PNP...

OPERATIONS – PROCESSING PROCEDURE – ORDERING CTI SERVICES

AFN-R-Proc_OrderingCTIServices • 10/08/2018

PNP SPECIFICATIONS PNP Name/ History

Procedure: Ordering CTI Services Date Issued: 10/08/2018 Date Effective: 10/08/2018 Date Revised:

Production Channels

Retail Wholesale

Correspondent

Accountable Personnel/ Department

Loan Processors Underwriters

Issuing Personnel/ Department

EVP, Operations

Subject Matter Expert (SME)

Branch Account Managers Compliance & Branch Relations Manager Director of Credit Risk Director of Processing Director of Underwriting Underwriting Managers

Purpose The purpose of this procedure is to relay AFN protocol and offer instructions for ordering services from the credit vendor Credit Technology Inc. (CTI).

RELATED DOCUMENTATION Guide Branch Loan Processing Manual

URL None



RELATED DEFINITIONS

Bundled Services

IMPORTANT: Credit providers offer bundled services, whereby several products/services are offered at a reduced fee if bundled. AFN personnel must take care to use the same provider (either CTI or IR) throughout the file to avoid being charged the bundled service fee by both providers.

Credit Technology, Inc. (CTI)

Credit Technology, Inc. (CTI) is a full service credit reporting agency that AFN uses for credit reports and services. Most of CTI’s services are available via Encompass integration, and offered as bundled services to reduce cost, and others must be accessed online.

Available services include: • Credit Reports • Credit Supplements/ Trade Line Verifications • Flood Certifications • IRS Transcripts • SSA-89 Verifications • Rapid Rescores

Table of Contents A. Accessing CTI ......................................................................................... 1

B. Ordering Credit ....................................................................................... 1

C. Ordering Credit for Non-Borrowing Spouse ................................................. 3

D. Importing Liabilities ................................................................................. 5

E. Importing an Existing Credit Report to Encompass ....................................... 6

F. Running Desktop Underwriter (DU) ............................................................ 7

G. Ordering Credit Supplement ..................................................................... 7

H. Upgrading a Single-bureau Pull to a Tri-merge .......................................... 10

I. Ordering a Flood Certification .................................................................. 11

J. Ordering IRS Transcripts ........................................................................ 13

K. Ordering SSA-89 Verification .................................................................. 17

L. Ordering Letters of Explanation ............................................................... 21

M. Using Undisclosed Debt Notification ......................................................... 22

N. Ordering a Refresh Report ...................................................................... 26

O. Ordering a Credit Invoice ....................................................................... 28

P. Ordering a Rapid Rescore ....................................................................... 30

https://ctinetwork.meridianlink.com/custom/login.aspx

OPERATIONS – PROCESSING PROCEDURE – ORDERING CTI SERVICES REVISED 10/08/2018 | PAGE 1 OF 33


A. Accessing CTI

Loan Processor

1. To access CTI:

a. Contact the AFN Help Desk for login credentials. • The same CTI credentials are used online and

through the Encompass integration. • Separate login credentials are needed for SSA-89

and Tax Transcripts, which are pulled through Encompass from Pitchpoint.com.

• As with all AFN software and online applications, protect and do not share your personal login credentials.

b. When ordering a Credit Supplement, Letter of Explanation, or Rapid Rescore (Repository Update), login to CTI from your web browser using the following web address: https://ctinetwork.meridianlink.com/custom/login.aspx

c. For all other products/services, click the [Services] tab while in an Encompass loan file to order.

NOTE: Instructions for ordering all services follow.

B. Ordering Credit

Loan Processor

1. If credit was not previously pulled by the Loan Officer or Loan Officer Assistant, the Loan Processor must order credit directly through Encompass. a. Access the file for which you will order credit.

b. Review information on the Encompass AFN - Borrower Summary Information Form (screen) for accuracy and completeness, with particular attention to the following: • Name(s) displayed as they should appear at closing • SSN listed for each borrower is correct • Date of birth listed for each borrower is correct • Current address listed for each borrower is correct

c. Click the Encompass Services tab, then select Order Credit Report (or from the 1003 Page 2, in the Liabilities section, click the [Order Credit] button).

(Continued)

mailto:[email protected]?subject=CTI%20and%20Pitchpoint.com%20Login%20Credentials




B. Ordering Credit (Continued)

Loan Processor

1. (Cont’d)

d. Select CTI, Credit Technology Inc. as the provider, and then click the [Submit] button.

e. The Credit Report Request dialog box will appear.

1) Enter your login credentials (Branch ID not required).

2) Confirm information on the request screen is correct:

o Report Type: Select Consumer Credit for full credit report or Mortgage Only for streamline refinance/IRRRL. (The Refresh and UDN options are not used for the initial credit report; their function will be discussed later in this procedure.)

o Order Method: If credit previously ran through Encompass, but a new report is needed, select New Report (otherwise the previous report will be re-issued).

o Report On: Select Borrower for a single borrower or Joint for married borrower pair.

o Credit Bureaus: Ensure all three bureaus are marked.

o Confirm Borrower information is correct.

3) Click [Finish]; CTI will upload the credit report to the Encompass eFolder under Credit Report.



B. Ordering Credit (Continued)

Loan Processor

2. Access the credit report (in the Encompass eFolder under Credit Report.).

NOTE: If the borrower’s Experian score is <580, CTI will only do a single bureau pull. See Upgrading a Single-bureau Pull to Tri-merge for upgrade instructions.

C. Ordering Credit for Non-Borrowing Spouse

Loan Processor

1. Order a credit report for a non-borrowing spouse if both of the following are true:

• The property is in a community property state; and

• The loan type is FHA, USDA or VA.

2. Open the borrower’s loan in Encompass and enter the non-borrowing spouse’s information as follows: a. Be sure not to enter the non-borrowing spouse’s

information on the same screens as the borrowing spouse; although they are married, the non-borrowing spouse will be entered separately.

b. Click the Loan menu on the Encompass toolbar and

select the Add Borrower Pair option; Encompass will present a new set of screens with clear fields in which to enter the non-borrowing spouse’s information.

c. Alternatively (instead of “b.”), click the Manage Borrowers edit icon next to the Borrowers field; the Manage Borrowers window will appear.

(Continued)



C. Ordering Credit for Non-Borrowing Spouse (Continued)

Loan Processor

2. (Cont’d)

1) Click the Add icon ( ) to Add Borrower Pair (which will present fields for adding the spouse).

2) Enter the non-borrowing spouse’s information in the

Borrower side of the fields at the bottom of the Manage Borrowers screen, and then click the [Close] button.

d. The Borrowers dropdown will now contain the existing

borrower name and a new record for the non-borrowing spouse; ensure the new record is selected.

e. Complete a minimum of the following information for

the non-borrowing spouse:

• Full name (minimum of first and last) • Date of Birth • SSN (if no SSN or ITIN provided, enter all nines) • Present Address • Phone Number (required for Form SSA-89)

f. Ensure a signed Borrower Authorization has been obtained from the non-borrowing spouse prior to ordering his/her credit report.

g. Order a credit report for the non-borrowing spouse.



C. Ordering Credit for Non-Borrowing Spouse (Continued)

Loan Processor

3. Upload the non-borrowing spouse credit report and signed form(s) to the eFolder under Credit - Credit Report – Spouse.

4. Return to the Manage Borrowers screen and delete the non-borrowing spouse record.

D. Importing Liabilities

Loan Processor

1. Access the Encompass 1003 Page 2 Form (screen) and do the following:

a. Scroll down to Liabilities; click [Import Liabilities].

b. Encompass will populate liabilities based on the debts

that appear on the credit report.

1) Check the Paid Off box next to any debt to be paid off through closing; note that balances may need to be updated to match the payoff amount so cash to close is accurate.

2) If Mortgage Liabilities appear, prior to running an

AUS go to 1003 Page 3, Schedule of Real Estate Owned section and associate each liability with its corresponding REO entry.

a) Click the [Show All (VOM) button.

b) Select the property record to be updated, and then click Attach/Show Liens to associate the mortgage with the credit report liability.



D. Importing Liabilities (Continued)

Loan Processor

2. Add non-borrowing spouse liabilities if both the following apply:

• Property is in a community property state; and

• Loan is FHA, USDA, or VA.

Include account name, account number, balance, and payment amount for each separate debt.

E. Importing an Existing Credit Report to Encompass

Loan Processor

1. a. Click the Encompass Services tab, then select Order Credit Report (or from the 1003 Page 2, in the Liabilities section, click the [Order Credit] button).

b. Select CTI, Credit Technology Inc. as the provider,

and then click the [Submit] button.

c. The Credit Report Request dialog box will appear.

1) Change Order Method to Import from website.

2) Complete the File Number field.

3) Click the [Finish] button.

d. Follow steps under D. Importing Liabilities above to import liabilities.



F. Running Desktop Underwriter (DU)

Loan Processor

1. While viewing a loan in Encompass, go to the Services tab and select Request Underwriting option: a. Select the Fannie Mae DU for ePASS option and click

the [Submit] button; the DU via Ellie Mae Network dialog box will appear.

b. Enter your individual CTI login ID and Password to re-issue credit for DU.

c. See AFN Ordering an AUS procedure for more information about running DU.

G. Ordering Credit Supplement

Loan Processor

1. a. Login to CTI and click the Find ordered products link.

b. When Find Ordered Products page appears, under

the Credit tab, enter the credit reference number (File #), borrower’s last name, or SSN as search criteria.

c. Ensure the Start Date field is at least as early as the

credit report date so the file appears in search results, and click the [Search] button.

(Continued)

http://files.afncorp.com/WebTrac/Ratesheet/PNPs/AFN-R-Ops_OrderingAnAUS.pdf




G. Ordering Credit Supplement (Continued)

Loan Processor

1. (Cont’d)

d. When Search Results appear, click the File # hyperlink next to the appropriate credit report.

e. While viewing the Credit File, click Request Supplement

(under “ADD ON PRODUCTS” on the right).

2. After the credit supplement is requested, a screen similar

to the one below will appear.

a. Ensure the Order By information is correct. b. Add the borrower’s phone number in case a

conference call is required by the creditor. c. Click to mark the checkbox next to accounts to be

supplemented, and applicable service(s) (i.e. Update rating, Verify PITI, etc.); add comments if necessary.

d. Attach any necessary supporting documentation (signed borrower authorization, account statement, etc.)

(Continued)




Loan Processor

2. (Cont’d)

e. Click the [Submit Order] button. f. CTI will send an e-mail to the Ordered By e-mail

address when the supplement is ready.

3. To retrieve supplements: a. Login to CTI and click the Find ordered products link.






e. On the Credit menu, locate the Documents section to

retrieve the order: (Continued)



REVISED 10/08/2018 | PAGE 10 OF 33



Loan Processor

3. (Cont’d)

1) Supplements appear as TRADE LINE VERIFICATION. 2) Click the View hyperlink to open and save the

supplement. 3) Upload to the Encompass eFolder under Credit -

Credit Supplement.

H. Upgrading a Single-bureau Pull to a Tri-merge

Loan Processor

1. a. Click the Encompass Services tab, then select Order Credit Report (or from the 1003 Page 2, in the Liabilities section, click the [Order Credit] button).




(Continued)


REVISED 10/08/2018 | PAGE 11 OF 33


H. Upgrading a Sing-bureau Pull to a Tri-Merge (Cont’d)

Loan Processor

1. (Cont’d)


2) Change Order Method to Upgrade.

3) Ensure all three Credit Bureaus are marked.

4) Click [Finish]; CTI will upload the credit report to the Encompass eFolder under Credit Report.

2. Follow the steps under section D. Importing Liabilities in this procedure to import liabilities from the tri-merge report.

I. Ordering a Flood Certification

Loan Processor

1. Ensure the file is ready to submit to Underwriting prior to ordering the flood certification.

2. To order a Flood Cert: a. Click the Encompass Services tab and select the Order

Flood Certification option.

b. On the Flood Certification menu, select ServiceLink

National Flood as the provider, and then click the [Submit] button. NOTE: If ServiceLink is not listed under My Providers: click the All Providers tab, select ServiceLink National Flood, and then click the [Add to My List] button.

(Continued)


REVISED 10/08/2018 | PAGE 12 OF 33


I. Ordering a Flood Certification (Continued)

Loan Processor

2. (Cont’d)

Review the order screen that appears:

a. Login information should auto-complete.

b. Ensure Loan Information is correct (if not, you must Cancel and correct information in Encompass)

c. Ensure Life of Loan is checked under Flood Products.

d. Click the [Order] button.

3. The system will create a Flood Certificate folder in the Encompass eFolder and place the Flood Certification in it.

a. Move the Flood Certificate to the AFN placeholder in the eFolder labeled Property - Flood Certification.

b. Delete the Flood Certificate folder.

4. Review the Encompass Flood Information screen to ensure it is accurate and complete.


REVISED 10/08/2018 | PAGE 13 OF 33


J. Ordering IRS Transcripts

Loan Processor

1. Before ordering transcripts, review signed 4506-T:

a. Confirm the correct entity is listed in item 5. (this should be TaxReturnVerifications.com if the credit Report is from CTI); if incorrect, go to the Encompass Request for Transcript of Tax Form (screen) to edit. It may be necessary to delete and re-enter the correct company to refresh company information.

b. Confirm the required order type for the loan program is

marked (i.e. qualifying with W-2 only or tax returns).

c. Ensure the correct filing form number is entered and the appropriate checkbox is marked on the 4506-T:

• For 1040 Transcripts: Line 6 must state 1040; box 6C must be marked to indicate Record of Account (this will provide 1040 transcripts and balance info).

• For Business Transcripts: Line 6 must state the correct filing form number (1065 or 1120); box 6A must be marked to obtain business return transcripts.

• For W2/1099 Transcripts: Box 8 must be marked.

d. Confirm the correct years are listed on Line 9.

e. Ensure the form 4506-T is fully executed.

• All parties listed on the form must have signed and dated the form (either electronically or wet-signed).

• The Signatory attestation box must be marked. (Continued)


REVISED 10/08/2018 | PAGE 14 OF 33


J. Ordering IRS Transcripts (Continued)

Loan Processor

1. (Cont’d)

f. If tax returns present in the file, compare all borrowers’ information (i.e. name, address, SSN) listed on the 4506T to see how the borrower filed taxes. (A mismatch of information may result in rejection of the form.)

g. If any item (1.a—1.f above) is incorrect, go to the Encompass Request for Transcript of Tax Form (screen) and correct the information.

1) After information is corrected, generate a new form.

2) Obtain borrower signatures on the corrected form before proceeding with ordering IRS transcripts.

h. Temporarily save an electronic copy (i.e. PDF) of the 4506-T to your computer (desktop or local folder) so it can be uploaded when ordering.

1) Ensure there is also a copy of this 4506-T in the Encompass eFolder under Disclosures - Misc Initial Disclosures.

i. After ordering: Delete the copy that was saved to your computer (desktop or local folder).

2. To order IRS Transcripts:

a. Click the Encompass Services tab and select the Order Fraud/Audit Services option.

b. On the Fraud/Audit Services menu, select

Pointservices.com as the provider, and then click the [Submit] button. NOTE: If Pointservices.com is not listed under My Providers: click the All Providers tab, select Pointservices.com, and then click the [Add to My List] button.

(Continued)


REVISED 10/08/2018 | PAGE 15 OF 33



Loan Processor

2. (Cont’d)

c. Complete login information fields (this is not the same as CTI credentials; contact the AFN Help Desk for Pointservices.com login credentials).

d. In the Application Details window, select Product IRS-4506t.

e. Ensure the Reference number is populated with the AFN loan number.

f. Select the appropriate Tax Return Type option:

• Individual is for Single Borrower or Borrower Pair Filing Separately.

• Joint is for a Borrower Pair with Joint Filing.

• Company is for Business Transcripts.

(Continued)

mailto:[email protected]?subject=Pointservices.com%20Login%20Credentials


REVISED 10/08/2018 | PAGE 16 OF 33



Loan Processor

2. (Cont’d)

g. Select Borrower (if joint return, select the primary taxpayer on the tax forms).

h. Attach the executed 4506-T form.

i. Mark the E-Signed Document checkbox if the 4506-T was electronically signed by the borrower.

j. Confirm Borrower Information correctly populated.

k. Select the appropriate Form Requested option:

• 1040 Record of Account (6c) for 1040 Transcripts

• W-2/1099 (8) for W2/1099 Transcripts

• 1065 or 1120 Return Transcript (6a) for Business Transcripts

l. Mark the appropriate Years Requested per the AUS and/or loan program requirements.

m. Leave the Rush Order option marked No (rush fees are not included in the bundled pricing; marking Yes will result in additional charges).

n. Click the [Submit] button.

After ordering the product (Step 2. above), user will receive an email confirming the order, and an email when the order is fulfilled.

3. To check order status or retrieve a fulfilled order:


(Continued)


REVISED 10/08/2018 | PAGE 17 OF 33



Loan Processor

3. (Cont’d)

b. Select Pointservices.com as the provider, and then click the [Submit] button.

c. The Services View tab will appear; expand Product

Results to view all ordered items.

1) See available actions listed in the Status column.

2) For pending orders, there are View Order Details and Chat options.

3) If an ordered product status is Complete or Ready the user can View the report or Upload (preferred) directly to the eFolder.

d. When Upload Report is selected for a completed order:

1) The system will upload a copy of the Transcripts to the Encompass eFolder under Fraud Audit_report.

2) Rename placeholder Income - Tax Transcripts.

K. Ordering SSA-89 Verification

Loan Processor

Note Only place an order for SSA-89 results if conditioned for it by underwriting; an Underwriter may condition for SSA-89 if: • There are multiple SSNs for a borrower; or • There are alerts for the SSN appearing on the Credit

Report or Fraud Guard.


REVISED 10/08/2018 | PAGE 18 OF 33


K. Ordering SSA-89 Verification (Continued)

Loan Processor

1. Before ordering verification, review signed SSA-89:

a. Ensure all information on the form is complete/correct.

1) The borrower name, date of birth, and SSN are correctly listed.

2) The “I want this information released because…” text box contains a reason (Seeking a mortgage) and the Mortgage Service checkbox is marked.

3) AFN is listed as “the Company” (Company Name and Company Address fields).

4) PitchPoint Solutions Corp. is listed as Company’s Agent.

5) Borrower signed and dated the form, and borrower’s contact information is complete and accurate.

b. If information is incorrect, go to the AFN - Borrower Summary Origination and correct it.

1) If PitchPoint Solutions Corp. is not listed as the Company’s Agent, scroll down to the Social Security Number Verification section and correct it by clicking the Update SSA-89 checkbox.

c. If corrections were made in Encompass, generate a new

IRS SSA-89 form for the borrower(s) to execute; proceed only when a correct SSA-89, signed and dated by the borrower(s), is obtained.

d. Temporarily save an electronic copy (i.e. PDF) of the executed SSA-89 form to your computer (desktop or local folder) so it can be uploaded when ordering.

1) Ensure there is also a copy of this SSA-89 form in the Encompass eFolder under Disclosures - Misc Initial Disclosures.

e. After ordering: Delete the copy that was saved to your computer (desktop or local folder).


REVISED 10/08/2018 | PAGE 19 OF 33



Loan Processor

2. To order SSA-89 SSN verification: a. Click the Encompass Services tab and select the Order

Fraud/Audit option.


NOTE: If Pointservices.com is not listed under My Providers: click the All Providers tab, select Pointservices.com, and then click the [Add to My List] button.

c. Complete login information fields (this is not the same as CTI credentials; contact the AFN Help Desk for Pointservices.com login credentials).

d. In the Application Details window, select the Person-SSN Verification (form 89) product.

e. On the ordering screen that appears:

1) The Reference Number should be the loan number.

2) Select the Borrower for the order (if needed for more than one borrower on the file, each verification must be ordered separately).

3) Attach the executed SSA-89 form.

4) Confirm Borrower Information is correct.

5) Click the [Submit] button. (Continued)

mailto:[email protected]?subject=Pointservices.com%20Login%20Credentials


REVISED 10/08/2018 | PAGE 20 OF 33



Loan Processor

2. (Cont’d)

After ordering the product (Step 2. above), user will receive an email confirming the order, and an email when the order is fulfilled.

3. To check order status or retrieve a fulfilled order:



c. The Services View tab will appear; expand Product

Results to view all ordered items.

1) See available actions listed in the Status column.

2) For pending orders, there are View Order Details and Chat options.

3) If an ordered product status is Complete or Ready the user can View the report or Upload (preferred) directly to the eFolder.

e. When Upload Report is selected for a completed order:

1) The system will upload a copy of the Verification to the Encompass eFolder under Fraud Audit_Person Verificationform89.

2) Rename the placeholder Credit – Picture ID and SS Card.


REVISED 10/08/2018 | PAGE 21 OF 33


L. Ordering Letters of Explanation

Loan Processor

1. A Letter of Explanation, as needed for items such as inquiries and items commonly requested by underwriting, may be ordered through CTI online.

a. Login to CTI and click the Find ordered products link.






e. On the Credit menu, click the Other Report dropdown

menu (below View Report on the right) and select CONSUMER EXPLANATION LETTER.

(Continued)



REVISED 10/08/2018 | PAGE 22 OF 33


L. Ordering Letters of Explanation (Continued)

Loan Processor

1. (Cont’d)

1) The CONSUMER EXPLANATION LETTER will

appear.

2) The letter can be edited by removing sections that are not applicable or are duplicative.

f. Click the [Share] button; a Share Document menu with options to Print or Save PDF will appear.

g. Save the PDF to the Encompass eFolder under Credit –

Letter of Explanation so it can be sent to the borrower for his/her signature.

h. Replace the saved PDF with the executed Letter of Explanation upon receipt.

M. Using Undisclosed Debt Notification

Loan Processor

1. Use Undisclosed Debt Notification (UDN) to track borrower credit activity [FHA/VA/USDA programs do not require UDN unless using DPA funds and sold to a master servicer or for renovation loan products (i.e. 203K)]:

• UDN is automatically activated at the Submittal milestone for programs that require it (by default, it will look back from the original credit report pulled date).

• UDN continually monitors credit activity through Funding.

NOTE: It is possible the automated UDN will not activate if any required data is missing or if there is a freeze on the borrower’s credit file at the bureau.

(Continued)


REVISED 10/08/2018 | PAGE 23 OF 33


M. Using Undisclosed Debt Notification (Continued)

Loan Processor

1. (Cont’d)

• UDN activation can be confirmed on the CTI website (this is recommended).

• UDN can be ordered manually on the CTI website if necessary (see Step 2 below.).

• If there was a freeze on the borrower’s credit at the bureau, a Refresh Report can be ordered (as a last resort; this is not included in bundled pricing). [See Ordering a Refresh Report.]

2. a. To manually order UDN (only if automation failed due to missing information) click the Encompass Services tab, then select Order Credit Report (or from the 1003 Page 2, in the Liabilities section, click the [Order Credit] button).





2) For Report Type select UDN.

3) For Order Method select Activate.

4) For Report On select Borrower for a single borrower, or Joint for a joint borrower pair.

5) Enter the credit report date as the Start Date.

(Continued)



REVISED 10/08/2018 | PAGE 24 OF 33



Underwriter 2. (Cont’d)

6) For Notification Email ensure the email address is entered correctly so notifications regarding credit activity will be received in Encompass. (Manually ordered UDNs will not receive alerts in Encompass as indicated in Step 3 below.)

7) Ensure all three Credit Bureaus are marked.

8) Click [Finish] to submit the request; the following message will appear (Click [OK] to clear message).

3. For automated UDNs (only), if a change is made to existing borrower debts, as reported on credit, UDN will transmit the data to Encompass and fire an alert the Underwriter must clear.

a. Receive notification of the alert from the Loan Processor

(if file in Submitted milestone) or through Encompass (after the PTD Review milestone has been cleared).

b. Each time the alert fires (it could possibly occur more than once), go to the Encompass Pre-Close Monitoring Form (screen) to review new debt information.

(Continued)


REVISED 10/08/2018 | PAGE 25 OF 33




c. If required, update the file (i.e. underwriting conditions).

d. Complete the Date field at the bottom of the form to clear the alert.

4. Prior to clearing PTD Review milestone, retrieve the UDN report:






d. When Search Results appear, click the File # hyperlink next to the appropriate UDN report.

(Continued)



REVISED 10/08/2018 | PAGE 26 OF 33




e. The system will present a PDF of the UDN report; upload it to the Encompass eFolder under QC - Credit Refresh (Funding).

N. Ordering a Refresh Report

Underwriter Note Refresh Reports are traditional (one-time) credit refreshes. These are not included in bundled pricing and are not required since UDN is utilized for loan programs that have the Loan Quality Initiative (LQI) requirement

Only order a Refresh Report as a last resort on files where UDN was not activated (e.g. due to a freeze on the borrower’s credit file by the bureau).

1. After all PTD conditions (except the credit refresh condition) have been satisfied and reviewed, and prior to clearing the PTD Review milestone, pull a credit refresh (results are valid for seven calendar days).

a. Click the Encompass “Services” tab, select the “Order Credit Report” option (or from the 1003 Page 2, in the “Liabilities” section, click the [Order Credit] button).

b. Select “CTI, Credit Technology, Inc.” and click the

[Submit] button.

(Continued)


REVISED 10/08/2018 | PAGE 27 OF 33


N. Ordering a Refresh Report (Continued)


The Credit Report Request dialog box will appear.

c. Select the following options:

1) Report Type = Refresh

2) File Number = (match credit report in the file)

3) Options = (all options deselected; FICO Score not required)

4) Credit Bureaus = Experian, Equifax, Trans Union

d. Click the [Finish] button.

2. a. The system will deposit the credit refresh in the Encompass eFolder as “Document: Credit Report.”

b. Change the document name to “QC - Credit Refresh (Funding).”


REVISED 10/08/2018 | PAGE 28 OF 33


N. Ordering a Refresh Report (Continued)

Underwriter 3. Review the report for new debts and inquiries; if applicable, do the following:

a. Update trade lines in Encompass if new debt is present, and update the AUS accordingly.

b. Add conditions to the file requesting any needed documentation or explanation of items found on the comparison report (if any).

• Dry States – May add as prior to funding (PTF) conditions, at the Underwriter’s discretion.

• Wet States – Must add as PTD conditions and the PTD Review milestone cannot be cleared until met.

• New Inquiries – Address any material non-AFN inquiries to confirm no new installment or revolving accounts have been opened.

o Condition for documentation, depending on the nature and type (for example, a utility company inquiry can be resolved with a LOE, whereas a bank or auto loan inquiry needs stronger documentation—such as a credit supplement).

o Review any new trade lines resulting from new inquiries; re-run the AUS to account for the new trade line and change in DTI.

c. Clear the “Credit Refresh required” condition.

d. After all PTD conditions are satisfied, complete the Encompass PTD Review milestone.

O. Retrieving a Credit Invoice

Loan Processor

1. A credit invoice is required on all closed loans; retrieve a closed loan invoice after the loan funds.


REVISED 10/08/2018 | PAGE 29 OF 33


O. Retrieving a Credit Invoice (Continued)

Loan Processor

2. To retrieve a credit invoice:




c. Ensure the Start Date field is at least as early as the credit report date so the file appears in search results, and click the [Search] button.


e. On the Credit menu, click Closed Loan Adjustment at

the bottom of the screen to apply the closed loan bundled fee.

(Continued)



REVISED 10/08/2018 | PAGE 30 OF 33


O. Retrieving a Credit Invoice (Continued)

Loan Processor

2. (Cont’d)

f. The following message will appear; click [OK] to

continue.

g. After the Closed Loan Adjustment is applied, scroll up to

view the Credit File menu and click the View Invoice hyperlink.

1) The system will present a PDF of the invoice.

2) Upload the invoice to the Encompass eFolder under Acctg - Credit & Misc Invoices.

P. Ordering a Repository Update (Rapid Rescore)

Underwriter Note CTI offers Repository Update service, whereby AFN may submit proof of recent updates to account information that are not reflected on the credit report. Once the credit report is updated, a new credit score can be requested. The process typically takes 3-4 days for the bureaus to update the credit file.

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P. Ordering a Repository Update (Continued)

Underwriter 1. To order a repository update: a. Login to CTI and click the Find ordered products link.






e. From the credit report menu, under ADD-ON

PRODUCTS on the right side of the screen, click the Request REPOSITORY UPDATE link.

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f. Click the checkbox next to account(s) to be updated.

1) For each account selected, also mark the bureau(s)

to be updated for each borrower. 2) Some accounts may be reporting for both borrowers

on a joint credit report. 3) Select reason(s) for the update. 4) Add comments if necessary.

g. If there is supporting documentation:

1) Mark the “I will be including or sending document(s) for this request.” checkbox.

2) Add a Document Description. 3) Upload the supporting documentation. 4) Note: Absence of supporting documentation may

result in a higher charge per bureau for the update.

h. Ensure the Ordered By and contact information (Phone, Email, Preferred Contact) is correct, and click [Next] to continue.

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i. A confirmation box will appear; click [Submit Request] to complete the order.

2. a. CTI will notify the requestor when updates are complete and a new credit report can be pulled (using the contact information provided in Step 1.g. above).

b. Repeat the steps in this procedure for:

1) Ordering Credit; and

2) Importing Liabilities

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