URLA updates
Description
Vocal Characteristics
Language
EnglishVoice Age
Middle Aged (35-54)Accents
North American (General)Transcript
Note: Transcripts are generated using speech recognition software and may contain errors.
Hi there. Did you know big changes are coming to the uniformed residential loan application or early in January 2021? If not, no need to worry. I'm here to help you learn all about it. Welcome to your introduction toe Early updates in this video. We'll give you a sneak peek at the upcoming changes in the new additions to lend a part of the redesigned early, starting with the forms tab. When you open up alone after this update, you'll see that the 10 or through documents have been replaced by the now titled Early Lender and Early Parts one through four. So now we could see the full earlier lender form, which will show a lot of the same information found in earlier parts one through four. Starting at the top is a section for the lender to fill out. Then comes to property and loan information, which will house the subject property information, including such things as the Community Property State, which will determine whether the property resides in a community property state. This section will check itself based on business rules, the project type, whether it is a condo coop as well as I dropped down for the property and project design types, the loan purpose section and a section for whether the property will be a primary secondary investment or an F H a secondary residence. Next is the energy improvement section than a larger section for the purpose of refinance if applicable. And a few other sections that may not be used as much depends on the loan type moving down the title information section, which will largely look the same as it did previously. Next is the Mortgage Loan Information section, which should look familiar. Besides this box under the terms of loan, where you'll find a purchase price box which used to be found in the tunnel three page one, but is now here on the early lender page. Below the terms of loan section is the proposed monthly payment for property section fully laid out, which we confined from the paper and pencil icon in the earlier part. One page. Everything is accessible from these icons, including the hazard insurance, mortgage insurance and property taxes. Moving down past a few other sections, we will come to the Total Credit section, which is where you will find the section M piece before. On the 10 03 pastry, it was Section L, where you would enter things like lender credits, seller credits and escort refunds. You can now find all of this in Section M on the earlier lender. Page after that is a calculation section, which will house the total due from the borrower and cash from slash to the borrower, which is a little different from what we're used to. But just remember that the cash to close is found in the early lender. Finally, at the bottom of the information regarding homeownership, education and housing counseling, we hope this preview helps you make note of some of the biggest changes in new sections going to effect into the lender section of the redesign early. Thanks for watching be on the lookout for more early update videos coming your way and keep your eye out For more information on the upcoming early updates, training and painting people learning this training will prepare you for a smooth transition to using the new Earl and provide much more detailed information regarding the big and small changes to the uniformed residential loan application. See you next time