Loan Prospector® Outreach June 22 Release ‐‐ Enhanced Usability Feedback Messages Message Category Original or Existing Message Text (if applicable) Message Code New Message Text Feedback Certificate & Error Page Purpose New Messages The total income for <borrower name> is negative. Please confirm the income amount and resubmit the loan, as applicable. Feedback Certificate Provide an informational message that negative borrower income was submitted. Added a message indicating no assets were submitted for the loan to review for accuracy and consistency with the loan application. LPN LS NA LPN LT NA LPN LY NA LPN YN NA PUR GT NA LPN LQ NA The LTV of <X1>% is calculated using the loan amount of $<X2> which includes a financed mortgage insurance premium of $<X3>. Financed mortgage insurance premiums are not permitted for super conforming Mortgages. The ARM Qualifying PITI used to determine Housing and Debt Ratios on this submission was ~$XX,XXX.XX~. NA A new appraisal, based on an interior and exterior inspection, and reported on the Form 2090 (Individual Cooperative Interest Appraisal Report), is required for each Cooperative Share Mortgage transaction. Feedback Certificate Added a cooperative-specific appraisal message. The loan was submitted as a no cash-out refinance with a cash-out amount of $<insert cash out amount from the lender> which exceeds the maximum allowed for the loan. Cash-out disbursed to the Client (or any other payee) must not exceed 2% of the new refinance Mortgage or $2,000, whichever is less. Feedback Certificate Loan Prospector Outreach will accept submissions of no cash-out refinances with cash-out amounts consistent with the Guide section 24.5. Cash-out amount must be a numeric value. Error Page Allow a value of zero for cash-out amount. Asset amount must be a numeric value. Error Page Removed greater than $0 requirement for depository accounts. Asset amount must be a numeric value. Error Page Updating the message to align with the current system functionality. Asset amount must be a numeric value. Error Page Updating the message to align with the current system functionality. Asset amount must be a numeric value. Error Page Updating the message to align with the current system functionality. Asset amount must be a numeric value. Error Page Updating the message to align with the current system functionality. Asset amount must be a numeric value. Error Page Updating the message to align with the current system functionality. Asset amount must be a numeric value. Error Page Updating the message to align with the current system functionality. COW LU This loan was submitted with $0.00 in total assets. The Proposed Monthly Housing Expense includes Other Financing (P&I) greater than zero; however, amounts are not provided for the Subordinate Lien Amount or the HELOC Actual Current Balance. Review for accuracy. Feedback Certificate Feedback Certificate Feedback Certificate Feedback Certificate Feedback Certificate Housing expenses of Other Financing (P&I) is provided but the subordinate financing balance is not provided in Details of Transaction. Information on financed mortgage insurance (MI) transactions. X1 is the gross loan-to-value (LTV) ratio X2 is the total loan amount, including financed MI X3 is the financed MI amount Message returned when financed MI is indicated on SuperConforming Loan submission. Provides you with the ARM Qualifying principal, interest, taxes and insurance (PITI) on Primary & Second Homes. Updated Messages LPN EO INV 6B INV 7P INV 7Q INV 7R INV 7S INV 7T INV 7U INV 7V Review for Accuracy: Difference between loan amount and unpaid principal balance, $~LnAmtMinUPB~, appears to result in cash-out to client. 'Cash Out Amount' must be > 0 Asset Amount must contain a $ amount > 0 'Asset Amount' must contain a $ amount > 0 'Asset Amount' must contain a $ amount > 0 'Asset Amount' must contain a $ amount > 0 'Asset Amount' must contain a $ amount > 0 'Asset Amount' must contain a $ amount > 0 'Asset Amount' must contain a $ amount > 0 UK The ARM Qualifying Rate used on this submission is ~X.YX%~ and is the higher of the customer provided ARM The ARM Qualifying Rate used on this submission is ~X.YXZ%~ and is Qualifying Rate, Note Rate + the higher of the customer provided ARM Qualifying Rate, Note Rate + 2% or fully indexed rate. 2% or fully indexed rate. Feedback Certificate LPN Updated to more accurately reflect the ARM Qualifying Rate by adding a decimal place to rate display and modify proper rounding of percentage. ELV 29 For conventional loans, add coop code to the list of eligible property types. Property Type' must contain a valid code. Error Page Add coop as a valid value for conventional loans. Feedback Certificate Cash-out is allowed within guide tolerances; replaced by new message. Feedback Certificate Duplicate information on the Feedback Certificate. NA Feedback Certificate Duplicate information on the Feedback Certificate. NA Error Page Allow reporting of income with a loss. Borrower 1 NA Error Page Allow reporting of income with a loss. Borrower 2 NA Error Page Allow reporting of income with a loss. Borrower 3 NA Error Page Allow reporting of income with a loss. Borrower 4 NA Error Page Allow reporting of income with a loss. Borrower 5 NA Error Page Allow reporting of income with a loss. Borrower 1 NA Error Page Allow reporting of income with a loss. Borrower 2 NA Error Page Allow reporting of income with a loss. Borrower 3 NA Error Page Allow reporting of income with a loss. Borrower 4 NA Error Page Allow reporting of income with a loss. Borrower 5 Deleted Messages INV 5M LPN EY LPN EZ INV 8J INV 8T INV 9D INV 9N INV 9X INV 7F INV 7H INV 7J INV 7L INV 7N INV 4B This loan was submitted as a no cash-out refinance. ‘Income Amount’ must contain a $ amount = or > 0 borr 1 Income Amount' must contain a $ amount = or > 0 borr 2 Income Amount' must contain a $ amount = or > 0 borr 3 Income Amount' must contain a $ amount = or > 0 borr 4 Income Amount' must contain a $ amount = or > 0 borr 5 ‘Self Employed Income’ must be > 0 - borrower 1. ‘Self Employed Income’ must be > 0 - borrower 2. ‘Self Employed Income’ must be > 0 - borrower 3. ‘Self Employed Income’ must be > 0 - borrower 4. Self Employed Income' must be > 0 - borrower 5. ‘Self Employed Income’ must = 0 if % of business owned < 25%. NA Error Page Data Error NA Required field - must contain at least one Liquid Asset. NA Error Page NA Required field - must be numeric with two decimals and no special characters Error Page Data Error Updated April 16, 2014 Cash Out Amount' must = 0 NA This loan was submitted as a cash-out refinance with cashout amount of $~CashOutAmt~. NA NA Because the % ownership is no longer collected from clients, this message is being removed. This change allows the reported assets to be consistent with the loan application. The Seller continues to be responsible for ensuring the Guide requirements are adhered to, such as verifying sufficient funds for closing, as applicable. This change allows the reported assets to be consistent with the loan application. The Seller continues to be responsible for ensuring the Guide requirements are adhered to, such as verifying sufficient funds for closing, as applicable.
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