Step 3: Generating Your Initial Disclosures
If you are preparing your own Loan Estimate, please skip to Step 4: Submitting Your Loan.
Setting the Closing Costs
On the Borrower Responsible Closing Costs tab, add all fees and fee amounts. This includes the Appraisal fee, 1004D fee, 2nd Appraisal fee, Credit Report, Title/Escrow fees, and Recording/Transfer Tax (if applicable).
IMPORTANT: If you can't find a fee that you would like to add, contact our Disclosures Team at email@example.com.
In order to add additional fees, click the + icon at the bottom left of each section. There you will be able to select a fee from a dropdown list. In order to enter the fee amount, you will need to click on the blue calculator icon to the left of the amount box. Once you've done that, enter your fee amount on the final box.
To learn more about setting up closing costs, read Fee Reference Sheet & Disclosure FAQ.
Generating Your Initial Disclosures
After adding fees, you can send initial disclosures by navigating to the Disclosures tab. Enter the Application Date and click Save.
You will need to wait 30 seconds for the compliance audit to validated the QM, licensing, dates, and fees. Click Order Initial Loan Estimate to create your initial disclosures.
Completing the Settlement Service Provider List
On the left column, click Add New to begin adding providers.
IMPORTANT: Contacts added on this page are unique to the loan. If you have Contacts already created, you can select them by clicking Select From Contacts.
Complete the fields and click Confirm to save the contact.
On the right column, select the newly added Escrow Contact from the top dropdown under Escrow Fees.
In the next section, select the newly added Title contact from the top dropdown under Title Fees.
Click Next – Request Review to save the Settlement Service Providers selections.
IMPORTANT: An error message will appear if you click Next – Request Review before 30 second calculation is complete. Simply, click Cancel Order, and click Order Initial Loan Estimate again.
Reviewing the Requirement's Checklist
Once the compliance audit is completed, there will be a list of outstanding requirements that will need to be resolved before generating initial disclosures.
For example, a red X next to Application date is less than or equal to 2 business days of current date can be corrected by updating the Application Date on Disclosures tab front page.
Once all outstanding compliance requirements are met, verify the borrower(s) and Loan Officer contact information for e-sign, and click Next - Document Vendor Audit to request the document vendor to validate the fees.
Reviewing the Document Vendor Audit
The Document Vendor Audit may take 30 seconds to complete. Any Fatal audit results will need to be resolved to issue initial disclosures, but any Warning audit results will simply need to be confirmed prior to issuing disclosures.
Once the audit results are reviewed and/or corrected, click Next - Order Document Preview to generate a preview of the initial disclosures.
Sending Your Initial Disclosures
The document preview may take 30 seconds to complete. After thoroughly reviewing your preview, click the checkbox for I have reviewed and accept the previewed Initial Disclosure PDF and click Next – Complete Request to send initial disclosures to the borrower(s).
The final disclosures may take 30 seconds to send. A copy of the final disclosures will be displayed for review and will also be automatically uploaded to the eDocs folders. To return to your loan, click Return to Disclosures Page.
Requesting Lender to Send Initial Disclosures
You can request the lender's assistance to issues initial disclosures if you are unable to correct any outstanding requirements or audit results.
Simply, click Request Lender to Complete Order on the page if you encounter any issues that prevent you from proceeding.
Explain the issue in detail and click Submit.
To cancel the request, click Cancel Request on the Disclosures tab.
Requesting the Lender to Complete Initial Disclosures
If you requested the lender to complete disclosures, the Disclosure Desk will review the file. They will contact the Loan Officer and Processor regarding any errors or compliance issues.
Once the loan data is verified, our Disclosure Desk will send the e-sign disclosures to the Loan Officer and each borrower. We will disclose no later than the third day following the application date.
E-Signing & Returning the Initial Disclosures
An email will be sent from firstname.lastname@example.org to the Loan Officer and each borrower with a link to e-sign disclosures. The completed package will automatically upload to JMAC once all parties sign. During the e-sign process, borrowers are instructed to print out the Borrower’s Authorization and SSA-89 forms, wet sign them, and return them to their Loan Officer. Include these in your submission package, if available.
The Activity Log details when Initial Disclosures were created, sent, consented and signed. The Loan Estimates shows the issued date and delivery method of your initial disclosures. The Received Date populates when the borrowers e-sign.
Check the Received Date to review when the borrowers e-sign on the Disclosures tab.
The Written List of Service Providers and Anti-Steering Disclosure are not included in the disclosure package and must be uploaded at submission. You will need to generate these documents separately to provide them to the borrower.
If using the First American Title Integration, the Written List of Service Providers will be included in the disclosure package.
First American Integration
The First American integration is disabled by default. The First American integration will automatically populate all Title and Escrow fees upon registration and generate the Written List of Service Providers in the initial disclosure package. Even if First American is initially disclosed, you can change the Title and Escrow Company without fee tolerance violation if your borrower chooses a different Service Provider.
If you would like to opt-in to the integration, please inform your Account Executive or your Account Manager. Their contact information is listed under Junior Processor in the Status and Agents tab of your loan.
Congratulations, you have successfully sent out Initial Disclosures through our system! If the loan is FHA, you will follow the steps in Requesting an FHA Case Number prior to submission.
Once the signed package is returned, you are ready to upload the rest of the submission package and submit the loan, Step 4: Submitting Your Loan.
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