added Document Folder title Initial Title Fee Quote ****DO NOT SHIP**** as a required check off for completing the Application Started Milestone. This replaces the old required TITLE – Initial and Final Fee Quote
Renamed Mortgage Insurance Quote to Mortgage Insurance and added feature that will auto drop the quote into that folder when requesting an MI quote in Encompass. The same requirements are in place for this folder to complete the Application Started Milestone
Added a field requirement for QM STATUS for the Purchasing Milestone [HMDA.X26] in order to complete files once purchased
Added APPRAISAL XML uploaded to Efolder Task to the Resubmittal Milestone
Added Requirements for the following fields to be completed on all TEXAS A6 CASH OUT loans [DISCLOSURE.X117]  [NTB.X1] for the application started milestone
Added Requirement for field [VASUMM.X125] VA Management TOOL to be completed on VA CASH OUT loans
Added Requirement for CASEFOLDER Ship date to be marked on FHA LOANS prior to Accounting Completion
Trigger Added for new ARCH MI buydown Program to ensure data is being produced in the correct field
Updated the Closing Date Locked Notifications to give complete information on closing and disclosure dates based on the conditional approval milestone being triggered.
Added a field trigger to notify the lock desk when a loan is locked and the Lender Credit or Discount points get changed
Added a FL intangible calculator to calculate this fee in the 1200 section of the itemization in the state of Florida (currently in testing with several branches)
Added FL closing cost templates to include stamp and title calculators (currently in testing with several branches)
Reformatted the Resubmission to UW notification so it goes out when triggered correctly
Add restrictions to field  when the loan gets locked
Added HomeSelect Folder to Loan Folder Dropdown
Added HomeSelect Products to the HELOC dropdown options
Recorded Training for TBD/DPA/NonDelegated CLICK HERE
Tax Request forms have been updated in Encompass to pull 2018 results effective on all loans started 3-13-2019 and forward.
The Veterans Administration has new rules regarding the Net Tangible Benefit to the borrow on a Cash-Out Refinance. I have attached the VA Circular and I need everyone that does VA loans to read this as it very important. Please note there is a mandatory disclosure that must be in the initial disclosure package AND the closing package. It is called the Net Tangible Benefit Disclosure and it found on the Tools Tab in Encompass. This screen MUST be completed in order for the form to print correctly. IMPORTANT NOTE – YOU CANNOT ORDER INITIAL DISCLOSURES UNTIL THIS FORM IS COMPLETED since it has to be in the initial disclosure package and cannot be blank.
Here is the summary of the rule, please make sure your borrower qualifies prior to ordering disclosures:
c. All cash-out refinancing loan applications taken on or after February 15, 2019, as reflected by the application date, that do not meet the following requirements will not be eligible for guaranty by VA:
VA will no longer guaranty refinancing loans when the LTV exceeds 100 percent. If the Veteran chooses to close a loan in which the loan amount exceeds 100 percent of the reasonable value of the property, the Veteran must pay the amount which exceeds 100 percent of the property value at loan closing – YOU MUST INCLUDE THE VA FUNDING FEE IN THE CALCULATION.
Net Tangible Benefit Test (NTB). Lenders must ensure that all cash-out refinancing loans pass a NTB, which includes providing the Veteran with the following information no later than the third business day after receiving the Veteran’s loan application, and again at loan closing – THE LOAN MUST MEET AT LEAST ONE OF EIGHT NET TANGIBLE BENEFITS – SEE ATTACHED LIST, AND A COMPARISON MUST BE PROVIDED WITH ALL KEY ELEMENTS DISCLOSED AND AN ESTIMATE OF THE HOME EQUITY BEING REMOVED FROMT THE HOME AS A RESULT OF THE REFINANCE AND HOW THE REMOVAL OF HOME EQUITY MAY AFFECT THE VETERAN.
Loan Seasoning. VA will not guarantee a refinancing loan if the loan being refinanced has not been properly seasoned. This requirement applies to TYPE I refinancing loans made to refinance an existing VA-guaranteed home loan and all TYPE II refinancing loans. A loan is considered seasoned on the later of the date that is: (a) 210 days after the first monthly payment is made, AND (b) Six monthly payments have been made on the loan.
4. Fee Recoupment. The recoupment period of all fees, closing costs, expenses (other than taxes, escrow, insurance, and like assessments), and incurred costs must not exceed 36 months from the date of loan closing. The lender must certify the recoupment period to VA to obtain a Loan Guaranty Certificate. This requirement only applies to TYPE I cash-out refinancing loans made to refinance an existing VA-guaranteed home loan.
(a) Recoupment Calculation. Divide all fees, closing costs, expenses, and incurred costs (excluding taxes, escrow, insurance, and like assessments), by the reduction of the monthly principal and interest payment as a result of the refinance. If the loan being refinanced has been modified, the principal and interest reduction must be computed/compared to the modified principal and interest monthly payment.
I want to share with everyone a few trends and changes we are seeing with investors and regulators in the industry. Some we are watching, but the following snake bites need everyone’s attention as soon as possible. I apologize in advance for the long email but sit down, bring out your inner compliance nerd, and read it all. 😊
Disclosure of SELLER PAID real estate commission on the Closing Disclosure - The Washington Banking department has had this requirement for some time, but now we have investors requiring it as well. The TRID manual contradicts itself on this issue and the majority of all states and investors do not require this disclosure. Unfortunately, now that we have investors requiring this disclosure, we have no choice to comply. Please make sure your title company pre-CD reflects the sales commissions so that the closers can add these. Please note: this DOES NOT need to be disclosed on the Loan Estimate, only the Closing Disclosure.
Origination Fee on DPA Loans – As the Loan Originator, setting up your file in Encompass to DPA specifications is up to you. We are seeing DPA programs that do not allow Origination or Discount “Points.” This means that you cannot disclose the Geneva $1495 fee as a percentage of the loan and the fee must be moved down to processing and underwriting. Remember, the Disclosure Desk personnel are the not the experts on DPA programs….you are. Please make sure your files are set up correctly to avoid a cure. Justin Brown, aka McLovin, has set up a “DPA GENERIC” closing cost template for first mortgages to help you remember to put these fees in the correct place.
Appraisal Fees and Cures – We are seeing more and more appraisal fee cures. It is Geneva’s policy to disclose a $1000 appraisal fee on the initial disclosures. If you feel that is too high of an estimate and reduce it, you will be responsible for the cure if the cost comes in higher. We have tried to get Appraisal Cures waived in the past by providing a Change of Circumstance that explains that the cost increased because of a low quote from the AMC. The investors are not buying it and we are issuing cures. Also if you are doing a loan on a very expensive home, please get an estimate from one of our AMC’s before you order disclosures. Best Practice: disclose a higher fee for appraisals.
Finance Charge Violations and Cures – I am seeing more and more investors suspending loans for this and making us cure it. With all the changes to disclosure rules over the years, one would think that this very old TILA rule somehow whould have been addressed with TRID. Well it hasn’t, at least not specifically. This is what you need to know…if you add or increase a finance charge (a charge that affects APR, including prepaid interest) after the initial CD has been issued, you will have a cure if the increase is over the tolerance. If the loan is a purchase, the tolerance threshold is $100, if it is a refinance, the tolerance threshold is $35.00. Here is an example, let’s say the title company adds a $50.00 Recording Service Fee to their pre-CD after you have already issued the CD. This fee is an APR fee so if you do not redisclose this, you now have a Finance Charge Violation. If the loan is a purchase, you are within the tolerance of $100 so no refund is required, if you have a refinance you are over and the entire fee will have to be refunded. Best Practice: Do not request a CD until you have the title companies final fees and if you have a change after the CD is issued, please order a Revised CD and CD COC.
Revised Closing Disclosures – In general, we are seeing that CD’s are being ordered too early. Just because you have a preliminary loan approval does not mean you should be ordering a CD. PLEASE check your conditions on the file to see if there may be mandatory changes required such as buying down the rate or changing the loan amount. Geneva’s policy on Revised CD’s is this, we will issue one Revised CD and CD COC while your loan is in process. If there is another change, we will only issue another revision when you have the Clear to Close Approval. At that point, if you do not have major changes, it will only be a one day wait to close.
VA 1%, Texas 2%, and 3% ATR/QM Fee Cap Loans – It is very important that you run fee cap tests on your files PRIOR TO QUOTING OR LOCKING THE RATE. Let’s say for example that you have a VA refinance and the loan amount is $100,000. You quote the borrower this fantastic interest rate at par or maybe they are paying some discount points to get it. You then order disclosures only to find that you cannot give the borrowers the rate you promised because the fees on the file exceed the 1% cap. Remember, our $1495 origination fee is included in this VA calculation so right off the bat you are over on a $100,000 loan. Title company junk fees such as wire, courier, CPL, notary, Escrow, Settlement, etc. are all included and so is the termite inspection. Essentially, the fees on the file are going to dictate how much of an origination fee you can charge and if you will need to price the loan with lender credit. Best practice: Get a good fee quote from the title company, calculate your fee limits and use the Mavent report to confirm you are within tolerance, and then lock your rate.
Seller Paid APR Fees – Since we are on the topic of the fee caps mention in #6 above, did you know that on a purchase transaction, fees itemized in the seller’s column of the 2015 Itemization screen will exclude them from all three of the tests above? Yes, it is true, so the best practice when setting up your loan (especially a low loan amount) is to move the origination and discount points to the seller’s column and reduce your lump sum credit accordingly.
Hope this helps everyone, the Geneva Ops Team wants you to have smooth transactions and close more loans! If you have any questions, please email me at firstname.lastname@example.org.
PLEASE READ THIS MESSAGE IN ITS ENTIRETY!
Every so often we are sold a product that just doesn’t work the way we envisioned. We tried as hard as we could, but we have decided that pulling credit utilizing Core Logic is not working out as well as we had hoped. So with that being said; we are opening back up Universal Credit!!!
If you want to continue to use Core Logic you can, but for those of you that want to move back to Universal Credit or are new and want to give Universal Credit a try please make sure you read the below:
ALL existing logins are back active under Universal Credit
If you have forgotten your login, please email LoginRequest@genevafi.com
If you are new and don’t have a login, please email LoginRequest@genevafi.com
**** Now for the Disclaimer **** If you have already pulled credit under Core Logic do NOT repull credit under Universal. We will be strictly monitoring the invoices over the next 60-90 days and the branch will be hit with the credit fee if credit is repulled. You are to finish out the file with the credit provider that is current attached to the file.
If the credit report has expired than yes, you can pull credit under the new provider but that should be the only exception to the rule.
They are to type in their page URL into this and click the debug button. IF the green triangle is there… the then click the “SCRAPE AGAIN” button.
It rereads it new and presto they will see the new logo
https://genevafi.com/mike-alaimo shows what they will have AFTER we redesign their page.
Branch managers should do it for their branch pages.
NEW VA PIN
Good Morning and Happy Monday! We are seeing a great deal of incomplete Initial CD Requests being submitted to Closing. Some of which are having to be worked 3-4 times before we can release a CD. In order to maintain our 24 hour turn times, please ensure the below is uploaded and/or completed prior to submitting your request.
Appraisal Report & Invoice
Last disclosed LE signed and uploaded **A locked LE must be released and signed prior to an Initial CD**
Preliminary CD/Settlement statement from title with a loan amount equal to or higher than the current
File Contacts completed in full (Escrow Company, Title Insurance Company, Settlement Agent and All Agents and Seller if applicable)
HOI quote or HOI declaration page
Flood Insurance, if applicable
Mortgage Insurance Quote/Cert, if applicable
Current payoffs, if applicable
In addition, tomorrow is the last day to release an Initial CD on a Purchase or Investment Refinance to close and fund this month. Please make sure the above is in the file and ready for a CD. Incomplete requests will be pushed back and we will only focus on complete submissions before returning to re-requests. This also includes any rush requests, a rush request cannot be accommodated if incomplete. As a helpful tool, please see some below tips that could possibly delay a CD:
Any increase in MI must be redisclosed to the borrower
Any lock extension being charged to the borrower must be redisclosed
Any increase in discount points charged to the borrower or decrease in lender credit must be redisclosed
**If you have a same day rush request, email email@example.com after your request has been submitted through Encompass and we will accommodate requests in order of time received**
TURN TIMES AND MONTH END CD'S
Happy Monday! The Closing Department worked diligently over the weekend to get caught up and we are now back to 24 hour turn times.
In addition, the Holiday is fast approaching so please remember to order your Initial CD’s on time. Please note that Thanksgiving is a Federal Holiday and will not count towards your CD wait period or rescission. We will be open on Friday 11/23 and this will be a funding day.
Wednesday 11/21 is the last day to release an Initial CD on a Primary Refinance to close and fund this month
Tuesday 11/27 is the last day for an Initial CD on a Purchase or Investment Refinance
CLOSING DEPARTMENT TURN TIMES
The Closing Department has reached capacity for same day rush requests. Please note that we are still trying to get caught up due to the Encompass issues yesterday that would not allow us to generate any CD’s or Closing Documents for a majority of the day. We are trying to maintain our 24 hour turn times before accommodating any additional rushes.
With that being said, several members of the Closing team will be available tomorrow morning to assist with last minute requests. Please email Closing@genevafi.com if you need a CD disclosed tomorrow or a Closing that needs to take precedence. We appreciate your patience during this time!
Why are the CLTV and HCLTV fields locked in 18.4 on a loan that was created prior to 18.4?
Encompass introduced enhanced HELOC Origination Support in the 18.4 Major Release. In order to preserve the integrity of LTV ratios in all loan files created prior to upgrading to Encompass 18.4, the lock icon for the CLTV ratio (field ID 976 and MORNET.X76) and HCLTV ratio (field ID 1540 and MORNET.X77) has been locked.
Note: When a gold lock icon displays next to a field, it indicates that the value has been ‘locked down’ and will not automatically be recalculated by Encompass.
I have three quick updates for tonight:
Due to today’s Encompass Issues, the Disclosure Desk was unable to issue disclosures during most of our peak working hours.
With that said, we may be experiencing some delays with Disclosures going out, but we expect to be caught up by tomorrow night.
All rush requests that were approved today will take priority while we are catching up.
Please continue to notify the Disclosure Desk at firstname.lastname@example.org if you need a rush on a file.
Please make sure you write “RUSH REQUEST” on your subject line.
EricB on Vacation
I will be on vacation starting tomorrow and returning on 11/26. Please make sure during this time you are emailing the Disclosure Desk for any questions as we have a protocol already set up during my absence.
Assuming Encompass will be up and running throughout the week, our established protocol should be sufficient to continue business as usual with the Disclosure Desk.
Tina will update all should any further issues or delays arise.
Geneva Financial, LLC
Good Morning the following Hot Fixes went into effect last night in version 2.0
Credit Preapproval 2.0 Milestone Template – Removed Awaiting Purchase Contract – Replaced with Application Started Milestone and all settings **Adjustment was made to provide consistency across multiple templates. This also will better prepare for V2.1 changes to the UW flow
Credit Preapproval 2.0 Milestone Template – Removed Resubmission to Processing – Replaced with Submission to Processing and all settings **Adjustment was made to provide consistency across multiple templates. This also will better prepare for V2.1 changes to the UW flow
How to Guides will be updated to reflect these changes
Holiday Payroll Schedule - PLEASE READ
With the holidays upon us, we would like to let you know Payroll Accounting hours.
All file fundings will be the same with no changes to cut off
If you log hours thru the Time Vantage system, you will need to submit your hours no later than Monday, November 19th at Noon MST.
Payroll bonuses must be sent in prior to 10am MST Tuesday, November 20th.
All file fundings will be the same with no changes to cut off
If you log hours thru the Time Vantage system, you will need to submit your hours no later than Monday, December 24th at Noon MST.
Payroll bonuses must be sent in prior to noon MST Monday, December 24th.
All file fundings will be the same with no changes to cut off
If you log hours thru the Time Vantage system, you will need to submit your hours no later than Monday, December 31st at Noon MST.
Payroll bonuses must be sent in prior to noon MST Monday, December 31st.
A message from Justin Brown - V2 is live!
Encompass V2.0 is live for all users. We have added additional resources to get you started on the all new Geneva Training Center, located under the training tab in the navigation tool.
Encompass V2.0 goes live for all users on Monday November 12th
Please make sure you check the calendar for all opportunities
Disclosure Requested Milestone Instructions
Milestone Template Format Change for Seconds
In preparation for V2.0 we are rolling out the following update to ALL SECOND MORTGAGE milestone template. You will get your first taste of the some of the new things that are coming very soon.
Below is a screenshot of the milestone that will be applied to all seconds and DPA programs moving forward. I am also attaching a how to on requesting disclosures in the new system!!! Please let me know if you have any questions
Two new disclosure notification email formats that will be sent to the borrower
NEW VA PORTAL PIN
Encompass Round Table Presentation 10-25-2018
Credco Video Training Resources
Please check out the Video Training Page for new Credco Video Training Resources!!!
Credco Goes Live Monday October 22nd
All new credit reports will be pulled using CREDCO starting Monday October 22nd Existing files can and will be finished using Universal Credit. We recommend using the current VOE and SS89 verifications through Equifax until Credco completes their integration. Instructional emails will be sent out over the weekend.
Columbus Day- October 8th
Geneva’s Lock Desk will be closed for new locks on Monday, October 8, 2018, in observance of Columbus Day and will resume normal business hours on Tuesday, October 9, 2018.
Change & extension requests can still be requested.
PLEASE NOTE: Monday, October 8th is a Federal Holiday and cannot be used in any counting periods for disclosures. Please factor this in when you are ordering your Final LE’s and Initial CD’s.
The corporate office will be open!
Non Delegated Flagstar * Please Read *
Effective immediately we are not allowed to send any FHA loans to Flagstar on a Non-Delegated basis.
There is NO exception to this rule and it is effective immediately.
NEW VA PIN - EWx5NUoT
EQUIFAX SERVICE UPDATE
As a valued client of Equifax Verification Services and a user of our SSN Verification/Identity Report products, this message is to inform you that the Social Security Administration’s (SSA) Consent Based Social Security Number Verification (CBSV) will be down for year-end maintenance beginning 5:00 PM EDT on Friday, September 28, 2018 through the afternoon of Tuesday, October 2, 2018. This maintenance window is within normal Equifax operating hours and so will impact our ability to fulfill SSN Verification/Identify Report requests through the SSA’s CBSV service. Note, the CBSV’s maintenance does not impact our ability to receive SSN Verification/Identity Report requests during this time so you can continue to submit requests that will be processed by the SSA after the maintenance window
Chenoa Fund 09-19-18 Announcement
Pre-Purchase Counseling for Borrowers with Credit Scores 620 – 639 Required for all loan applications dated 11/1/18 and after
CBC Mortgage Agency requires borrowers with credit scores between 620 and 639 to participate in pre-purchase counseling prior to close beginning with all applications dated 11/1/18 and after.
Pre-purchase counseling must be completed prior to close. Lenders should refer their borrowers to the following link: https://www.borrowersuccess.org/prepurchase
Borrower may also choose to call and schedule pre-purchase counseling via telephone using the following toll free call number: 866-237-9001. Borrower(s) should be instructed to schedule their pre-purchase counseling within 14 to 21 days prior to closing to allow sufficient time for scheduling the appointment and completing the counseling session prior to closing.
Update: Impact of Hurricane Florence
Due to the ongoing impacts of Hurricane Florence and projected flood conditions from the National Weather Service, we will continue to suspend loan purchase activities in the counties listed below through Monday, September 17, 2018.
We will continue to assess the flooding and provides updates as they are available.
St. Mary’s, Charles, Prince George’s, Anne Arundel, Howard, Baltimore, Harford, Cecil, Kent, Queen Anne’s, Caroline, Talbot, Dorchester, Wicomico, Somerset, Worcester
Polk, Monroe, Blount, Sevier, Jefferson, Cocke, Greene, Washington, Unicoi, Carter, Johnson
Mercer, Summers, Monroe
York, Lancaster, Chester, Fairfield, Lexington, Richland, Calhoun, Orangeburg, Berkeley, Chesterfield, Marlboro, Kershaw, Darlington, Dillon, Florence, Marion, Sumter, Horry, Clarendon, Williamsburg, Georgetown, Dorchester, Colleton, Charleston
Giles, Craig, Roanoke, Franklin, Pittsylvania, Bedford, Botetourt, Campbell, Halifax, Charlotte, Mecklenburg, Lunenburg, Brunswick, Greensville, Southampton, Suffolk, Sussex, Isle of Wight, Surry, Prince George, Chesterfield, Charles City, Henrico, New Kent, Hanover, King William, Caroline, Stafford, Prince William, Fairfax, Westmoreland, Northumberland, Richmond, Essex, Lancaster, Accomack, Middlesex, Matthews, Northampton, Gloucester, James City, York, Williamsburg, Newport News, Hampton, Portsmouth, Norfolk, Chesapeake, Virginia Beach, Surry, Poquoson, Loudoun, Spotsylvania, Richmond, Dinwiddie, Lee, Scott, Wise, Dickenson, Russell, Washington, Buchanan, Tazewell, Smyth, Grayson, Bland, Wythe, Pulaski, Carroll, Montgomery, Royd, Patrick, Henry
Temporary Funding Suspension - Hurricane Florence
Currently Geneva is ceasing all funding’s in the following counties in preparation for Hurricane Florence:
North Carolina*: Beaufort, Bertie, Brunswick, Camden, Carteret, Chowan, Craven, Currituck, Dare, Duplin, Hyde, New Hanover, Onslow, Pamlico, Pasquotank, Pender, Perquimans, Pasquotank, Pitt, Tyrrell and Washington
South Carolina*: Aiken, Allendale, Bamberg, Beaufort, Barnwell, Berkeley, Calhoun, Charleston, Colleton, Clarendon, Darlington, Dillon, Dorchester, Florence, Georgetown, Hampton, Horry, Jasper, Lexington, Lee, Marion, Marlboro, Orangeburg, Richland, Sumter, and Williamsburg
Virginia*: Accomack, Chesapeake, Gloucester, Hampton, Isle of Wight, Lancaster, Mathews, Middlesex, Newport News, Norfolk, Northampton, Northumberland, Portsmouth, Poquoson, Suffolk, Virginia Beach, Westmoreland and York
*Please note that as the Hurricane hits landfall this area could expand. Please allow patience with the funding team during this time. It is in everyone’s best interest to delay a funding a few days than to fund on a property could be deemed uninhabitable in the days to come.
Everyone that may be in the eye of the storm please stay safe.
AFR FHA Advantage DPA (REVISED)
We are rolling the AFR DPA Advantage program on the Correspondent Channel for credit scores of 600 and above. If you would like to utilize this program for a credit score of 580-599 you will need to go non-delegated to AFR directly. Please note the following caveats:
The file MUST (there are NO EXCEPTIONS to this rule) be signed off on by AFR 5 days prior to the closing date
The MAX DTI is 48.99%
The borrower must obtain a Homebuyer Counseling Certificate
The attached disclosures must be fully executed by the borrower
This program is not available in Washington or Hawaii
Please read the attachments in their entirety as there may be other requirements that I might have missed
Program Information can be found here
Important Chenoa Announcement
Effective immediately, CBC will not be requiring the 1003 for the 2nd mortgage to be provided at the time of registration. The 1003 loan application will remain a required document, and will need to be uploaded with the closed loan files. Second mortgages are still required to be compliant with TRID Guidelines.
Branch Number Dropdown
Reminder - Please make sure you are selecting the correct Branch number in the drop down. If you should have any questions please reach out to Encompasssupport@Genevafi.net
NEW - CHENOA FUND PRODUCT REVIEW
Inputting DPA or Non Delegated Loans into Encompass
We are adding the following two instructional guides to the Training Docs Page on the HUB. This will give you instructions on how to properly select DPA and Non Delegated Products.
TIP OF THE DAY- NON DELEGATED LOANS
TIP OF THE DAY- NON- DELEGATED LOANS
When you have a non-delegated loan, make sure you submit that loan to the underwriting que to be marked as a non-delegated loan. This allows you the processor/loan officer to move the loan through the milestones without the need of underwriting. Also when submitting to the underwriting que, make a note in the underwriting milestone that this loan is non-delegated and what investor it is going to.
****If you are in need of a fraud guard or credit refresh for your non-delegated loan , direct all inquiries to Donna Rambo at Drambo@genevafi.net. You can also reach her at 209-479-3248*****
IMPORTANT UPDATE FROM UNIVERSAL CREDIT - CHANGES REQUIRE A NEW CREDIT PULL
I was just given this update from one of our Branch Managers regarding changes from UCS so I wanted to make sure everyone received it. It is imperative that you check and double check the borrowers name, social security number, date of birth, and address prior to ordering a credit report. Any changes to these entries will require an additional credit pull and you could potentially lose points on the credit scores. Thank you.
ENC - The loan can not be saved as a more recent version may already be available on the server
PIN FOR VA PORTAL HAS BEEN UPDATED
Comcast Connection Issues
Encompass Connectivity issues:
We have been made aware that the new generation of Comcast xFi gateways being deployed by the Internet Service Provider may be causing freezing and poor usability of Encompass.
SYMPTOMS OF ISSUE THAT HAVE BEEN IDENTIFIED:
The typical behavior being reported is during an active Encompass session, or after an indeterminate amount of time of Encompass being left idle, the user finds the application has become unresponsive or frozen and no longer accepts input from the user. Some users may receive a server disconnection message. This results in the user having to close the Encompass application via Windows Task Manager and start a new session.
ACTION CUSTOMER NEEDS TO TAKE:
If you are experiencing issues relating to this device, please contact your Internet Service Provider to report the issue and inquire about reverting the hardware, settings, or possibly the firmware version.
ACTION BEING TAKEN BY ELLIE MAE:
Further investigating of what is causing issues with the Comcast xFi modems.
LINKS/PHONE NUMBERS THAT ARE HELPFUL:
Here is the Comcast web-page outlining the new class of xFi hardware in question:
Sprout Mortgage, a NON-QM Lender is Live in Optimal Blue
Reminder you can find the presentation information on the NON QM Product Page. The next 2 Presentations are also on the Calendar, so please try and attend.
Bogus EMAIL from fake GoDaddy!
Please delete the following email if you receive it. This is Fake and will infect your computer
Geneva set new all time units record in May!
Congratulations to everyone who was a part in making May 2018 our most successful number of units month in company history!
287 - 59,056,472
Essent Guaranty Webinar Schedule released
Click here to view the webinars offered and register
Caliber New Doctor / Physician Loan Product
Caliber has launched the New Doctor / Physician Loan Product. This is a Non-Delegated product and can now be priced out in Optimal Blue.
If you have any questions about this product please reach out to our Account Executive Libby Shambeau at Libby.Shambeau@caliberhomeloans.com or 602.432.8117
Wells Fargo Non-Conforming/Jumbo Program is live
Below and attached is the information for the Wells Fargo Non-Conforming/Jumbo Programs that were launched today for Geneva Financial. I know a lot of people were having issues getting onto the call so I have spoken with Wells Fargo and they are going to do a call just for us. As soon as we have it scheduled out I will let everyone know. In the meantime, PLEASE review the attached and below carefully. There are a few caveats when it comes to utilizing Wells Fargo’s Jumbo Products:
- Wells Fargo will only allow certain AMC’s when it comes to their Jumbo Loans. We are approved with two of them.. Assurant (previously Streetlinks) and Clear Capital. You MUST use one of these two AMC’s. Please email LoginRequest@genevafi.com for credentials.
- Wells Fargo requires credit through only two agencies - Credco or Equifax. Currently we utilize Universal Credit. I am working on getting the credentials for Credco but in the meantime you will have another credit repull through Equifax or Credco upon submission to Wells Fargo. As soon as I have additional credentials I will let everyone know.
**For Additional Information, Please refer to the Product Page/ Jumbo Section
[Notice] Mandatory Shutdown of All RV Services June 8-June 11
This notice is to inform you that ReverseVision will be doing a mandatory shutdown of all our services the evening of Friday, June 8 until the morning of Monday, June 11.
Our cloud computing hosting provider will be moving its data center to a new location during this time causing all ReverseVision services to be offline while the servers are in transition.
Please mark this time on your calendar to avoid any further interruption to your workflow.
More details will be made available next week.
We need your HELP!
We need your Help! If you havent submitted the following for your webpage please send to Encompasssupport@Genevafi.net
1. Professional High Quality Large Bio Photo
2. 150-200 word THIRD PERSON bio
3. Business Social Media Links
4. Client Comments we can add to the page even if past comments.
We have fully integrated their mobile application with our Encompass Settings. You will now be able to use the majority of features they offer. Please reach out to your Preapp 1003 representative for configuration. Preapp 1003 is a third party software that we do not offer technical support for. All questions should go your Preapp 1003 representative.
I <3 Spanish
We can now add a Spanish Application link to your pages and provide you with the link for your borrowers. Unlike our consumer connect links, this one will give the borrower a drop down to select you as the loan officer. The instructions to request this addon are below. Please allow 48 Hours for website changes
In the Subject line put Spanish Application Link
Indicate whether you want the following
Added to your webpage
A link for your email
Announcement #2 Week of Awesomeness
New Columns are programmed and added to the Pipeline options. Condition Counts!
You will now be able to track the number of open PTC and PTF conditions on your pipeline view!
Managers and Operations will now be able to include them in reporting.
At Noon PST today the updates will be complete and you will be able to add the following to your pipeline view
*Number of all External/Internal Conditions PTC and PTF – Not Cleared/Not Waived*
I will be going over this on the Wednesday Encompass training call on the HUB for those who want to jump on. I will cover this first 😊
Announcement #1 Week of Awesomeness
We are proud to announce a short application has been built and tested for consumer connect. The short application has limited information required and will get you the basics to import into Encompass. A borrower could complete in less than 1 minute.
This is available to all users. It is a separate link from your full application. You will be able to provide which ever link works best for you based on the situation. For instance, if you have a borrower that you want to complete a full application send them the existing link. For new clients you are just starting to work with you could send the short app to break the ice.
The New Short App does import directly into Encompass.
As you can imagine the demand for this will be high. In order for us to make sure everyone is taken care of, we need you to do the following steps.
Send an email to Encompasssupport@Genevafi.net
In the subject line put Short App Link
In the body of the email please list the Following
Web pages on the Genevafi.com site where you want to add the Short App button Option
If you just want the link so you can create your own short app button
If you want both done
Make sure your request is clear. We must code the links on all the pages that have requests.
Please give all request 48 hours to be completed.
AUS systems are currently Down- Encompass Training Cancelled
Ellie Mae is working on resolving the issue. We are canceling training today due to the system issues
POA, Trust, and Leasehold Approvals
Please see below email from Schwartz & Associates Attorney regarding the instructions for approval of POA’s, TRUSTS, and LEASEHOLDS. It is MANDATORY that you obtain the Schwartz Approval and POA and upload them in the efolder prior to resubmission for final approval. This will be reviewed by the underwriter and the loan can be conditioned accordingly.
The order form is attached and the price schedule is also below. Please note, these fees must be disclosed in the section 801 of the itemization and marked as an APR fee. If your borrower tells you they want to use a POA or Trust after application, this IS a valid Change of Circumstance and you can redisclose this and charge the borrower.
Because it's Tuesday
Because its Tuesday, I want to announce that we have added the following default pipeline options for Loan Officers
Each of these options will allow you to quickly access Prospects, Working Files, and Funded Loans, without having to sort or click! You will just select the loans you want to look at in your Pipeline View Dropdown.
March 2018 - AVT
Nationally, the mortgage industry posted an abysmal Q4 in 2017. Profitability fell off a cliff, and interest rates hadn’t even spiked. Q1 of 2018 will be a train wreck, with the industry projecting to be off by at least 30%.
In March of 2018, Geneva Financial, LLC set a Company record for units and volume! We funded 38% more volume in March than we did the prior month. Simply amazing!!!!!!!
With great confidence I can tell you, that there are very few mortgage companies, nationally, that are posting a record month. Most are retooling and laying people off. We are hiring!
I want to thank everyone that made this possible. A big shout out to everyone in operations for an amazing month and closeout, considering we added very few team members in the last 30 days to compensate for the added units and volume. A truly spectacular accomplishment. You killed it!
We anticipate that April will set another Company record!
More on Monday. Have a fantastic weekend. Get some rest. April is going to be insane! And thank you all once again. We appreciate you. It took 10 years, but Geneva Financial, LLC is on the map. Just getting started.
Geneva Financial is proud to announce over the next week you will see many new improvements to our GenevafiHub. We are excited to share these with you and will be sending a formal announcement and invitation out company wide next week.
Happy Birthday Scott Mertens
Loan Officer Tips for Day 1 Certainty
Happy Month End! All of the craziness associated with Month End has started a little early this month! It is super exciting times and we want to get every file possible funded but we need your help! Please make note of the following dates:
Initial CD’s for Refinances must be out by the 22nd – signed LE must be in the file dated March 21st or Prior
Initial CD’s for Purchases must be out the by 27th – signed LE must be in the file dated March 26th or Prior.
Please do your part to help us help you close more loans!!!
Happy Birthday Jeanine Robbins
Happy Birthday Cody Richardson
Training Calendar has been updated
Please make sure you check out the Calendar with all the new training offerings available.
Initial Disclosure Requirement Change
In an effort to reduce errors on files moving forward we are in the process of adding some Checks in the background that will not affect or slow down your process. We are adding a compliance review to the application taken milestone to ensure our licensing in the file is accurate and compliant. Moving forward please complete the application taken milestone prior to requesting disclosures.
Since this milestone has 2 requirements
A credit Report
Select whether you are using an LOA
It will not be difficult for you to click the finished button. Loans that do not have the milestone completed will show a message as displayed below when the disclosure desk attempts to send out your disclosures. This is nothing extra from what you are doing now, just makes you follow the correct order.
Consumer Connect March Updates
The Consumer Connect Patch updates for March are below. This includes big information on borrowers being able to now reset their own credentials. Please let us know if you have any questions
PennyMac Jumbo Products
Penny Mac has just launched a NON-Delegated Jumbo product line! Please see attachment for more information regarding this product. There will be a training this Wednesday at 2:30 PST for any processors that will be submitting to this investor. These products will be available in Optimal Blue starting Wednesday.
4506T Templates updated
We have updated our 4506T templates to include 2017, 2016, and 2015. If you need any other years you will need to email email@example.com with your loan number and last name of borrower. You will specifically tell them what years are needed.
Radian MI Announcement- not requiring 700 Fico >45% DTI
Most MI companies will require a 700 or higher FICO for a loan with a DTI exceeding 45%. While some are limiting any loan with a DTI above 45% to a max 95LTV. Radian is following those changes with our Single Premium MI applications only effective 3/19/18.
Fannie Mae Maintenance scheduled
On Saturday, Feb. 24, 2018, from 12:00 p.m. to 7:00 p.m. ET, the Desktop Underwriter® (DU®) validation service will be periodically unavailable due to required maintenance. During the maintenance window:
• The DU Validation service may not return income, employment, or asset validation findings. In this case, users will receive a message in the DU Underwriting Findings indicating the DU validation was not available. If you receive this message, please resubmit the loan casefile to DU after 7:00 p.m. ET on Feb. 24, 2018.
New VA PIN
Your company's Lender: GENEVA FINANCIAL LLC (9103320000) new PIN is RkUqxQ6X.
If you are interested in doing Reverse Mortgages you must complete the training prior to originating any loans. It is imperative that you understand how to do Reverse Mortgages before offering the product. Please note that loans sold must be those on an Adjustable Rate in order to be in compliance with our comp plan policy if you also originate forward mortgages.
For AAG University classes, go to www.aagwholesale.com. Attached is the calendar of live trainings brought to you by AAG. Geneva has a universal login for their wholesale website and it is:
Your login info for AAG University is:
Password: password (all lower case)
Once you have finished the training and would like access to Reverse Vision please email LoginRequest@genevafi.com
1-25-2018 AccountChek is accepted by the VA
AccountChek Asset Reports are now officially accepted for all VA loans. Let's give our honored veterans the faster, easier mortgage experience they deserve.
1-16-2018 ****Important - Chenoa Loans Must Comply with QM Points and Fees Test
After going back and forth with Chenoa management the past several days, we have now learned that all Chenoa loans must meet QM guidelines with respect to the 3% Points and Fees Test.
Generally DPA and Bond programs are considered Housing Finance Authority loans (HFA) are exempt from ATR/QM. Chenoa has determined that even though they are exempt from the rule, they will only purchase loans that meet QM guidelines.
What does this mean to you? When you are pricing your loans you must pay close attention to the origination, Chenoa $399 Fee, and discount points charged. In total these fees cannot exceed 3% UNLESS you have a seller credit and can itemize the fees to the sellers column (no lump sum credit). This is the only way to exclude points and fees from the calculation other than lender paid, or paid by others. Discount points on this program will rarely fall under the “Bona-Fide” exemption because the program carries a higher rate.
For small loan amounts, it would be a good idea to make sure your real estate agents are requesting a seller concession to comply with this rule. The breakdown can be found on the ATR/QM Management form in Encompass, under the Qualification tab (see screenshot below, this loan fails the 3% test by 1.777%). All departments must review their files in process for potential fee violations on Chenoa loans and they must be resolved prior to the CD being issued. If you have any questions please do not hesitate to email me. Thank you
1-16-2018 MGIC MI Notice on DTI > 45%
In recent months, we’ve seen a significant increase of loans with debt-to-income ratios exceeding 45%. These have included a number of loans with weaker credit profiles. Given our concern with this layering of risk, effective with mortgage insurance applications received on or after March 1, we will insure loans with DTI's exceeding 45% only when the representative scores is 700 or greater. This is applicable to loans with an automated underwriting system recommendation as our standard underwriting requirements currently do not allow DTI’s exceeding 45%. For Geneva Financial we saw no business written with MGIC from Aug- Dec 2017 that would have fell within these new guidelines. Although it is not of a concern based on that data, I wanted to ensure you were aware of these changes.
We understand many lenders are using the DTI flexibility in AUS to streamline the origination process and enter only the amount of income required to get an Accept/Approve recommendation. Entering all the qualifying income could results in more loans being eligible.
On Friday we emailed this bulletin to all customer contacts but I wanted to insure you were in receipt. Feel free to share with your teams. As always, I am available for questions.
1-4-2018 FGMC OTC PROGRAM
Effective immediately FGMC has canceled their One Time Close construction program.
They still offer the 203K Renovation and Homestyle programs.
AFR still has the OTC option. Pricing can be found in OB.
That’s all folks!
Partner / COO
1-2-2018 Texas Home Equity Changes
Hello and Happy New Year,
There were several Amendments to the Texas Home Equity Statute effective January 1, 2018. Texas loan originators please do not price out a loan or disclose it until you have done the 2% fee cap calculation so that you don’t end up with a lender cure. This will affect all departments so please be sure to read this and let me know if you have any questions. 😊
Amends Section 50(a)(6)(E) by replacing the current three percent fee limitation with a two percent limitation, and specifying that four types of fees are not included in the limitation: an appraisal fee, a property survey fee, a mortgagee title insurance premium, and a title report fee. (NOTE; BONA-FIDE DISCOUNT POINTS ARE ALSO EXCLUDED)
Amends Section 50(a)(6)(I) by removing the current prohibition on a home equity loan for agricultural property.
Amends Section 50(a)(6)(P) by adding certain subsidiaries of depository institutions to the list of lenders authorized to make home equity loans, and replacing a reference to a "mortgage broker" with "mortgage banker or mortgage company."
Amends Section 50(f) by allowing a home equity loan to be refinanced as a non-home-equity loan if four conditions are met: a one-year timing limitation, a limitation on advance of additional funds, an 80% loan-to-value limitation, and a required disclosure to the property owner.
Amends Section 50(g) to make conforming changes to the required 12-day consumer disclosure.
Amends Section 50(t)(6) by removing the 50% limitation on additional debits or advances for a home equity line of credit.
Geneva Financial, LLC
Chief Compliance Officer
1-2-2018 VIP Portal
The registration process for the Veterans Information Portal (VIP) requires improved security measures to ensure the privacy of veteran information contained within the portal environment. As part of these improved security measures, Veterans Information Portal (VIP) users must be validated as current employees of your organization every 90 days.
Your company is receiving this notification because your active VIP users must be validated by 01/06/2018 in order for them to continue to be able to access the portal.
Please log- in to the portal and access WebLGY to complete the validation of your users. Training on Administrative Functions is available at the following location:
If user validation is not completed by 01/06/2018, your organizations users will be deactivated and will lose access to the portal.
If you have any questions, please email the VIP help desk (VIP.VBACO@va.gov).
Happy New year to all of you. As my last official announcement of 2017 we have added the Chenoa daily pricing to the HUB.
You can access this by logging into the HUB and clicking on Products and then DPA. The link for the rates will be on the page and will be updated daily. Please let me know If you have any questions.
Happy New Year!!!!
New VA PIN
Your company's Lender: GENEVA FINANCIAL LLC (9103320000) new PIN is Ussvb7J4. This value is the same for all offices associated with your company.
We now have AllRegs access for ALL Employees of Geneva Financial!! This will soon be available on the Home Page of Encompass, but in the interim you can set up an account directly using the link below to register!
Operations it is MANDATORY that you sign up for this and the alerts that are available!
The following Subscription ID Number is licensed to users employed by the company listed below. Please limit distribution of this ID number to the authorized AllRegs User(s) employed at this company.
Company: GENEVA FINANCIAL, LLC
Subscription ID: 96820-75
New User Registration: Click here to begin the registration process
Existing Users can utilize their current login credentials to access this subscription.
Using AllRegs Online:
Upon completion of your registration login here
Click the "ENTER ALLREGS ONLINE" button to access your products
Internet Connection: 56 Kbps or better recommended
Internet Explorer version 9 or better, Firefox, Chrome or Safari
Your browser must allow pop-up windows
Many documents (agency forms) are published in Adobe Acrobat format. You must have the Acrobat Reader
Should you have questions about the subscription ID or user registration process, please contact AllRegs Technical Support by email at AllRegsSupport@elliemae.com, or call (800) 848-4904, Monday through Friday, between the hours of 8:00 a.m. CT to 6:00 p.m. CT.
Facebook Group - Geneva Financial
Please sign up for the page below! Great way to keep up with people all over the country and everything Geneva!