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