Supported Features
The following ComplianceOne mortgage transaction features are supported or planned for future support.
Note:
* Refinance as represented is the payoff of an existing real property loan and the
consummation of a new loan.
Refinance as represented is not the modification/renewal of an existing mortgage loan
|
Supported Flexibilities Within Transactions |
Available 01/19/18 | Target Available |
|---|---|---|
| Channel Sources | ||
| Banks | X | |
| Credit Unions | X | |
| Mortgage Types | ||
| In-house Loans [Portfolio] | X | |
| In-House Construction Loans [Two-Phase Loan] | Single Fixed Rate or Const: Fixed Rate, Perm Variable Rat | |
| In-House Construction Only Loans | X Fixed or Variable Rate | |
| In-House Refinances* | X | |
| In-House Second Mortgages | X | |
|
In-House Bridge Loans [12 or less months, closed-end, I/O with Balloon] |
X | |
Fannie Mae Fixed Rate Loans
|
X | |
Fannie Mae Variable Rate Loans
|
X | |
Freddie Mac Fixed Rate Loans
|
X | |
Freddie Mac Variable Rate Loans
|
X | |
FHA Section 203(b) Fixed Rate Loans
|
X | |
FHA Section 251 Variable Rate Loans
|
||
| FHA Section 203(k) Fixed Rate Rehab Loans | ||
| USDA Section 502 Rural Housing Loans Support of Initial and Annual Fee Calculations – not USDA specific documents | X | |
| Veterans Administration [VA] Guaranteed Loans | ||
| Parties to the Transaction | ||
| Borrower, Individual, Owner Occupied | X | |
| Borrower, Individual, Owner Non-Occupied | X | |
| Borrower, Intervivos (Living) Trusts | X | |
| Borrower, Sole Proprietorship | X | |
| Borrower, LLC [Support mortgage lending to foreign nationals] | ||
| Co-signers | X | |
| Guarantor [Individual or Trust] | X | |
| Illinois Land Trusts | X | |
| Seller | X | |
| Power of Attorney Signatures | X | |
| Payment Information | ||
| Interest Rate Type: | ||
| Fixed Rate | X | |
| Adjustable Rate Including index, adjustment periods, conversion options, assumption options, and caps | X | |
| ARM–Initial Rate | Equal to the Market Rate Premium Discount Specific Value |
|
| ARM–Ceiling Definition | Specific Value |
Relative to Initial Rate Relative to Market Rate |
| ARM–Floor Definition | Specific Value None |
Relative to Initial Rate Relative to Market Rate |
| ARM-Rate Change Information | Single Periodic Cap | Multiple Periodic Caps |
| Repayment Method: | ||
| Installment without Balloon [fully amortized payments] | X | |
| Installment with Amortized Balloon [In-House loans only] | X | |
| Installment with Amortized Balloon [Permanent Phase of Construction/Perm] | Reference Section 3 for additional information | |
| Installment with Balloon [In-House loans only] | X | |
| Interest Only [In-House Construction Phase only, Fixed Rate] | X | |
| Interest Only [In-House only, Fixed or Variable Rate] | X | |
| Payment Frequency: | ||
| Biweekly [aka FNMA Biweekly] | Reference Section 3 for additional information | |
| Every Other Week [aka Biweekly] | X | |
| Monthly | X | |
| Quarterly | X | |
| Single Payment |
Fixed Rate Non-Construction Variable Rate Non-Construction |
Construction |
| Annually | X | |
| Accrual Method: | X | |
| 30/360 | X | |
| Actual/365 | X | |
| Actual/360 | X | |
| Actual/Actual | X | |
| Indexes: | ||
| 1 Year Treasury Bill (CMT) | X | |
| 3 Year Treasury Bill (CMT) [In-House only] | X | |
| 5 Year Treasury Bill (CMT) [In-House only] | X | |
| 10 Year Treasury Bill (CMT) [In-House only] | X | |
| 26 T-Bill Rate [In-House only] | X | |
| 6M Wall Street Journal (WSJ) LIBOR [In-House only] | X | |
| 1 Year Wall Street Journal (WSJ) LIBOR | X | |
| 11th Dist. FHLB Cost of Funds (COF) [In-House only] | X | |
| JP Morgan Chase Bank Prime Rate [In-House only] | X | |
| National Avg. Contract Rate [In-House only] | X | |
| Wall Street Journal Prime [In-House only] | X | |
| Loan Features | ||
| Applications – Fannie Mae 1003/Freddie Mac 65 ; WKFS Proprietary Application | X | |
| ARM Disclosure - Simplified, in transaction documents | X | |
| ARM Disclosure - 15 Year Index | TBD | |
| ARM Disclosure - Combined, within transaction set of documents | ||
| Assignments | X | |
| Assumable Loans | X | |
| Barcodes in Taglines of Documents | Reference Section 3 for additional information | |
| Buy downs – Permanent (via Loan Discount) | X | |
| Commitment Letters | X | |
| Custom Documents via Professional Services, including Lender specific Privacy Document | X | |
| Demand | X | |
|
Early/Upfront Disclosures TRID – Loan Estimate |
X | |
| Escrows | X | |
| Export HMDA data to a Pipe Delimited File | X | |
| FHA Mortgage Insurance Premiums (MIP) and UMIP | X | |
| High Cost Mortgages [In-House only] | X | |
| High Priced Mortgages [In-House only] | X | |
| HMDA LAR Preview Report | X | |
| Homeownership Counseling List/Document | X | |
| Late Charges | X | |
| Imaging – support for downstream imaging workflows | ||
| Lien Position – Second or Junior [In-House only] | X | |
| Loan Amount Greater Than Sales Price/Appraised Value | X | |
| Loan Ratios: LTV, DTI, HTI | X | |
| Loan Renewals | Reference Section 3 for additional information | |
|
MERS - Mortgage Electronic Registration Support MERS language within existing documents |
X | X |
| MERS – Algorithm to support creation of the number | X | |
| Modifications | X | |
| NMLS Numbers - Organizations, Originators | X | |
| Origination Fees | X | |
| Private Mortgage Insurance [Installment loans without balloon payment] | X | |
| Rate Lock Agreement | X | |
| Secure exchange of documents and manage delivery/receipt requirements to Parties via WK E-Sign solution add-on | X | |
| Templates [Standard Product Features] Within Administration, ability to pre-configure Fees, Fee Policies, and associate to a Template for use at transaction time | X | |
| Templates [Standard Product Features] Ability to pre-configure field level attributes | X | |
| Collateral Categories and Types | ||
| Real Estate or Residence: | ||
| 1-4 Family Dwelling | X | |
| Manufactured Home Permanently Attached to Real Estate | X | |
| Condominium | X | |
| Town home (PUD) | X | |
| Raw Land | X | |
| 2-4 Family Dwelling | X | |
| Mobile Home (Personal Property/Residence) Note: Documented with Raw Land | X | |
| Consumer Purpose Loans with collateral types of: Multi-Family Dwelling (5+) | Reference Section 3 for additional information | |
| Consumer Purpose Loans with collateral types of: Non-Residential Real Property | X | |
| Additional Collateral: | ||
| UCC Collateral – Equipment generally; Fixtures; General Intangibles | Reference Section 3 for additional information | |
| Financial Assets/Possessory – Bond; C.D./Share Certificate; Deposit/Share Accounts; Life Insurance Policy; Mutual Funds, Securities | Reference Section 3 for additional information | |
| Titled Motor Vehicle | Reference Section 3 for additional information |