BOOST User Guide - First Guaranty Mortgage · First Guaranty Mortgage Corporation must give prior...

BOOST User Guide

FGMC Wholesale

January 2020 of 33

CONFIDENTIAL DOCUMENT

First Guaranty Mortgage Corporation must give prior written permission for this work, or any part thereof, to be used, reproduced, or transmitted in any form or by any means,

by or to any party outside of First Guaranty Mortgage Corporation, its regulators, and investors.

BOOST User Guide

Wholesale Portal

Table of Contents

INTRODUCTION ................................................................................................................................ 3

SECTION 1: GETTING STARTED ......................................................................................................... 5

Access to BOOST ...................................................................................................................................... 6

Navigation .............................................................................................................................................. 10

Manage your Pipeline ............................................................................................................................ 11

SECTION 2: LOAN SUBMISSION ...................................................................................................... 15

Add a Loan ............................................................................................................................................. 15

1003 Form .............................................................................................................................................. 17

Order/Reissue Credit ............................................................................................................................. 18

Order AUS .............................................................................................................................................. 20

Product Pricing & Lock ........................................................................................................................... 22

Documents ............................................................................................................................................. 27

Submit the Loan ..................................................................................................................................... 28

SECTION 3: POST SUBMISSION ....................................................................................................... 30

Conditions .............................................................................................................................................. 30

Extending a Lock .................................................................................................................................... 31

Change of Circumstance ......................................................................................................................... 32

Reviewing Fees ...................................................................................................................................... 33

Disclosure Tracking ................................................................................................................................ 33

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BOOST User Guide

Wholesale Portal

Introduction

This guide is intended to help you work with FGMC’s Broker Portal, BOOST. BOOST connects

directly to our loan origination system (LOS) while providing a central online location where you

can originate, process, and monitor loans. After logging into the portal, you can register new

loan files by importing a loan file from a Fannie Mae formatted file, assigning the DO findings, or

registering the loan manually. Once the loan is registered, you can take actions such as re-

issuing a credit report, running AUS, or searching for product and pricing. Once the loan is

submitted to FGMC for review, you can monitor the loan’s status. At the same time, we can

monitor the loan’s activity in our LOS and ensure we are receiving all the necessary information

to process the loan.

This guide provides the necessary instructions to log in to the portal, register, and process

Wholesale loans.

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BOOST User Guide

Wholesale Portal

Section

1

Getting Started

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BOOST User Guide

Wholesale Portal

Section 1: Getting Started

This section explains how to begin utilizing the BOOST portal. Information in this section is

provided to get you started, but additional steps may be required to complete these processes.

These tools are discussed in detail later in this guide. You can access the BOOST portal from

FGMC’s Wholesale Website at https://fgmc.com/wholesale.

After accessing the BOOST portal from the Wholesale website, the following options are

available.

a. Quick Links allows access to the following information:

• Wholesale Website

• Training Information

• Daily Rates Sign-up Sheet

• Operational Contacts

• Non-Delegated Correspondent Website

b. Product Guides (Not accessible until you have logged into the system)

c. Important Document/Forms (Not accessible until you have logged into the system)

d. Contact Information

e. Login

https://fgmc.com/wholesale

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BOOST User Guide

Wholesale Portal

Access to BOOST

Once your company is approved by FGMC, we will assign an employee from your company to

be the portal administrator. The portal administrator is responsible for managing user accounts,

updating company information, adding new users, and assigning the user personas. The portal

administrator will receive an email from FGMC, providing the portal administrator with a link to

the portal, along with a login name (their email address) and a temporary password. The portal

administrator can view our step-by-step Account Management video tutorial to view a live

demonstration for adding users and adjusting personas.

Initial Access to the Portal

Select the link provided in the email to open the portal.

Log in to the portal using your email address and the temporary password provided in

the email.

Create a new password on the Change Password page.

NOTE: Be sure to keep track of your new password. FGMC will not have access to it.

If your company is not set up to submit loans to FGMC, or click here to submit your information

and we will contact you to start the process.

Adding Users to the Portal

For other employees within your company to gain access to the portal, the portal administrator

must create a contact record for each user and assign a persona. Please review our BOOST-

Personas Job Aid to ensure you are assigning the correct persona to each user. Follow the

steps below to add a new user to your account.

NOTE: This option is only available to users with the Account Management persona. It is

possible to have more than one user with the Account Management persona within your

company.

Select your user name in the top-right corner and click Manage Account.

Click the Company Account tab.

Scroll to the Company Contacts section and select Add Contact to add a new user.

https://fgmc.com/correspondent/resources/training/

https://fgmc.com/wholesale/#becomeBroker

https://fgmc.com/wholesale/training-resources/

https://fgmc.com/wholesale/training-resources/

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BOOST User Guide

Wholesale Portal

Enter the required* information for the new user.

• The Organization field enables you to select the branch within the organization

where this contact should be created. Click Choose to select the organization option,

and then select the organization entry and click Save.

• The Persona field enables you to select an available persona to assign to the TPO

Contact. Click Add Persona to select the persona for the contact, and then select

one or more personas and click Save.

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BOOST User Guide

Wholesale Portal

Make the appropriate selections for the checkboxes below as applicable.

• View access to team’s loans – Gives the user the ability to view all loans for your

company.

• Edit team’s loans – Gives the user the ability to edit loans within your company.

Select the Save button when finished.

Note: The new user will receive an email providing a link to BOOST, along with a login

name (their email address) and a temporary password. The user can log into BOOST;

however, their licensing information needs to be submitted to and then approved by,

FGMC before they can submit loan files. (This rule applies to branches that will use the

portal as well.)

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BOOST User Guide

Wholesale Portal

User Login

Select Login from the Wholesale homepage.

Enter your email address and password, then select Login.

NOTE: Checking the Remember Me box will remember the email address for future

use.

If you have forgotten your password, you can reset a forgotten password by clicking the Forgot

Password link. You will receive an email with instructions on how to reset your password within

a few minutes.

Change your Password

Click your user name in the top-right corner and click Change Password.

Enter your current password in the Current Password field.

Enter a new password in the New Password field.

Re-Enter the new password in the Re-enter New Password field.

Click Save.

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BOOST User Guide

Wholesale Portal

Navigation

Once logged in, your access to the portal will vary based on your account persona. The portal

administrator can grant users access to the portal and update their account information. All

users will have the ability to change their password and access tools located on the top toolbar.

The toolbar is available on all screens within the portal. Access the following information via the

toolbar.

• Welcome – Return to the welcome page

• Pipeline – View your pipeline

• Add New Loan – Add a new loan to your pipeline

• Scenarios – Price a loan

• Quick Links – Access training material and sign up for rate sheets

• Product Guides – View FGMC’s product guides

• Important Documents/Forms – Access FGMC’s Wholesale Lending Broker Guide, Wholesale Lock Policy, and Submission Forms

• Documents – Access important documents

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BOOST User Guide

Wholesale Portal

Manage your Pipeline

Select the pipeline link on the top toolbar to view your pipeline of loans. As you create new loans, they will appear in your pipeline. Depending on your assigned role and permissions, you may be able to view all the loans that your team has entered or submitted to FGMC.

The initial pipeline view shows tiles containing preset filters that indicate the status of a file.

When a tile is selected, all files associated with that filter appear. FGMC has created the

following tiles to organize your pipeline better.

• All Loans

• Saved Not Submitted

• Disclosure Sent

• Clear Close

• Floating/Not Locked

• Locked

• UW Decisioned

• Closing Docs Sent

• Funded

Note: A single loan can be represented in more than one milestone.

Filter Your Pipeline View

The Advanced Filter option allows you to create a preferred pipeline view by selecting additional

filtering options.

Select Advanced Filter from the Pipeline page.

Choose one or more filters to apply to your pipeline view, then click Apply Filters.

Note: If you have the appropriate persona, click All Loans from the menu on the left-

hand side to view all company loans or click My Loans to view only the loans you

assigned to you from within the portal.

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BOOST User Guide

Wholesale Portal

Loan Summary Page

Select any file in your pipeline to view the Loan Summary page. The Loan Summary Page

provides a concise profile of the loan. There are several tiles that display the borrower

information with basic loan terms, rate and lock information, the current loan status, property

information, and credit information. There is also a list of key dates on the right side of the page.

a. Summary Bar

The Summary Bar contains the borrower’s name, address, loan number, total loan

amount, loan type, loan purpose, rate, and LTV/CTLV information. In addition, the

following icons are available.

- Loan Messages

- Key Loan Contact Information

b. Loan Information

The Loan Information tile provides LTV/ CLTV values, as well as the base loan amount,

MI information, and any sub financing.

c. Lock Information

The Lock Information tile provides the rate of the lock, amortization Type, Amortization

Term, and the name of the loan program. Click Search Product and Pricing to access

the Product Pricing and Lock page from this tile.

d. Property information

The Property tile provides the property address, estimated value, appraised value, and

purchase price.

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BOOST User Guide

Wholesale Portal

e. Loan Status Information

The Loan Status tile provides the status of the loan as the file moves through each

milestone. As the key dates are updated in Encompass, the title of this tile changes to

reflect the state of the loan. Outstanding purchase conditions can be seen and

accessed from this tile by selecting the Show Details link. In addition, the AUS

information, down payment, reserves, P&I, and DTI information can be seen from this

tile.

f. Credit Summary

Once credit has been ordered or reissued through the system, the Credit Summary tile

provides the Credit Score and Credit Ordered date.

g. Key Dates

The Key Dates section provides transparency as the file passes key milestones. The

Key Dates are updated once the loan enters that milestone in FGMC’s loan operating

system.

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BOOST User Guide

Wholesale Portal

Loan Submission

Section

2

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BOOST User Guide

Wholesale Portal

Section 2: Loan Submission

This section explains how to use the BOOST portal to submit a loan successfully to FGMC. This

section provides the click-by-click process for the following functions within the portal: import a

loan, obtain product pricing, lock a loan, upload documents, order/reissue credit, run AUS and

submit the loan to FGMC for Underwriting review.

Add a Loan

You can begin submitting a loan to FGMC by importing an existing loan file from a DU 3.2 File

(*.fnm), creating a loan manually, or assigning the DO casefile to FGMC. Once the loan is

uploaded and saved on the Wholesale Loan Register screen, the file will appear in your

pipeline.

To Upload a Loan:

Click the Add New Loan button from the top toolbar.

Select the appropriate options for the loan officer and loan processor and click Next.

Make the appropriate selection for the Initial Loan Estimate.

Make the appropriate selection for uploading the loan file.

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BOOST User Guide

Wholesale Portal

• Import Loan Data from FNM 3.2 – If you choose to import your file via an FNM 3.2

file, you will need to drag and drop your file or select browse to upload.

• Manual – If you choose to enter your information manually, you will need to enter the

required* information on the next screen.

• Import from DO Casefile – If you choose to import your file from DO, please ensure

the case file is assigned to FGMC before entering the Casefile ID.

Click Next. The Quick Register Wholesale Loan screen appears.

Ensure the information is correct and click Save to register the loan. An electronic 1003

form displays.

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BOOST User Guide

Wholesale Portal

1003 Form

Once the loan is registered, an electronic 1003 form appears. Information from the uploaded 3.2

file will auto-fill. You can review the form to ensure the information is correct. To navigate the

1003 form, select the name of each application page listed on the left side of the page or the

select ‘Next’ to review each page.

To save changes to the 1003 form:

To save the information you have entered on the 1003 form, click the Save button. The Save

button is located at the top and bottom of every page on the 1003 form.

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BOOST User Guide

Wholesale Portal

Order/Reissue Credit

Once you have registered the loan and reviewed the information on the 1003 form, you can

order or reissue credit. Using the Reissue option from the Loan Actions menu, you can order or

reissue credit and import the credit report into BOOST. If the loan includes more than one

borrower pair, you must use the same credit provider to order credit for each borrower pair.

After the credit is ordered or reissued, liabilities can be imported into the 1003 form.

NOTE: If you choose to run AUS within the portal, credit must be ordered or reissued first.

To Order or Reissue the Credit Report:

Click Order/Reissue Credit from the Loan Actions menu.

Select the Credit Provider from the drop-down list and indicate if the information is a

New Credit Order or Reissue of Credit.

NOTE: You must enter the Reference Number if you are reissuing credit.

Select the appropriate option (Individual or Joint) from the Request Type drop-down

menu.

Enter your credit credentials (User Name and Password).

NOTE: Select the checkbox if you would like the portal to Save Credit Provider and

Login for future use.

Confirm that the order information is correct on the Order Credit page, and then click the

Order Credit button to submit the order. A confirmation message displays once the

credit report is received.

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BOOST User Guide

Wholesale Portal

To Import Liabilities:

Click the Import Liabilities button to import liabilities.

Review the liabilities from the credit report and select Import Liabilities again.

If liabilities currently exists on the 1003, a pop-up message appears confirming if you

would like to replace the current liabilities. Check the box as applicable and click

Continue.

Click Close to complete the process.

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BOOST User Guide

Wholesale Portal

Order AUS

After completing the 1003 form in BOOST, you can submit your loan for automated underwriting

through Fannie Mae Desktop Underwriting (DU) or Freddie Mac Loan Product Advisor (LPA). It

is possible to run both automated underwriting options within the portal if necessary.

NOTE: If you choose to run AUS within the BOOST portal, you must first order or reissue a

credit report.

Submit for DU

Click Order DU from the Loan Actions menu.

Enter the User Name and Password for the Credit Provider.

• If you have ordered credit, the credit information is pre-populated.

Enter the FHA Lender Identifier if the loan is an FHA loan.

Click the Order DU button. The report opens in a new tab in your web browser.

NOTE: You can also click the View Findings Report button to view the report.

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BOOST User Guide

Wholesale Portal

Submit for LPA

Select Order LPA from the Loan Actions menu.

• If you have ordered/reissued credit, the credit information is pre-populated. If you

have not, click Order Credit to order/reissue a credit report first.

Enter the required* information.

NOTE: This screen will vary by loan type.

Click Order LPA Underwriting.

Review the results on the LPA Results page and select one of the following:

NOTE: The documents returned by LPA are viewable under the Documents page.

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BOOST User Guide

Wholesale Portal

Product Pricing & Lock

Use the Product Pricing & Lock option from the menu on the left-hand side to run your loan

scenario through our product and pricing engine.

To Lock or Float a Loan:

Click the Product Pricing & Lock link on the left menu, and then click Search Product

& Pricing.

Enter the required* information.

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BOOST User Guide

Wholesale Portal

Reminders:

• The Loan Type for Non-QM products should always be Conventional.

• Use the Loan Documentation Type drop-down menu to select Full Documentation

or Alternative as applicable.

• Select Not Waived from the Impound Waiver drop-down menu for all Non-QM

loans.

• Select No from the Prepayment Penalty drop-down when searching Product &

Pricing for the Champion (Prime Jumbo) or Achiever (Expanded Credit) products.

Select Yes for the Visionary (Investment) product.

• You must indicate whether the compensation is Lender or Broker paid.

• You must enter a Target Rate or Target Price.

• Select 30, 45, or 60 from the Lock Period drop-down menu, as applicable.

Click the Search Product & Pricing button. The Optimal Blue product search page

displays.

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BOOST User Guide

Wholesale Portal

Reminders:

• Ensure the Cash-Out Amount is cash to borrower.

• Self-Employed Bank Statement Program:

o Self-Employed drop-down should be Yes

o Select the appropriate bank statement program from the NQM Income Doc

drop-down menu.

• Debt Service Coverage:

o Self-Employed drop-down should be No

o NQM Income Doc drop-down menu should be N/A

o Debt Service Coverage Ratio drop-down should be Yes

• Asset Depletion:

o Self-Employed drop-down should be No

o NQM Income Doc drop-down menu should be N/A

o Asset Depletion drop-down should be Yes

• Select appropriate NQM Credit Grade (A, B, B-, C) for the Achiever (Expanded

Credit) and Visionary (Investment) products. Use A for A- grade.

• Select Yes from the Interest Only drop-down menu to view the Interest Only option

for each product. Select No to view the standard Fixed and ARM options.

• It’s not necessary to change the Automated UW System field. All Non-QM loans are

manually underwritten. The drop-down menu does not impact pricing eligibility.

Note: FICO and DTI are required to obtain accurate pricing. If you need to make

changes, please go back to the Loan Details and update the 1003 form.

Review the information and click Submit. The product and pricing search results display.

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BOOST User Guide

Wholesale Portal

Select the name of the product or click Show in the detail column to view the details of

an eligible product.

Select the Blue Lock icon to select the product for this loan. The Lock Form appears.

Enter your email address in the Broker Email Address field.

NOTE: You will receive a confirmation email indicating your lock has been requested.

You will receive an additional email once the lock is approved.

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BOOST User Guide

Wholesale Portal

Review the loan level pricing information at the bottom of the screen and make the

appropriate selection to float the loan or request the lock.

• Select Update Encompass to save the details and float the loan

• Select Request Lock to submit a lock request for this program.

To Print the Lock Confirmation:

Once the loan is locked, the product and pricing information displays on the Loan Summary

screen. You can view the lock history and print the lock confirmation.

Select Product Pricing & Lock from the menu on the left-hand side.

Select the Print icon ( ) to print the page details.

NOTE: You can also print the lock history by clicking View Lock History, then select the print

icon from the pop-up window.

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BOOST User Guide

Wholesale Portal

Documents

FGMC requires brokers to upload their initial submission documents into the portal before

submitting the loan for review. These documents should include FGMC’s Wholesale Submission

Form and any supporting documentation. You can upload these documents on the Documents

page.

To Upload Initial Submission Documents:

Select Documents from the menu on the left side.

Drag and drop your documents into the “initial submission documents” place holder or

click Browse for files to attach a file to the document entry. FGMC will be able to view

the documents once the loan is submitted.

NOTE: As you complete specific processes within the portal, such as locking the loan or running

credit, the corresponding document automatically appears on the documents page. For

example, the FGMC Lock Confirmation will appear if the loan was locked in the portal and the

Credit report will appear if credit was ordered/reissued within the portal.

To move a file:

Click the Expand Icon ( ) to expand the document entry.

Click the Move Icon ( ) and follow steps three through four to select a new document

entry to attach the document.

NOTE: Documents must be uploaded to the appropriate placeholder within BOOST to

avoid delays with your loan file.

To download a document:

Click the Expand Icon ( ) to expand the document entry.

Click the Download Icon ( ).

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BOOST User Guide

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Submit the Loan

Use the Submit Loan button to notify FGMC that the loan submission is complete, and the file

is ready for review. As a reminder, FGMC will not begin reviewing the loan until the loan is

submitted using the Submit Loan option. As the loan moves through the review process in

FGMC’s loan operating system, the milestone on the Loan Summary will update.

To Submit the Loan to FGMC:

Click Submit Loan from the Loan Action menu.

Click Continue in the confirmation window.

Note: If there are missing required fields or the Broker Package is not uploaded, you will be

required to enter the information before submitting the loan.

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BOOST User Guide

Wholesale Portal

Section

3

Post Submission

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BOOST User Guide

Wholesale Portal

Section 3: Post Submission

Once you have submitted a loan to FGMC, you may need to perform additional loan actions.

This section provides the click-by-click process for the following functions of the BOOST

system: notifying FGMC of a change of circumstance, viewing and uploading conditions, review

fees and disclosure tracking information.

Conditions

Once the loan has been submitted and reviewed by FGMC, you can view the underwriting

conditions that have been added on the Conditions page. There, you can view condition details

and add documents to satisfy each condition.

Note: If FGMC is working the file, no action can be taken on the loan, and the following

message appears.

To Satisfy a Condition

Click the Conditions link from the menu on the left.

Click the Expand Icon ( ) to view the condition details.

Dag and drop the file or click Browse for files to upload document files.

Select the Notify Lender button once all conditions are uploaded.

Note: Once the Notify Lender button is selected, FGMC will receive a notification that

the conditions were uploaded. If the Notify Lender button is grayed out, FGMC is still

able to view the condition documents.

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BOOST User Guide

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Extending a Lock

All lock extension requests are submitted through the BOOST portal. If you are unable to lock

the request through the portal or the loan was initially locked manually, please submit your lock

request to [email protected]. Please review FGMC’s Wholesale Lock Policy for more

information.

To submit a lock extension:

Select Product Pricing and Lock from the menu on the left-hand side.

Click Change Request. The Optimal Blue Change request screen appears.

Note: Changes cannot be made to this screen once the loan is locked.

Select the Change Request ( ) icon to submit your request.

Make the appropriate selections.

• Ensure the Lock Extension radio button is selected.

• Ensure the correct lien position appears.

• Enter the number of days for the lock extension. The price adjusts accordingly.

Select calculate cost to view the final pricing information. The pricing adjustments

appear.

Click apply change. The pricing differentiations appear.

mailto:[email protected]

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BOOST User Guide

Wholesale Portal

Confirm the pricing adjustments and select apply changes to submit the Lock Extension

Request.

Note: The request shows as pending. You will receive a confirmation email once the

request is approved.

Change of Circumstance

After submitting the loan, you may need to change loan information. When certain loan

information changes, such as the loan type or loan program, a new disclosure is required. Use

the Change of Circumstance action to re-submit the updated loan to the underwriter.

To Re-Submit the Loan Due to a Changed Circumstance:

Click the Change of Circumstances link from the Loan Actions menu.

Select a description of the circumstance from the Changed Circumstance drop-down

list.

Ensure that all the required* information has been entered and then select the Request

Change button.

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BOOST User Guide

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Reviewing Fees

When fees are added to the loan file, and the loan is clear to close, the fees on the loan’s 2015

Itemization form in Encompass will be available on the loan’s CD Fee Management page. This

page is an inquiry only page.

To Review Fees:

Click CD Fee Management from the menu on the left-hand side.

To sort the fees, click a column header.

• Click the Export to Excel ( ) icon to export the current list of fees to an Excel

spreadsheet.

• Click the Print ( ) icon to print the current list of fees.

Disclosure Tracking

The Disclosure Tracking screen allows you to view important tracking information for

disclosures. Select the Disclosure Tracking link to view Compliance Timelines, LE Tracking, CD

Tracking, eConsent Tracking, eSigned Tracking, and other tracking information.

BOOST User Guide - First Guaranty Mortgage · First Guaranty Mortgage Corporation must give prior...

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Transcript of BOOST User Guide - First Guaranty Mortgage · First Guaranty Mortgage Corporation must give prior...