oPOS: Loan App – Credit

 

Overview 

The “Credit” page displays the borrower’s general and detailed credit information.

 

Table of Contents

• General Credit Information 
• Detailed Credit Information 
  • Real Estate 
    • REO (Real Estate Owned) Flyout 
    • Property Address & Info’ Section
    • Current Lender & Loan Information

• Liabilities 

• Miscellaneous Expenses 
• Contextual Button 

 

General Credit Information  

 

The borrower’s general credit information appears at the top of the “Credit” page, right above the ‘Detailed Credit Information’ section. General credit information includes the borrower’s credit score, credit report and credit report number.

Click the Run New Credit Report button at the top of the ‘Detailed Credit Information’ section to generate the borrower’s credit score. The borrower's credit score will appear to the right of the borrower’s name.

Click the tooltip to the right of the Credit Scores label to display the borrower’s credit scores from all Credit Bureaus, as well as their Middle Credit Score.

 

Note: The Middle Credit Score displays the middle value if 3 Credit Bureaus return the borrower’s credit score, or the minimum value if 2 Credit Bureaus return the borrower’s credit score.

  

Click the PDF Document icon to the right of the Credit Report label to download a ‘Merged Infile Report’ PDF document, which consists of a merged credit report of all the borrower's received Credit Reports.  

 

Detailed Credit Information

 

The ‘Detailed Credit Information’ section displays the borrower’s:

1. Real Estate Information
2. Liabilities
3. Miscellaneous Expenses
4. Contextual Button

Each of these sections contains multiple interactive options.

Note: All Fields with an asterisk (*) within this document are required fields.

 

Real Estate

The Real Estate section displays the borrower’s existing real estate information. If the borrower’s credit report contains an existing real estate property, it will appear here.  

 

To add existing real estate property information, click the Add Real Estate button at the bottom left of the ‘Real Estate’ section, which will display the ‘Real Estate Owned’ (REO) flyout.  

 

Real Estate Owned (REO) Flyout

The REO flyout contains a ‘Property Address & Info’ section and a ‘Current Lender & Loan Information’ section, which both contain multiple information fields.

 

 

1. Existing Address - This dropdown displays any existing properties already added to the ‘Real Estate’ section as well as an option to add a new property by selecting Not Listed- add a property.

2. Comment – Select the property’s payoff status in this dropdown.

 

‘Property Address & Info’ Section

3. Property Address Street - enter the property’s number and street. There are no restrictions on characters.  

1. Unit # - enter the property’s unit number  

2. City - enter the zip code to automatically fill this field  

3. State - enter the zip code to automatically fill this field.  

4. Zip Code - enter the property’s zip code. There is a 5-character limit on the zip code and the characters must be numeric.  

 

4. Property Type – Select the property’s Property Type from this dropdown.  

 

5. 
   Estimated Value - enter the property’s estimated value using only numbers (the field control with format automatically).  
   

6. Occupancy Type - Select the Occupancy Type of the property.

 

‘Current Lender & Loan Information’ Section

 

 

1. Borrower – select property owner from this dropdown

2. Lender Name – enter the Lender’s name  

3. Lender Address Street - enter the Lender’s street address  

1. City – enter zip code to automatically fill the city  

2. State - enter zip code to automatically fill the 2-letter state abbreviation

3. Zip Code – enter the Lender's zip code

4. Attn – enter the Lender’s point of contact for the loan  

5. Phone – enter the Lender's phone number

6. Fax – enter the Lender’s fax number

7. Email – enter the Lender’s email address  

8. Lien Position – select the property’s lien position in this dropdown

 

 

 

9. Loan Type – select the property’s loan type with this dropdown

 

 

10. Account # - enter the borrower’s account number with the Lender  

11. High Limit –  this is an auto-populated field which will populate with data from the Credit Report when available. High Limit is the maximum Credit Limit when the Mortgage Type = HELOC.

12. Unpaid Balance – enter the loan’s unpaid balance amount using numbers only. The field control will format the number

13. Balance from Credit – this is an auto-populated field that shows the balance from the credit report mortgage loan  

14. Monthly Payment – enter the LO’s monthly payment on the loan using numbers only. The field control will format the number

15. Payment from Credit – this is an auto-populated field that shows the monthly payment amount from the credit report mortgage loan

16. Total Payment (PITIA) – this is an auto-populated field which will populate with data from the Credit Report when available. PITIA stands for Principal, Interest, Taxes, Insurance and Association Dues  

On a first lien, this is the total of the Principal and Interest (for the first lien) plus all Housing Expenses (Impounded and non-Impounded).

On a junior (non-first) lien, this is just the Principal and Interest (for the junior lien).

17. Loan Origination Date – enter the Loan Origination date in the mm/dd/yyyy format

18. Interest Rate – enter the existing interest rate of the loan

19. Original Loan Term – enter the Original Loan Term in years

20. Remaining Loan Term – enter the months remaining on the Loan Term

21. Original Loan Amount – enter the Original Loan Amount using numbers only. The field control will format the number

22. Loan Payoff Amount – enter the Loan Payoff Amount using numbers only. The field control will format the number

23. Mortgage Type – select the property’s mortgage type from this dropdown

 

 

24. Amortization Type – select the property loan’s Amortization type from this dropdown

 

 

25. Negative Amortization Feature – select whether the property loan had a Negative Amortization with this dropdown

 

 

 

26. Prepayment Penalty – select whether the property loan had a Prepayment Penalty with this dropdown

 

 

 

27. Prepayment Percentage – this is a prepayment penalty percentage for the loan

28. Open Date – enter the date the mortgage was opened

29. Late Payment History – opens a popup that displays a 30-day, 60-day, 90-day late payment history
     

 

 

‘Current Property Expenses’ Section

 

 

 

1. Homeowner’s Insurance * (Amount) – enter the Homeowner’s Insurance Amount using numbers only. The field control will format the number.

1. Homeowner’s Insurance * (Period) - select the Homeowner’s Insurance Period in this dropdown.  

 

2. Homeowner’s Insurance * (Monthly Expense) – this is an auto-calculated field and will adjust its value based on the Homeowner’s Insurance* Amount and the Homeowner’s Insurance* Period fields.

3. Homeowner’s Insurance * (Included in Payments) - check this box if this value is included in the ‘Monthly Payment’ field of the ‘Current Lender & Loan Information’ section
   

2. Flood Insurance (Amount) - enter the borrower’s Flood Insurance Amount using numbers only. The field control will format the number.

1. Flood Insurance (Period) - select the Flood Insurance Period from this dropdown.  

 

2. Flood Insurance (Monthly Expense) - this is an auto-calculated field and will adjust its value based on the Flood Insurance Amount and the Flood Insurance Period fields.

3. Flood Insurance (Included in Payments) - check this box if this value has been accounted for in the ‘Monthly Payment’ field of the ‘Current Lender & Loan Information’ section.
   

3. Property Tax * (Amount) – enter the Property Tax amount using numbers only. The field control will format the number.

1. Property Tax * (Period) - select the Property Tax Period from this dropdown.  

 

2. Property Tax * (Monthly Expense) - this is an auto-calculated field and will adjust its value based on the Property Tax Amount and the Property Tax Period fields.

3. Property Tax * (Included in Payments) - Check this checkbox if this value has been accounted for in the “Monthly Payment” field of the “Current Lender & Loan Information” section

4. Mortgage Insurance (Amount) – enter Mortgage Insurance Amount using numbers only. The field control will format the number.

1. Mortgage Insurance (Period) - select the Mortgage Insurance Period from this dropdown.  
   

 

2. Mortgage Insurance (Monthly Expense) - this is an auto-calculated field and will adjust its value based on the ‘Mortgage Insurance Amount’ and the ‘Mortgage Insurance Period’ fields.

3. Mortgage Insurance (Included in Payments) - check this box if this value is included in the ‘Monthly Payment’ field of the ‘Current Lender & Loan Information’ section.

5. HOA Dues (Amount) – enter the HOA Dues Amount using numbers only. The field control will format the number.

1. HOA Dues (Period) - select the HOA Dues Period in this dropdown.  

 

2. HOA Dues (Monthly Expense) - this is an auto-calculated field and will adjust its value based on the HOA Dues Amount and the HOA Dues Period fields.

6. Totals - this is an auto-calculated field and will adjust its value based on the Homeowner’s Insurance* Amount, Flood Insurance Amount, Property Tax Amount, Mortgage Insurance Amount and the HOA Dues Amount fields.

7. Total Impounds - this is an auto-calculated field and will adjust its value based on the Homeowner’s Insurance* Included in Payments, Flood Insurance Included in Payments, Property Tax Included in Payments and Mortgage Insurance Included in Payments fields.

Liabilities

The ‘Liabilities’ Section contains the borrower’s existing liabilities information. If the borrower's credit report contains any liabilities, they will appear in this section.

Click Add Liability to create additional rows.

 

 

 

1. Creditor- enter the name of the Creditor (the company/person to which the credit is owed).  
   

2. Tooltip (i) - hover over the tooltip to display the following popup:
   
    

1. Liability - select the name of the person(s) who holds the liability in this dropdown.

2. Creditor - enter the name of the creditor.  

3. Attn – enter the creditor’s point of contact for the loan.  

4. Phone – enter the creditor’s contact phone number.

5. Fax - enter the creditor’s fax number.

6. Email – enter the creditor’s email address.  

7. Creditor Address Street – enter the creditor’s street address.  

1. City – this field automatically populates zip code is entered.  

2. State - this field automatically populates zip code is entered.

3. Zip Code – enter the creditor’s zip code (5-digit limit)

8. From Credit – Balance – auto populated field of the highest balance on the credit on the liability.

9. Payment – auto populated field of the minimum payment on the credit on the liability.

10. Credit Limit – auto populated field of the credit limit on the credit on the liability.

 

3. Type – Select the Type of Credit in this dropdown.  

 

 

4. Account # - enter the borrower’s account number with the creditor.

5. Months – enter the number of months left on credit payment.

6. Balance – enter the balance amount left on the credit.

7. Payment – enter the amount of each payment.

8. Comment – select the LO’s comment on the credit item from this dropdown.

 

 

 

9. Exclude – When the options Account not mine, Duplicate, Not My Loan, Paid Off, Payoff at Close, Someone Else Pays, Non-Borrowing Spouse are selected in the previous Comment field a checkmark is displayed in the Exclude column.
   

 

 

10. Red (-) Icon – Click on the Red (-) icon will remove the row from the ‘Real Estate’ section.

 

Miscellaneous Expenses

 

 

The ‘Miscellaneous Expenses’ Section includes miscellaneous expenses that were not accounted for in the ‘Real Estate’ or ‘Liabilities’ section.  

Click Add Expense to create additional rows.

 

1. Borrower – select the name of the borrower for whom this expense is added.  

2. Type – select the type of expense in this dropdown. Valid values are ‘Child Care Expenses (for VA Loans Only)’, ‘2106 Expenses from Tax Returns’, ‘Alimony’, ‘Child Support’, ‘Separate Maintenance’.

3. Months – enter the number of months left on this payment.  

4. Monthly Amount – enter the amount of each monthly payment.  

5. Info Tooltip (i) – hover over the tooltip to display the following popup.

 

 

 

1. Name – enter the name of the payee.

2. Attn – enter the payee’s point of contact for the expense.  

3. Phone – enter the payee’s contact phone number.

4. Fax - enter the payee's contact fax number.

5. Email – enter the payee’s contact email address.  

6. Creditor Address Street - enter the payee’s street address.

1. City – this field automatically populates when zip code is entered.

2. State - this field automatically populates when zip code is entered.  

3. Zip Code – enter the payee’s zip code (5 digit limit)  

6. Payee – enter the payee’s name.  

7. Red (-) Icon – click the Red (-) icon to remove the row from the ‘Real Estate’ section.

 

Contextual Button

 

The Contextual Button contains a dropdown arrow. Hover over the arrow to display the ‘Click arrow to access additional options’ tooltip. Click the arrow to display the following values:

 

 

 

1. Run New Credit Report

2. Reissue Credit Report - if a credit report already exists on file this option will be enabled

3. If the oPOS user has the privilege “Run Credit Button - Enable Remove Borrower/Co-Borrower" set to 'true', then Remove Borrower 1 will appear.

4. If another borrower exists on loan, then, Remove Borrower 2 will appear.

 

Run New Credit Report - Click on the Run New Credit Report Contextual Button to display a ‘Credit Authorization’ popup request if credit authorization does not already exist, or is not valid, for the borrower.

 

  

 

The above authorization popup, once displayed, must be completed and accepted.  

 

 

 

A Credit Report for the borrower can be requested if the following values are entered on the 1003 loan application:

• Personal Tab (Last Name, Date of Birth, SSN)
• Property Tab (Current Address & Info)

The following functionality has been enhanced in 6.0.1000

1. Reissue Credit Report  
    
   If a credit report has already been requested for the borrower, the same report can be reissued. To do so, enter the report number into the 'Report No.' field and click the Reissue Credit Report Contextual Button.
    

2. Remove Borrowers
    
   If the oPOS user has the ’Run Credit Button - Enable Remove Borrower/Co-Borrower’ privilege, and the borrower’s credit report is on file, the ’Remove Borrower’ options will appear in the Contextual Button.  

 (start of enhancements)

3. If any of the ‘Remove {Borrower Name}’ values in the contextual button are selected AND the Remove {Borrower Name} button is clicked AND the oPOS user has user privileges ‘Run Credit Button - Enable Remove Borrower/Co-Borrower’ AND ‘Run Credit Button - Enable Remove Borrower/Co-Borrower by contacting Credit Vendor’ AND ‘Remove Borrower by contacting Credit Vendor Only’ configuration in Vendor Manager\Environment Settings for the Credit Provider of the existing Credit Report on the Loan = ‘No’, then the following modal is displayed:
   
    

1. Click Run Report Update button to automatically run a credit report update for the remaining borrower on the loan.  

2. Clicking Contact Credit Vendor button will NOT run an automatic credit report update. The user must manually contact the credit vendor and request the borrower be removed from the credit report.  

3. When the Contact Credit Vendor and Proceed buttons are clicked, the following red message bar appears right above the ‘Detailed Credit Information’ Table
    
   When this message bar is displayed the user can have it removed either by reissuing a credit report after contacting the credit vendor to remove the borrower from the credit report OR running a new credit report for the borrower remaining on the loan.

 

4.  If the OPOS user then tries to Reissue a Credit report, the following popup will appear:
   

 

 

The user needs to check the ‘Yes, the Credit Vendor has removed the borrower’ checkbox and click Proceed.

The Reissued Credit Report will then be attached to the loan without the removed borrower.

 

5. Checking the optional checkbox ‘Keep {Borrower Name’s} personal information and liabilities as a Non-Borrowing Spouse/Partner’ will keep the borrower’s information on the 1003 as a ‘Non-Borrowing Spouse/Partner’. If the spouse/partner is removed, their Real Estate Owned (REOs) and Liabilities will be merged to the Primary Borrower.  

 

 

 

The records being merged will have their Comment = ‘Non-Borrowing Spouse’ and Information Icon/Attn = ‘Non-Borrowing Spouse Liability’ (see picture below). The ‘REO’ flyout and ‘Liabilities’ have been described in greater detail in later sections of this document.

 

 

6. One of the two radio buttons must be selected for the Proceed and Cancel Buttons to be enabled. Click Proceed to execute the ‘Remove Borrower’ action.

If any of the ‘Remove {Borrower Name}’ values in the contextual button are selected AND the Remove {Borrower Name} button is clicked AND either ‘Remove Borrower by contacting Credit Vendor Only’ Configuration in ‘Vendor Manager\Environmen’t Settings for the credit provider of the existing credit report on the Loan = ‘Yes’ OR LC User has User Privilege ‘Run Credit Button - Enable Remove Borrower/Co-Borrower by contacting Credit Vendor’, then the following modal will be displayed:

 

 

 

Note: oPOS user must contact the credit vendor to remove the borrower from the credit report. Then, the oPOS user must perform a Reissue, which will return just the borrower that remains on the loan.

 

The Proceed and Cancel buttons will be enabled on this modal by default.  

Checking the optional checkbox ‘Keep {Borrower Name’s} personal information and liabilities as a Non-Borrowing Spouse/Partner’ will keep the borrower’s information on the 1003 as a Non-Borrowing Spouse/ Partner.

Click Proceed to execute the ‘Remove Borrower’ action.

 

1. If any of the ‘Remove {Borrower Name}’ values in the contextual button are selected AND the Remove {Borrower Name} button is clicked AND the LC User has User Privilege ‘Run Credit Button - Enable Remove Borrower/Co-Borrower’ but does not have User Privilege ‘Run Credit Button - Enable Remove Borrower/Co-Borrower by contacting Credit Vendor’ AND ‘Remove Borrower by contacting Credit Vendor Only’ Configuration in Vendor Manager\Environment Settings for the Credit Provider of the existing Credit Report on the Loan = ‘NO’, then the following modal will be displayed:
   
     
   

2. Click Proceed to execute the ‘Remove Borrower’ action.

 

3. To close the modal and take no actions, click Cancel or the X in the upper right corner.
   

Action Definitions:

• When the ‘Run Report Update’ option is selected and Proceed is clicked, a Mega Save is performed, and a ‘Remove Borrower’ request is sent to the credit vendor to get an updated credit report without the removed borrower’s information.

• When the ‘Contact Credit Vendor’ option is selected and Proceed is clicked, Mega Save is not performed and ‘Remove Borrower’ request is not sent to the credit vendor.