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Loan Test Exercise 1 - Conventional 30 Year Fixed

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Loan Test Exercise 1 - Conventional 30 Year Fixed

 

In your beta environment, complete an individual application in Blend using the following information: 

1. Activate your Blend account. 

book2.png Resources: 

Account Activation Video

Account Activation 

 

2.png

2. Click New Loan to create a new loan from the Pipeline screen.

3. Click Create Test Loan. 

 

3.png

4. Select 30 yr conv fixed beta.

5.  Click Create.

 

book2.png Resources: 

Start an Application

Blend Basics Learning Videos

 

Use the following information to create a new loan in Blend

    Loan Creation Exercise Criteria
  Create a New Loan - Use Dev Utils tool

Loan Type

 Purchase
  • Price - $500,000
  • Loan Amount - $350,000
  • Estimated Property Value - $525,000
  Down Payment Amount/%

$150,000

  • Source(s) - Checking & Gift (relative)
Product Type/Amort Period/Amort Type Conv, 30 Yr Fixed
Subj Property Type 

Single Family Home

  • Use - Primary Residence
  • Address - TBD   City: Tulsa, State: OK,          Zip code: 74135
tip_5.png Note: Leave the street address as "TBD".
Estate/Title Manner Held Fee Simple/Sole Ownership
 Martial Status     Unmarried
Borrower/Co-borrower
  • Name - Andy America
  • SSN - 999-60-3333
  • DOB - 01/01/1981
  • Phone - (415) 983-2437
  • Current Address - 309 North Elm Street, Orrville, OH  44667
  • Mailing Address - Same as current address
Credit   Manual Pull AFTER Loan Creation
 Employment
  • Employer - Chik-fil-a
  • Position -  Asst Manager
  • Phone - (301) 292-9987
  • Type - Employment
  • Start Date - 04/04/2014
  • Yrs in Industry - 10
  • Pay Type - Salaried
  • Pay Amount:
      • $120,000 Base
      • $6,000 Bonus
      • $3,00 Overtime
  • Business Address - 99 East Washakie St, Meridian, ID  83646
 Other Income
  • Social Security - $3,500 per month
  • Alimony - $500 per month
 Assets
  • Checking -  $300,000
tip_5.png Note: To test Large Deposit LOE and GAS, leave blank and import BAC through BP. 
 REO
  • Current Primary Residence - Yes
      • Owned
      • Retained for Investment
 Declarations
  • Occupy - Yes
  • Property in previous 3 years - Yes
  • Owner - Primary/Sole Owner
  • Delinquency - Yes, Forgot to pay 2019 income Tax
  • US Citizen - Yes
  • All other questions - No
 HMDA Completed 
  • Method - Internet or email
  • Data:
      • Not Hispanic
      • Male 
      • Asian/Japanese
 Parameter to Trigger TRID    Subject Property Address

 

6. Review loan data. 

OPTIONAL:

Using a different Browser Session; Login to loan in the Borrower Portal, click through the workflow.

a. Verify that the selected TRID fields do NOT present: 

- Subject Property Value - In the GTKY

- Subject Property Address - In GTKY - asks for county/state only if lender is not collecting

- Income - Income workflow will not present on the left workflow outline (Income will not populate on the workflow until the "Getting Started" section is completed, If lender is collecting)

b. Under Assets - Use the link to add assets from either Chase Bank or Bank of America 

Username: user_good

Password: pass_good

BAC two factor authentication: 1234

- Click on the Documents menu, and view the Generated Asset Statement created by Blend. 

book2.png Resource: Generated Assets Statement

c. Lender can go into "Co-Pilot" mode to evaluate this functionality with the Borrower

d. Borrower logs out of the loan.

e. Lender completes the following steps in the Takeover Mode. 

book2.png Resource: Co- Pilot

 

7. Pull Credit (if desired), if credit feature is enabled. 

 tip1.png  Tip: Speak to your CSM or DL for more details regarding this feature.

book2.png Resource: LO Toolkit - Key Features - Credit

 

8. Observe parameters changing in the Lender Sidebar - ratios/liabilities, if Lender Sidebar feature is enabled.

a. Enter/Adjust liabilities.

b. Enter Fees.

c. Link liability to REO, if applicable. 

tip1.png  Tip: Speak to your CSM or DL for more details regarding this feature.

book2.png Resource: LO ToolKit - Navigation - Toolbar, sidebar & responsiveness

 

9. Run AUS (if desired and credit pulled), if AUS feature is enabled. 

book2.png Resource: LO ToolKit- Key features - Automated Underwriting system/Desktop Underwriter (AUS-DU)

 

10. Enter the missing TRID parameter and Save loan data. 

11. Accept the popup warning to trigger TRID and auto export the loan. 

12. If integrated to an LOS - Validate loan creation and data population in applicable LOS fields. 

a. Import the file to the LOS. 

book2.png Resource: Import a Blend application in Encompass

 

13. Expected System Generated follow-up Docs: Blend Intelligence Overview

 

 Expected System Generated Follow-Ups Resources
 Gift Letter  

HERE
 Paystub  Last 30 days & 2 years (if enabled HERE
 W-2  Last 2 years

HERE
 Account   Statements  

HERE
 Personal Tax Returns  Last 2 years

HERE
 Inquiry Explanation  Credit

HERE
 Tax Transcripts If enabled HERE
 SOC Sec Award Letter  

HERE
 Evidence of Insurance (REO)  

HERE

 

14. Request documents from the borrower in Blend. 

book2.png Resource: Follow-Ups

 

15. Import the documents uploaded by the borrower in Blend into the LOS.

tip1.png  Tip: Encompass customers can click HERE for steps to import documents from Blend into Encompass. All other customers, please follow your process to import documents from Blend into your LOS. 

 

Enter the test application as a borrower

1. Copy the email address of the borrower for the created loan. 

2. Open a different browser or an incognito window.

3. Enter the email address and use the password Password123! to create a loan. 

 

 

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