bofi federal bank tips for a successful loan submission
TRANSCRIPT
![Page 1: BOFI Federal Bank Tips for a Successful Loan Submission](https://reader035.vdocuments.us/reader035/viewer/2022072017/56649efc5503460f94c101a7/html5/thumbnails/1.jpg)
BOFI Federal Bank
Tips for a Successful Loan Submission
![Page 2: BOFI Federal Bank Tips for a Successful Loan Submission](https://reader035.vdocuments.us/reader035/viewer/2022072017/56649efc5503460f94c101a7/html5/thumbnails/2.jpg)
Go to www.bofilendingpartners.com Click on “Strategic Alliances” and then “Third Party Lending” Click on “Wholesale and Correspondent sign in”. Enter Username and Password. Click on “Upload a Loan”.
Enter Loan Officer information – see screenshot on next page Choose product. Upload your FNMA 3.2 file. You will receive a message” File upload successful, the new internal loan
number is XXXXXX”.
Getting Started
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“Upload a File” Screenshot
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Minimum documentation required to the move file from intake to processing status:1. Correct/Compliant Good Faith Estimate – dated within 3 days of application.2. Itemization of Fees/Fees worksheet.3. IF HPML - impounds must be included4. Initial executed disclosures dated within 3 days of application.
a) All State Disclosuresb) TILc) Homeownership Counseling List/Disclosured) Right to Receive an Appraisal Disclosuree) Borrower Authorization
5. 1003 executed and dated by Loan Officer. Company and Loan Officer’s NMLS numbers on 1003.
6. 1008.7. Borrowers email addresses- required as we disclose electronically.8. Need borrowers signature on a borrowers authorization or a 1003.
Correspondent Loans require items above and the following:1. Credit Report.
a) Must be dated within 90 days.
Minimum Documentation Required
![Page 5: BOFI Federal Bank Tips for a Successful Loan Submission](https://reader035.vdocuments.us/reader035/viewer/2022072017/56649efc5503460f94c101a7/html5/thumbnails/5.jpg)
Additional items required for Underwriting review:1. Purchase Contract (If applicable) 2. Income and asset documentation.
a) Tax Returns (Last 2 years)b) Bank Statements (Last 2 months)c) Pay stubs(1 full month)
Items that can be conditioned for during the Underwriting process:3. 1003 executed and dated by borrower.4. Executed ARM disclosure (if applicable).5. Executed Intent to proceed or acknowledgment of GFE.6. Executed Borrowers authorization.7. 4506-T (Borrower names, addresses and SSN numbers on the 4506T ,must match their
last filed taxes or it will be rejected by the IRS)
Minimum Documentation Required
![Page 6: BOFI Federal Bank Tips for a Successful Loan Submission](https://reader035.vdocuments.us/reader035/viewer/2022072017/56649efc5503460f94c101a7/html5/thumbnails/6.jpg)
Example of Upload Screen
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Now click on the “ Submit My Loan” tab on the right hand side of the screen.
Enter information requested and click on “Submit Request”.
Your loan will now be in a registered status. Intake will then review the file for compliance and
necessary documentation. If loan file is complete, the file will be moved into a
processing status and be assigned to an Account Manager.
Account Manager will send an introductory email to Loan Officer and Processor.
Registered Status
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Before submitting a loan please run a High Priced Mortgage test.
Please Note If a loan is identified as a HPML it will require impounds. This does not apply to second homes and investment
properties. If you need any further assistance with your loan submission
please call 1-855-818-4112.
High Priced Mortgage Loans