Loan Test Exercise 3 - FHA Purchase - 15 year Fixed -Joint- Non-sharing Co-borrowers

Loan Test Exercise 3 - FHA Purchase - 15 year Fixes - Joint - Non-Sharing Co-borrowers

In your beta environment, complete a sharing 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 C0 1- Purchase - 30 Yr Fixed.

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
Loan Type				Purchase Price - $350,000 Loan Amount - $320,000 Estimated Property Value - $350,000
Down Payment Amount/%				$30,000 Source(s) - Checking
Product Type/Amort Period/Amort Type				FHA 15 year Fixed
Subj Property Type				Townhouse, attached Use - Primary Residence Address - TBD  City: Tulsa, State: OK,  Zip code: 74105
Note: Leave the estimated property value blank.
Estate/Title Manner Held				Fee Simple/Tenancy in common
Primary Borrower				Name - Penny Public SSN - 999-60-3000 DOB - 01/01/1981 Phone - (202) 222-8764 Marital Status - Unmarried, non-spouse prop rights, registered  reciprocal, OK Current Address - 879 North World Cup Ln, Eagle, ID 83616 Mailing Address - Same as current address
Credit				Manual Pull AFTER Loan Creation
Employment				Employer - Chik-fil-a Position -  Cook Phone - (301) 298-7654 Type - Employment Start Date - 04/04/2014 Yrs in Industry - 10 Pay Type - Hourly Pay Amount: $11.75/hr 40 hr week $3,000 Overtime Business Address - 99 East Washakie St, Meridian, ID  83646
Other Income				Alimony - $500/mo Public Assistance - $300/mo
Assets				Checking - Checking - $10,000 Savings - $30,000 Earnest Money - $5,000
Note: To test Large Deposit LOE and GAS, leave blank and import BAC through BP.
REOs				No
Declarations				Occupy - Yes Property in previous 3 years - No Delinquency - Yes, delinquent govt debt, "Forgot to pay 2019 Income Tax" US Citizen - Yes All other questions - No
HMDA Completed				Method - Internet or email Data - Do not wish to provide
Parameter to Trigger TRID				Subject Property Address
Co-borrower				Name - Sonny Graves SSN - 001-01-0021 DOB - 03/11/1972 Phone - (202) 222-7486 Marital Status - Unmarried, non-spouse prop rights, registered  reciprocal, OK Current Address - 875 South Vanguard Way, Meridian, ID  83642 Years at current residence - <2 years Ownership Type - Rent $600/mo Mailing Address - Same as current address Previous Address - 48 Westward Ln, Friday Harbor, WA  98250
Credit				Manual Pull AFTER Loan Creation
Employment				Employer - Garden Creations Position -  Owner Phone - (345) 987-6543 Type - Business/Self Employed, Sole Prop 100% Start Date - 04/05/2019 Yrs in Industry - 2 Pay Type - Salaried Pay Amount: $36,000/annually Business Address - 4850 North Linder Road, Meridian, ID  83646
Other Income				Disability - $480/mo
Assets				Checking - Checking - $5,000 Savings - $12,000
Note: To test Large Deposit LOE and GAS, leave black and import BAC through BP.
REO				No
Declarations				Occupy - Yes Non- Perm Resident Alien - Yes All other questions - No
HMDA Completed				Method - Mail or Fax Data: Not Hispanic Male  American Indian (Sioux)
Parameter to Trigger TRID				Subject Property Value
Govt Loan Info				FHA program - 203(b)Basic Program Inducement to Purchase - Blank Monthly MCC - $150/month Counselling by HUD approved agency - Yes

3. 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

4. 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

5. 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

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

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

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

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

9. 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

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

11. Request documents from the borrower in Blend. 

Resource: Follow-Ups

12. 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.