TRID Quick REference Guide - CMG Financialdocs.cmgfi.com/wholesale/TRID/TRID-Reference-Guide-10-3-2015.pdfAll loans with applications dated prior to 10/3/2015, must close and fund
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Creating An AIO-All in One Registration ............................................................................. 19
Creating Quick Register to Advance Lock ........................................................................... 23
COC – Change of Circumstance ........................................................................................ 28
Ordering the Appraisal Using an Authorization Code ............................................................. 30
Generate the Closing Disclosure - CD ................................................................................ 31
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TRID – Effective Date TRID rules go into effect with applications taken or after 10/3/2015. The following loans are exempt from TRID rules:
1. Loans with application dates before 10/3/2015. 2. All In One Loans 3. HELOCs 4. Reverse Mortgages 5. Mortgages secured by a mobile home or dwelling not attached to real property
At CMG Financial, you will only need to concern yourself with the first two exemptions. We do not originate HELOCS, Reverse Mortgages or mortgages secured by a mobile home or dwelling not attached to real property. Applications on or after 10/3/2015, will be originated with the new TRID forms, Loan Estimate (LE) and Closing Disclosure (CD). This document is meant to walk you through the new technology.
TRID – Definition of an Application With the implementation of TRID the CFPB has redefined the application. The CFPB states that when
you have the following six pieced of information, that is considered to be an application and the clock
starts for disclosing.
1. The Consumer’s Name
2. The Consumer’s Income
3. The Consumer’s Social Security Number to obtain a credit report (or unique identifier if the
consumer does not have a social security number).
4. The Property Address
5. An Estimate of the Value of the Property
6. Loan Amount
Important Definitions Wholesale/Broker definitions. For Select Partners, please refer to the TRID Select Partner
Presentation.
General Business Days: Monday – Friday, excluding Saturday, Sunday and specific federal holidays.
Specific Business Days: Monday – Saturday excluding Sunday and specific federal holidays.
On 10/3/2015, CMG’s website https://wt.cmgmortgage.com/DataTracWeb/Logon will be updated to include a new feature, ‘Create New Loan’. ‘Create New Loan’ is to be used as the starting point for all new loans. The ‘Create New Loan’ feature may be found under the Dashboard Tab.
After selecting the ‘Create New Loan’ option, you will be taken to the ‘New Loan’ screen. There you
will answer a series of questions to determine whether or not your loan is subject to the new TRID
Rules and the path that it will take during creation.
Create New Loan with an Application Dated on or after 10/3/2015 & Requesting an LE
Once you have an application, these instruction will walk you through creating a new loan and
requesting an LE/disclosure package.
After signing into CMG’s website, from the Dashboard tab choose ‘Create New Loan’.
From the ‘New Loan’ screen, you will answer:
1. ‘Yes’ you have an application. Enter the application date or choose the date from the
calendar. For this scenario, the application date should be 10/3/2015 or after.
2. ‘Yes’ you have a property address
3. Submit, you will be taken to the ‘Create Loan and Generate Loan Estimate (LE)’ screen.
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From the ‘Create Loan and Generate Loan Estimate (LE)’ screen, Upload a 3.2 file or manually enter
the require fields to create the loan and generate the LE.
After uploading the 3.2 file, please review the screen and complete the fields that are not available
with the upload. The remaining fields should be intuitive.
Appraisal Information Section Clarification:
With your 3.2 upload or manual input of the ‘Create Loan and Generate Loan Estimate (LE) screen’,
CMG is gathering the information to create an LE and obtain a title, closing and accurate appraisal fee
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quote. You will be required to answer three items in the Appraisal Information section to complete the
quote.
NOTE: This section does not speak to the eTrac Appraisal ordering site. The information that we are
gathering here is for fee quote purposes only.
1. Final or Re inspection 1004D Required - From the dropdown choose ‘Yes’ or ‘No’.
2. Rush Fee – From the dropdown choose ‘Yes’ or ‘No’
3. Size (In Acres) – You will have 4 options to choose from.
After all of the information has been entered correctly, ‘Generate LE Request’ will appear green at the
bottom of the page. Click ‘Generate LE Request’.
If the ‘Generate LE Request’ field appears red, required items may have been missed. Please tab
through the fields or look for the item that may also be highlighted red. Once all fields are completed
correctly, the ‘Generate LE Request’ field will appear in green.
NOTE: Please do not use any punctuation in the fields when completing the form.
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After clicking on the ‘Generate LE Request’ you will receive the following message that confirms that
your creation was successful and it includes the new loan number.
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The newly created loan may be found in your pipeline under the Pipeline tab.
Once the new loan has been created, the loan may be locked. Find the loan in the ‘Registered’ section
of your pipeline, click on the loan number. From the next screen, scroll down to the bottom and find
the following action items.
Note: A new loan action item has been added to the menu of items available after clicking on the loan
number. ‘Upload FNMA 3.2’ may be used to upload an updated 3.2 file prior to submitting your loan to
CMG. Once loan has been submitted and status changed to Underwriter Received, this feature will no
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longer be available. All additional updates must be requested by sending an updated 1003 for review
by the underwriter.
Creating New Loan with Applications Dated Prior to 10/3/2015
NOTE: Friday 2/12/2016 will be the last day CMG will accept Pre-TRID transactions. All Pre-TRID
transactions must be submitted to the CMG Wholesale office no later than 2/12/2016. Loans with application
dates prior to October 3, 2015 will not be accepted after 2/12/2016 and will require that the borrower re-apply
and the loan will be subject to TRID rules.
All loans with applications dated prior to 10/3/2015, must close and fund by 3/31/2016.
Note: Construction loans are excluded from having to close by 3/31/2016
A New Loan may be created for loans with application dates prior to 10/3/2015 by following these
steps. Sign into CMG’s website, from the Dashboard tab choose ‘Create New Loan’.
From the ‘New Loan’ screen, you will answer:
1. ‘Yes’ you have an application. Enter the application date or choose the date from the
calendar.
2. ‘Yes’ you do have a property address
3. Submit, you will be taken to the ‘Create Loan ONLY (no LE will be generated)’ screen.
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From the Create Loan ONLY (No LE will be generated) Screen, you will need to complete the required
information. A 3.2 Upload is not available on this screen.
Once all of the fields have been entered, the ‘Registration’ field at the bottom of the page will appear
green. Click on ‘Register’ to create your TBD registration.
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If the ‘Register’ field appears red, required items may have been missed. Please tab through the fields
or look for the item that may also be highlighted red. Once all fields are completed correctly, the
‘Register’ field will appear in green.
NOTE: Please do not use any punctuation in the fields when completing the form.
After clicking ‘Register’ you will receive the following message that confirms that your creation was
successful and it includes the new loan number.
The newly created loan may be found in your pipeline under the Pipeline tab.
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Once the new loan has been created, the FNMA 3.2 file may be uploaded and loan locked. Find the
loan in the ‘Registered’ section of your pipeline, click on the loan number. From the next screen,
scroll down to the bottom and find the following action items.
Note: The Broker will be responsible for disclosing all up front disclosures to the borrower(s).
Transferred Loan
Transferred loans: A transferred loan is a loan where CMG did not prepare the initial Loan Estimate
(LE) within 3 general business days of receiving the application and the broker/borrower want CMG to
be the creditor on that particular transaction.
Effective on Monday, 2/1/2016, CMG will only allow transferred loans where the initial LE was
prepared in the broker’s name and no creditor/lender was identified on the LE.
Loans where the initial LE was prepared in another lender/creditor’s name are not eligible for transfer. A new loan application and applicable LE will be required (NEW)
Requirements:
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Expired Loan Estimates: Transaction where an LE (non-CMG LE) was prepared in the broker’s name and issued within 3 general business days of receiving the loan application. The borrower did NOT provide an Intent to Proceed (ITP) within 10 days of the LE being issued.
o CMG will accept that loan with a copy of the initial expired Broker LE (It must be a minimum of 11 days from the issue date) and a LOE from the loan officer stating that the Intent to Proceed (ITP) was never provided by the borrower(s).
Cancelled or Withdrawn loans: Transactions where an LE (non CMG LE) was prepared in the broker’s name and issued within 3 general business days of receiving the loan application. The borrower(s) DID provide an Intent to Proceed (ITP). The transaction is later withdrawn or cancelled by the borrower.
o CMG will accept that loan with a copy of the initial LE that was issued in the broker’s name within 3 business days of the application date and a LOE from the borrower that they wish to cancel their application with the initial investor/lender and want to proceed with an application with CMG Financial. The LOE must be dated and the CMG Loan Estimate must be requested within 2 business days form the date on the letter. The transfer letter does not need to include the name of the original lender. A Sample Copy of this letter may be found on the TRID Resource page in the Reference Material Section
Sign into CMG’s website, from the Dashboard tab choose ‘Create New Loan’.
From the ‘New Loan’ screen, you will answer:
1. ‘Yes’ you have an application. Enter the application date from the original application or