Initial Disclosures acknowledgement required
prior to Submittal Milestone

The following will be required at Loan Set-Up prior to having a new loan application submitted into Underwriting (Submittal Milestone) for a credit decision effective on Wednesday, 04/22/20.

Lender Disclosed:

All files moved to the Submittal Milestone must have the complete, fully acknowledged and compliant initial disclosures signed by all Borrowers on the transaction. We accept either version of the signed and acknowledged LoanStream initial disclosures:

1. Complete Ellie Mae eDisclosures by having the borrower accept to receive disclosures electronically, view the documents, accept and acknowledge the documents they are signing.
2. All borrowers on the loan completely wet sign all initial LSM disclosures. Scanned PDF of the wet signed disclosures are uploaded to the eFolder (ITP, 1003, etc.).

Once this is completed and confirmed, the file can be moved into the Submittal Milestone for Underwriting.

Broker Disclosed:

LoanStream Set-Up Team will confirm that all Broker disclosures are compliant, as well as proof the borrower has reviewed, accepted, and acknowledged the Broker provided disclosures. Broker eCertificate will be required. Once this is confirmed, LoanStream is still required to deliver a complete set of disclosures to all Borrowers on the loan and cannot move the milestone to Submittal until they are fully acknowledged and/or signed per the two options above.

FHA Case Number ordering – LSM Disclosed:

FHA Case Number orders cannot be ordered prior to the Borrower reviewing, accepting, and acknowledging LSM initial disclosures.

1. Once the borrower has acknowledged LSM initial disclosures, then an FHA Case Number will be ordered.
2. The file is moved to Submittal Milestone for Underwriting.
3. If the loan is broker disclosed, the loan must have the full set of broker disclosures verified by one of our LoanStream Set-Up Team associates.  Case numbers will no longer be issued prior to loan submission.

FHA Case Number Ordering – Broker Disclosed:

FHA Case Number ordering cannot be requested until the LoanStream Set-Up Team has confirmed Broker’s Initial Disclosures have been reviewed, accepted, and acknowledged.

VA Appraisal / LIN number order:

Appraisal ordering cannot be requested until the LoanStream Appraisal Desk has confirmed either Lender disclosed option 1-2 above or Broker Disclosed Initial Disclosures have been reviewed, accepted, and acknowledged.

Files on Hold -Document check Milestone

Loans that are complete but do not have the LSM initial disclosures acknowledged will be held for a maximum of 14 calendar days to ensure loans have a decision rendered in line with Regulation B requirements. Any loans after this date will be closed for incompleteness.