Loan Test Exercise 4 - VA Refinance - 3/1 ARM - Individual borrower

Loan Test Exercise 4 - VA Refinance - 3/1 ARM - Individual borrower

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

1. Activate your Blend account. 

 Resources: 

Account Activation Video

Account Activation 

 

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

3. Click Create Test Loan. 

 

4. Select va refi single borrower.

5.  Click Create.

 

 

 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				Refinance - Cash Out Debt Original Purchase Price - $250,000 Loan Amount - $22,500 Estimated Property Value - Blank
Note: Leave the estimated property value blank.
Down Payment Amount/%				NA Source(s) - NA
Product Type/Amort Period/Amort Type				VA 3/1 ARM
Subj Property Type				Single Family Home, Detached Use - Primary Residence Address - 7611 Puffer Rd, Bremerton, WA  98215
Estate/Title Manner Held				Fee Simple/Sole Ownership
Borrower/Co-borrower				Name - Jess T. Sea SSN - 999-00-1147 DOB - 09/09/1999 Phone - (360) 378-0877 Marital Status - Unmarried A non-spouse holds property rights - No Current military status - Active duty Surviving spouse - No Projected end of service/tour - 09/09/2029 Previous VA loan - No Receiving VA disability income - No Current Address - 7611 Puffer Rd, Bremerton, WA  98215 Ownership Type - Owned Mailing Address - Same as current address
Credit				Manual Pull AFTER Loan Creation
Employment				Employer - US Navy Position -  Petty Officer Phone - (360) 398-9876 Type - Military Start Date - 04/04/2014 Yrs in Industry - 10 Pay Type - Salaried Pay Amount: $675 Monthly Entitlements $36,000 Annual $6,000 Bonus Business Address - 1 Navy Pentagon, Pentagon  City, VA  20220
Other Income				No
Assets				Checking -  $15,000
Note: To test Large Deposit LOE and GAS, leave blank and import BAC through BP.
REO				Current Primary Residence - Yes Subject Property - Yes
Declarations				Occupy - Yes Property in previous 3 years - Yes Owner - Primary/Sole Owner US Citizen - Yes All other questions - No
HMDA Completed				Method - Telephone Data: Not Hispanic Female  Native Hawaiian, Guamanian
Parameter to Trigger TRID				Subject Property Address
Govt Loan Info				1,500 sq ft 0.25 maintenance expense Entitlement amount - $36,500 MCC=50 ETS - 09/09/2029 Full Doc $475 Monthly Tax Deductions

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. 

 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. 

 Resource: Co- Pilot

 

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

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

 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. 

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

 Resource: LO ToolKit - Navigation - Toolbar, sidebar & responsiveness

 

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

 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. 

 Resource: Import a Blend application in Encompass

 

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

 

Expected System Generated Follow-Ups		Resources
Paystub	Last 30 days	HERE
Tax Transcripts	If enabled	HERE
Late Payment Explanation	Credit Pulled	HERE
Evidence of Insurance (REO)	Subject Property	HERE

 

14. Request documents from the borrower in Blend. 

 Resource: Follow-Ups

 

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

  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.