Navigating the FHA & VA Center

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The FHA and VA Centers are tools that will determine if your current file is eligible for those loan types.  They also contains fields that will map to questions on the HUD/VA Addendum disclosure that goes out with FHA and VA loan disclosure packages.

FHA Center


Price a loan in iMP and select an FHA product (NOTE: IF the loan is an FHA Streamline, be sure to select FHA Streamline for Income Verification Type on the bottom of the pricing page) 

AFTER you complete the application, navigate to LOAN – FHA Center BEFORE creating initial disclosures

FHA Determining Factors: This section will be pre-populated based on the loan set up.  (You may edit the responses to “Currently have a FHA loan on Subject Property” and “Is the Subordinate lien purchase money or over 12 mo old?” here if needed.)

FHA Addendum Questionnaire: Answer the questions in this section 

Click “Select an FHA Worksheet” and select the worksheet that matches your current loan

FOR NON-STREAMLINE LOANS:  Complete fields A through J on the worksheet that don’t have a value already entered.  (If you don’t have an FHA Case Number you can leave those related fields blank)

 

Fields D and E will provide explanations when the user clicks inside them

Based on information entered on the selected worksheet, iMP will calculate and determine if your loan is FHA Eligible and display this finding to the user.

FOR STREAMLINE LOANS:  Complete all fields on the worksheet that don’t have a value already entered.  (If you don’t have an FHA Case Number you can leave those related fields blank) 

Field B will display an explanation when the user clicks inside it.

 

Based on information entered on the selected worksheet, iMP will calculate and determine if your loan is FHA Streamline Eligible and display this finding to the user

 

FOR BOTH STREAMLINE AND NON-STREAMLINE LOANS:  If the loan is NOT eligible and the user tries to create initial disclosures a modal window will display a message advising them to shop for a new product or visit the FHA Center.  (NOTE:  FHA loans will ALWAYS be “Not Eligible” if the user has not yet completed a worksheet in the Center) 

VA Center

Price a loan in iMP and select a VA Product (NOTE: IF the loan is a VA IRRRL, be sure to select VA Streamline for Income Verification Type on the bottom of the pricing page)

AFTER you complete the application, navigate to LOAN – VA Center BEFORE creating initial disclosures

For NON IRRRL VA Loans:  Complete the questions on the left side of the VA General Information form that are not pre-populated.  On the right side of the form, checkmark the appropriate occupancy response, then click SAVE.

For VA IRRRL (streamline) Loans:  Complete the questions on the left side of the VA General Information form that are not pre-populated.  On the right side of the form, checkmark the appropriate occupancy response. 

Click on the IRRRL QM Certification Tab to review the Safe Harbor status.  

If the loan does not meet the Safe Harbor Requirements there will be a red checkmark next to the Tab and the user can review the worksheet to find out why the requirements are not met.

Click on the IRRRL Worksheet to review the Eligibility status and complete any applicable fields that are not pre-populated.  The system will calculate values based on the information entered and determine eligibility.  

For both NON IRRRL and IRRRL VA loans:  If the loan is NOT eligible and the user tries to create initial disclosures a modal window will display a message advising them to shop for a new product or visit the VA Center.  (NOTE:  VA loans will ALWAYS be “Not Eligible” if the user has not yet completed a worksheet in the Center)

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