2020 URLA - DPA Help Guide
Overview
The purpose of this document is to provide general guidance on how to properly set up a loan in Encompass that has DPA, when using the 2020 URLA.
There is a distinction on how loan set up between government and conventional loans, which is outlined below.
Please reference program guidelines for specifics.
Instructions
If there is subordinate financing, please reference the instructions at the end of this guide on how to complete the Subordinate Financing section. These instructions are applicable regardless of loan type.
DPA - Government
1. Set up the loan in Encompass as usual, selecting the loan program, type, terms, etc.
2. Once general set up is complete, go to the URLA Part 4, declaration question C:
a. Mark it Yes
b. Enter the dollar amount of the DPA ($2500 shown in the example below)
c. Click Add Explanation and enter the DPA program name in the text box
d. Mark “print explanation on URLA”
3. Go the Fannie Mae Additional Data form and make sure the MORNETPlus Community Lending section is blank.
DPA - Conventional
1. Set up the loan in Encompass as usual, selecting the loan program, type, terms, etc.
2. Once general set up is complete, go to the URLA Part 4, declaration question C:
a. Mark it Yes
b. Enter the dollar amount of the DPA ($2500 shown in the example below)
c. Click Add Explanation and enter the DPA program name in the text box
d. Mark “print explanation on URLA”
3. Go the Fannie Mae Additional Data form and fill out the MORNETPlus Community Lending section according to the program guidelines
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Overview
This guide provides instruction on how to enter in new subordinate financing on the 2020 URLA.
Instructions
Navigate to the Verification of Additional Loans input form and then click the paper/plus icon to add a new entry. Complete all of the applicable “Account information” on the lower half. Repeat this step as necessary, in the event there is more than one, new subordinate lien to add –
*Account type, lien position, loan amount, and amount applied to down payment are required in order for the CLTV to be updated properly and for it to affect the cash to close, AUS, and OB. The remaining fields are optional use.
Once this information is completed, the total amount of all new subordinate liens will display on the URLA Lender page in Section L on Line Item J.
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