Entering a Best Efforts Loan Using a DU Casefile ID

Introduction

This job aid explains the steps needed to enter the details of a new best efforts loan into the Pricing & Execution – Whole Loan ®(PE – Whole Loan) application when you have an eligible Desktop Underwriter® (DU®) ID. For information on entering a loan using the "Other" Underwriting method, see the Entering a Best Efforts Loan Using "Other" Underwriting Method job aid.  

Entering Your New Commitment and Loan Details Information

Follow the steps to enter new commitment and loan details using an eligible DU Casefile ID:

1. Open the Enter New Commitment and Loan Details screen.  See Accessing the Enter New Loan Details Screen.

2. Enter the loan's DU Casefile ID and primary Borrower's SSN (Social Security Number).

3. Click Find in Desktop Underwriter.  Most of the Loan, Borrowers, and Subject Property Information fields will populate in PE – Whole Loan based on the most recent submitted DU data. You may edit certain fields in the Loan Information section prior to committing.
   
   

4. Select the appropriate product from the list of matching products that may appear based on the loan amortization term entered in DU.
   
   

5. After selecting the product name, you may edit certain loan information.

   1. Enter or edit the loan’s unique loan number or identifier in the Seller Unique ID field (e.g. lender loan number or borrower name). (This field is optional.)

   2. The Gross Note Rate, Loan Amount, Credit Score, LTV and CLTV fields will pre-populate from the data stored in DU. You may edit the Gross Note Rate or the Loan Amount at this time, or continue to scroll down the screen to review your Borrower and Subject Property information.  
      
      
      

      Reminder: If any of the loan information pulled from DU is edited prior to committing, be sure and update your information in DU before delivery.

   3. To select the Commitment Period and Commitment Expiration Date, either enter a specific number of days in the Commitment Period field, enter a date in the Commitment Expiration Date field or select a commitment expiration date from a calendar that appears after clicking in the Commitment Expiration Date field. The commitment expiration date must fall on a valid business day.  Valid business days are shaded on the calendar.  

      

   4. Select the desired remittance type from the Remittance Type drop-down list. Your options may include:
      1. Actual/Actual: A method of sending mortgage payments that requires the seller to remit only the actual interest due (if it is collected from borrowers) and the actual principal payments that it collects from borrowers.
      2. Scheduled/Scheduled: A method of sending mortgage payments that requires the seller to remit the scheduled interest due and the scheduled principal due whether or not payments are collected from borrowers. You must be approved for Scheduled/Scheduled remittance in order for this selection to be available.

   6. The data pulled from DU automatically populates the remaining Borrower and Subject Property fields. Review the information. If any of this information is incorrect, you should update the data in DU and resubmit for committing.
      
      

   Note: Pre-qualification loans are not eligible for committing. A commitment requires a specified property address in order to commit a loan for sale to Fannie Mae. Check the subject property information pulled in from DU for a valid property address prior to committing.

   7. You have two choices at the bottom of the page in order to proceed. The following buttons are available:

      1. Add To Eligible Loans - Adds this loan to your Eligible Loans Pipeline and you can commit at a later time. See Importing Eligible Loans for Best Efforts Committing job aid.
      2. Get Prices - Click Get Prices to proceed with committing the loan. The Sell Loans: Commitment Price screen opens.
         
         
   8. From the Sell Loans: Commitment Price screen, review the commitment terms and Pass-Through Rate price.
   9. If you agree to the commitment terms and price, click Accept to finalize the commitment.
      
      
      

      Note: You have 60 seconds to accept the commitment. All prices are "live" from 8:15 a.m. to 5:00 p.m. ET and may move throughout the day based on current market conditions. You may commit loans as best efforts after business hours until 10:00 p.m. ET. (Prices may vary from intraday.) If the 60-second window expires or if you click Reject, the system will return you to the Commit Loans screen.

   10. The Commitment Confirmation screen appears with information about the commitment. Click the Expand All | Collapse All links at the top of the page to view/hide all information. Click on the arrow next to each section heading to expand or collapse individual sections.
       
       
   11. The PE – Whole Loan application automatically generates an email confirmation of your transaction. An email confirmation will only be sent if an email address has been added to your contact information. For more information, see the Setting Up Your Contact Preferences job aid.
   12. To export a Commitment Confirmation screen to a comma-delimited (.csv ) file, click the Export icon at the upper right of your screen.
   13. To print the Commitment Conformation screen, click the Print icon at the upper right of your screen.
   14. To make another commitment, click the Make Another Commitment button