Ensure eSigning Order with airSlate SignNow

Ensure esigning order

hi guys it's greg here how are you hey I wanted to take a few minutes on a video here to show you the proper way to use encompass to order mortgage insurance in this case I'm going to start with borrower paid monthly which is the most common type of mortgage insurance that we order here so what I'm going to do is I'm going to take a loan here that has to be a conventional loan with 95 LTV or five percent down so in order to use the system properly to get your mortgage insurance I want you to run down to the order mortgage insurance tab in the services area and click on it what will happen is this will bring you to the list of providers that we use for our mortgage insurance the key here is that we're using the encompass system to go out to these providers to get the proper premiums and have them populate within the encompass loan itself so to ensure that you have the proper premium at all times in your file so you're not under disclosing your over disclosure your mi which some of you have seen it can be problematic so in this case I'm going to go to Radian and i'm going to pick radian as my mortgage insurance provider and i hit the submit button what will happen is encompass will go out to the radian website and provide me with an input screen that i can use to input the information and select the types of mortgage insurance that are available through rating in this case i have a thirty percent coverage mortgage which what that means is that at a ninety five percent loan-to-value the coverage percentage used for mortgage insurance is typically thirty percent coverage but what you should do when you are going through your loan application is look at your findings from LP or D you and verify that LP and D you are asking for the same coverage sometimes they can ask for lesser coverage but just validate your coverage percentages when you're ordering your mi so in this case again I have thirty percent bar paid monthly non-refundable I have an eligible accept mortgage and it's a retail loan I'm going to hit rate quote and what's going to happen is this goes out to the radian website and pulls in the proper rate quote for a 95 LTV loan with this borrower's credit score in this case I have a 77 40 or higher borrower so just hang in it will come and it'll say thank you for choosing radiant new files were downloaded rate quote you hit OK and you'll see a screen you'll see that there's two premiums here at my first rate at point five four and then a second rate of point 20 and I'll explain that to you a little bit later on so what I want you to do now is hit the import feed button and this will now drag the proper mortgage insurance premium fees back into your loan so I hit OK I close this window and now what I'm going to do just to make sure everything is in here properly is I'm going to go to page two of my 1003 where we normally look at mi i'm going to go up to the mortgage insurance pencil tab i'm going to click on that tab and i want you to pay close attention to this area when you are doing mortgage insurance regardless of the term of the loan the down payment of the loan etc and it's you're doing a monthly premium the premium that you and I usually use and use to qualify a borrower is only in effect for the first 10 years of the mortgage so in this case I have a point 5 for premium that's going to be an effect on this loan for 120 months what happens is after 120 months the calculation for the mortgage insurance goes down and in every case on a borrower monthly mortgage you're going to find that the premium is at Point 2 for the remaining term of the loan so in this case the first 10 years here i have 0 point 5 4 for the next 20 years it's going to be at 0 point 20 now if this was a 15-year mortgage you'd have 10 years at the premium and the next five years would be a point 20 what I what I the reason I'm pointing that out to you is I want you to make sure that you're not putting 360 into this box or you're leaving this box blank because what that will do is it will will miss calculate your APR and caused you to have redisclosure issues as you're going to the closing table so pay close attention to the mi box using compass to order your mi to make sure you have accurate information and you'll find that you're a PRS and disclosures will come out come out the best for your client and the most accurate thanks a lot