Loan Test Exercise 2 - Conventional Refinance - 10/1 ARM - Co-borrowers

 

Loan Test Exercise 2 - Conventional Refinance - 10/1 ARM - Co-borrowers

In your beta environment, complete a joint 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 conv refi coborrower sharing.

5.  Click Create.

 

 

 Resources: 

Start an Application

Blend Basics Learning Videos

Add a Co-Borrower

 

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				Refi- Limited Cash Out Price - $400,000 Loan Amount - $150,000 Estimated Property Value - Blank
Note: Leave the estimated property value blank.
Down Payment Amount/%				NA Source(s) - NA
Product Type/Amort Period/Amort Type				10/1 ARM
Subj Property Type				Attached Condo Use - Investment/Rental Property Address - 3741 S. Riverside Dr, Tulsa, OK 74105
Estate/Title Manner Held				Fee Simple/Joint Tenancy with Rights of Survivorship
Marital Status				Married
Primary Borrower				Name - John Homeowner SSN - 999-50-5000 DOB - 01/01/1981 Phone - (202) 222-8764 Current Address - 8744 Foothill Rd, Middleton, ID 83644 Ownership Type - Owned Mailing Address - Same as current address
Co-borrower				Name - Mary Homeowner SSN - 500-22-2000 DOB - 05/05/1985 Phone - (202) 222-7846 Current Address - 309 North Elm Street, Orrville, OH  44667 Ownership Type - Owned Mailing Address - Same as current address
Credit				Manual Pull AFTER Loan Creation
Employment - Primary Borrower				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 $3,000 Overtime Business Address - 99 East Washakie St, Meridian, ID  83646
Other Income				Pension - $2,400 Retirement - $1,200
Assets				Checking - Checking Joint - $300,000 Savings - Mary - $150,000
Note: To test Large Deposit LOE and GAS, leave blank and import BAC through BP.
REOs				Subj Property w/mortgage - Yes Current Primary Residence  - No mortgage
Declarations				Occupy - No Property in previous 3 years - Yes Owner - Primary/Joint Owner Bankruptcy - Yes - Pandemic caused US Citizen - Yes - John Homeowner Resident Alien - Mary Homeowner All other questions - No
HMDA Completed				Method - Internet or email Data - Do not wish to provide
Parameter to Trigger TRID				Subject Property Value

 

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.

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
Pension Award Letter		HERE
Paystub	Last 30 days	HERE
W-2	Last 2 years	HERE
Rental Agreement		HERE
Personal Tax Returns	Last 2 years	HERE
Inquiry Explanation	Credit	HERE
Tax Transcripts	If enabled	HERE
Evidence of Insurance (subject property)		HERE
Evidence of Insurance (REO)		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.