What's New 2020

• The Title column has been added to the Property section. Specify is the default entry in the column. Select Specify to open a dialog box and complete the following information: Title Will Be Held in What Name(s), Use Collateral Owners, Describe How Title Will Be Held and Description, and Estate Will be Held in. After saving the entered information, Specify changes to View. Select View to make changes. This information will print to the Fannie Mae 1003 Freddie Mac 65 Universal Residential Loan Application or Credit Application Real Estate documents.

• Previously, the Present Housing Expenses section did not populate when a party was added to a transaction created from a template. This issue has been resolved, and the Present Housing Expenses section will include the data.

• In preparation for the Revised URLA effective in 2021, the Parties page has been updated to include Country and Unit # in the Employer Information section for both borrowers and cosigners. These fields are applicable for current, additional, and previous employment types on the new URLA.

• The Property Type field in Real Estate Owned section was converted to a drop-down list with additional values to accommodate Desktop Underwriter and Loan Product Advisor requirements. If the real estate owned collateral is tied to a collateral item, a value will be defaulted when applicable. These values will print to the Fannie Mae 1003 or the UCA-RE.

• In a future release, when Parallel Signing is selected and more than one recipient is selected, Absolute Expiration Date and the grid displaying Package Type, Description, and Default Business…/Abs Exp. Date… will not display. This information is not used for parallel signing. Until Absolute Expiration Date is removed, ignore this section when sending a package using parallel signing, and your package will not expire to paper.

• Verify Smart Consent prior to sending a Parallel Signing package: To avoid violating ESign/UETA rules, your financial institution should monitor each party's consent prior to sending to the parallel signed package to WK E-Sign. Prior to sending a package in WK E-Sign, confirm that each recipient has selected Smart Consent.
  To confirm that each recipient has used Smart Consent before sending a package to WK E-Sign:

  • An Administration user should log into Group Administration.
  • Under Support, enter an email address under Find. After finding the user, their profile will show their consent status. You can also search for the user on the Home page. After selecting the user, their consent status will display.

    

• In Administration on the Indexes tab, information entered in the Source field for a user-defined index will populate the Adjustable Rate Mortgage Disclosure Conventional, and Adjustable Rate Mortgage Program Disclosure when the user-defined index is selected in Calculations.

• Previously, loan originator information was manually entered on the Document Data page. Now, the information entered in the Title, Email, and License ID fields when setting up a Loan Officer on the Contacts tab in Administration will automatically populate on documents including this information.

• New functionality has been added that allows for a parallel signing experience when there are multiple parties that need to sign a package. This new functionality allows each party to sign and merge their signatures onto a single PDF if they have e-consented prior to sending the WK E-Sign package. It is very important that your financial institution monitors the consenting of each party prior to sending to WK E-Sign in order to not violate ESIGN/UETA rules.

  To use the new Parallel Signing feature, you will need your WK E-Sign Administrator to contact your WK E-Sign Support Specialist at esignsupport@wolterskuwer.com to verify your institution's WK E-Sign account is set up for Parallel Signing. Your WK E-Sign configuration will need to be set to Smart Consent. Within the transaction, you will see a new option for Parallel Signing under Fulfillment Options when using Interactive Signing. When Parallel Signing this is selected and a package has more than one signer, their signatures will be merged onto a single PDF(s) after both/all parties have signed.

• When Package Level Consent is set up in your WK E-Sign configuration, you will notice Additional Authentication Required is now always selected and locked down for Electronic Delivery. You no longer need to remember to select this option. If your institution is set up for Smart Consent, Additional Authentication Required will still be optional.

• There were circumstances where on a Modification, when a collateral was set to “released”, the system was giving a user not authorized error. This has now been resolved.

• When Account Number was blank for an Asset, Liability or Source of Funds on the Financial Analysis page, NULL displayed when using Internet Explorer or Edge browsers. This issues has been resolved.

• For Fannie Mae loans when the collateral is Condo and Freddie Mac loans when the collateral is PUD, the Property is not located in a project was changed to Property is located in a project and will display as selected on the Add Property view. The change enable successful submissions to Loan Product Advisor and Desktop Underwriter.

• IMPORTANT: If you are configured for Package Level Consent within WK E-Sign (ie. Additional Authentication Required is always checked and locked when sending a package), you will need to manually check the Additional Authentication Required checkbox until a future release. If you have additional questions on your WK E-Sign consent status, contact Wolters Kluwer E-Sign Support at 1-800-529-1582, Option 2.

In addition, an issue that began with the June release was resolved. In the previous release, the Fannie Mae 1003 Freddie Mac 65 Universal Residential Loan Application was not selected for non-HMDA transactions when Demographic Information Collected Separately was selected in the Document Data. This document will now display in the document list when Demographic Information Collected Separately is selected.

Please note that these forbearance documents should be used for in-house mortgages ONLY, and they are not designed to be used for federally- backed mortgage loans. The Plan is simply the first step in the process where you are agreeing to forbear a certain number of payments. The Extension is to be used to extend the forbearance, if needed, and the Deferral Agreement will be used to detail the effect on payments at the end of the forbearance.

We’ve designed these documents to not require transaction data to complete. You can complete data entry in these documents in Document Data. If you recall your first COVID transaction where you completed a Forbearance Plan, the data will be reused where applicable on the two new documents.

To use these new documents, either recall an existing transaction or start a new transaction, go to the Closing phase, and select Post Closing package. Under Transaction Data, the COVID-19 Emergency Suspended Payment Forbearance Plan Extension and COVID-19 Emergency Payment Deferral Agreement options will display. Select the applicable option and complete the document.

We’ve designed this document to not require transaction data to complete and you can completely fill out this document in Document Data. To use this new document, you are able to either recall an existing transaction or start a new transaction, go to the closing phase, and select Post Closing package. Under Transaction Data, the COVID-19 Emergency Suspended Payment Forbearance Plan option will display. Select this option and complete the document.