Overview
The following changes have been made to the Property tab of the loan application within oPOS in release 6.0.1000:
- for purchase loans, this page now includes the Seller Info section, which collects basic information about the individual or entity that is selling the property. This information is automatically populated into any disclosure documents
- entering 'TBD' (or any invalid address) in the Property Address field will now prompt an error message and clear all text from the field. This functionality is designed to prevent accidental or premature triggering of RESPA on TBD loans
- the user can now provide additional information about the subject property by clicking the additional property details link, which opens the “Subject Property Details” modal window
- for refinance loans, the Purpose of Refinance field will now automatically update to match the response given by the borrower in cPOS
Seller Info
This new section allows the oPOS user to provide information about the seller of the subject property.
The seller can be an Individual or a Company/Trust .
Individual – Select this option if the seller is an individual
If the seller is an individual, the user will be presented with the following fields:
- Seller Name - enter the name of the seller. Separate multiple names with a comma
- Seller Phone - enter the seller’s phone number
- Seller Email - enter the seller’s email address
Company or Trust – Select this option if the seller is an entity such as a company or Trust.
If the seller is a company or Trust, the user will be presented with the following fields:
- Seller Name - enter the name of the seller. Separate multiple names or entities with a comma
- Contact Name - enter the name of the primary contact for the seller
- Contact Phone - enter the phone number of the primary contact for the seller
- Company Email - enter the email address of the primary contact for the seller
‘TBD’ as Address: Avoiding RESPA Triggers
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If the Buying Stage field is set to ‘Offer Accepted,’ the user must enter a valid street address in the Property Street field. Values such as ‘TBD,’ ‘T.B.D.,’ ‘NA,’ or ‘Unsure’ cause an error message to appear and clears the Property Street field. Clearing out invalid subject addresses avoids prematurely triggering RESPA. An identical feature appears on the “Shop for Rates” page.
Video walkthrough: ‘TBD’ as Address
Additional Property Details
The user can provide additional information about the subject property by clicking the additional property details link, which opens the “Subject Property Details” modal window
This window contains the following fields about the subject property:
- Property Street - enter the street address of the subject property
- Unit # - enter the unit number of the subject property
- City - enter the city where the subject property is located
- State - enter the 2-letter state abbreviation for the state where the subject property is located
- Zip Code - enter the 5-digit ZIP Code where the subject property is located
- County - enter the county where the subject property is located
- Appraised Value - enter the appraised value of the subject property
- Full Appraisal Needed for the Loan? (6.0.1000)
Choose one of the following options:- Yes (default) - In most cases, a full appraisal property assessment will be needed
- No - This option is applicable only under certain circumstances, such as government loan products that are labelled ‘Appraisal Not Needed,’ or if the borrower refinances their home quickly after purchasing. The borrower may also request to not have an appraisal.
- Property Inspection Waiver (6.0.1000) - Indicate if the property inspection has been waived. This field is set to ‘No’ by default
- Property Type - select the property type from the drop-down menu:
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- In a PUD * - indicate whether the subject property is in a Planned Unit Development (PUD):
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- Attachment - indicate whether the subject property is attached or not:
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- Property Rights - no action needed. This field defaults to “Fee Simple”
- Short Legal - this field represents a shortened legal description of the subject property. This field is blank by default.
- Full Legal - this field represents the complete legal description of the property. This field appears as ‘See Preliminary Report/Title Commitment’ by default.
- Project Type - applies to properties located in a PUD. Enter the property type here.
- Project Name - applies to properties located in a PUD. Enter the name of the property here
- CPM Project ID# - applies to properties located in a PUD. Enter the name of the property here
- Property Review - enter the type of reviews that have been performed on the property (Ex: ‘Exterior,’ ‘Exterior and Interior’ or ‘No Appraisal’)
- Form Number - enter the form number for the appraisal report
- Property Form Type – enter the type of Appraisal Report that was used for the review
Learn more about the Property section of the loan application:
Acceptance Criteria
- Create a new Purchase loan
- Enter borrower personal information
- Go to the Property tab
- VERIFY: Seller Info section appears to the right of New Loan Info
- VERIFY: First Time Homebuyer checkbox field appears below Loan Amount
- VERIFY: Seller Credit field appears below Downpayment Source
- Seller Info:
- VERIFY: "Seller Name" is the only text field for "Seller Info" (section)
- Enter a seller name
- Go to Loan Participants (flyout)
- VERIFY: Seller Information section appears below Borrower Information
- VERIFY: label heading displays as 'Seller Name'
- VERIFY: seller name entered above appears below 'Seller Name'
- Return to Property tab and change the seller name to something else
- Return to the Loan Participants flyout window and verify that the new seller name has been updated correctly
- Open an existing Purchase loan and navigate to the Property tab
- Complete steps 4-7 from previous test
- Open the loan from Test A and verify that the Seller Info section is populated with the previously entered information
- With this loan open, create a new M-1003
- Enter borrower personal information
- Navigate to the Property tab of the new M-1003
- VERIFY: seller information from the first 1003 appears in the Seller Info section of the new M-1003
- Navigate to the Loan Participants flyout window
- VERIFY: seller information appears correctly
- Return to the Property tab
- Change the seller
- Return to Property tab and change the seller name to something else
- Return to the first 1003
- VERIFY: new seller name entered in Step 9 now appears in the first 1003.
- Create a new Refinance loan
- Enter borrower Personal information
- Navigate to the Property tab
- VERIFY: Seller Info section does not appear
- Navigate to the Loan Participants flyout window
- VERIFY: Seller Information section does not appear
Avoiding RESPA Triggers - 'TBD' as Address
Use Case #1: Test Configuration
- Log in to iMP System Admin
- VERIFY: The TBD configuration is present and satisfies the requirements
- Add a variety of TBD Keywords and Phrases, including one or more using a 'wildcard' ('*')
- This will be used for subsequent steps
- Log in to oPOS
- Start a new Purchase loan
- On the Property page, set Buying Stage = Offer Accepted
- Enter one of the TBD keywords and phrases in the Subject Property Street Address field
- Focus out of the Subject Property Street Address field
- VERIFY: Subject Property Street Address field is cleared
- VERIFY: Error Message appears
- Repeat steps 4-7 for all TBD Keywords and Phrases
- Log in to cPOS
- Start a new Purchase loan
- On the Loan Purpose page:
- Where are you in the purchase process?
- Select I found the home I want to buy
- Have you signed a purchase agreement?
- Select Yes, I signed
- Where are you in the purchase process?
- Continue completing the application until you reach the Property section of the 1003
- Enter one of the TBD Keywords and Phrases as the Subject Property Street Address
- Focus Out of the Subject Property Street Address
- VERIFY: The Subject Property Street Address is cleared
- VERIFY: An Error Message is displayed and persists, as indicated in the requirements
- Repeat steps 5-8 for all TBD Keywords and Phrases
*(Corresponding Feature number(s) - 398488, 430915, 441065, 429875)
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