Effective July 30th, 2009, new HERA regulations incorporated the Mortgage Disclosure Improvement Act (MDIA), which amends the Truth In Lending Act requirements for early and final disclosure to homebuyers. MDIA defines when specific fees related to the loan can be charged to the borrower – and - requires a specific number of days to lapse after borrower receipt of the TIL before the borrower can close (execution of loan docs).
MetLife Home Loans (MLHL) is taking a pro-active approach and accepting skinny packages in lieu of full loan packages in order to get the required disclosures out to the borrower as quickly as possible. Below is our easy 5 Step Process of submitting your loans to MetLife Home Loans. If you have questions please feel free to contact your local Account Executive. Thanks!
Please Note: You cannot place the appraisal order or ask for payment of the appraisal (or obtain any other payment info) besides the credit report fee from the borrower until after the 4 day waiting period is over or MetLife receives signed TIL from all borrowers on title or co-signers. This includes all accommodating mortgagors ..
5 Easy Steps to Submitting your Loans to MetLife Hawaii
**Effective July 30th 2009 (in accordance with MDIA) **
Step 1: Enter your Loan information into Pronto- (Please contact your AE with any questions regarding Pronto)
Step 2: Fax over your Skinny Packet to the designated MetLife Wholesale Fax: 808-550-4295
SKINNY FILE =
1. MetLife Fax Cover Sheet-checklist (see attached)
2. Pronto Submission Form- Printed from Pronto with MetLife Loan #
3. Submission Form and Broker Contact Info Sheet (see attached)
4. INITIAL 1003 and Typed 1003
5. 1008
6. DU and Credit Report (having accurate verified information in the DO
7 GFE --(Must be accurate as possible)
8 TIL
9 Signed Borrower's Authorization
PLEASE NOTE: IF ANY OF THE ITEMS ABOVE ARE MISSING-FILE CANNOT BE DISCLOSED
Step 3: We are accepting the skinny packet in lieu of the full file so we can help expedite the process.
Once we receive this packet we (at MetLife) can send out the disclosures.**
MetLife must wait the 4 day required waiting period unless we receive the signed TIL (by all
borrowers) faxed back to 808-550-4295.
If MetLife receives the signed TIL with borrowers signature you can order your
appraisal soon after. Otherwise we have to wait the 4 days before you can order your appraisal.
**MetLife must receive skinny packet before 3:00pm to send out disclosures same day.
Step 4: Order appraisal thru Pronto:
Please Note: You cannot place the appraisal order or ask for payment of the appraisal
from the borrower until after the 4 day waiting period is over or MetLife receives signed TIL
from all borrowers.
Step 5: Submit your complete loan package to the MetLife Home Loans Local Office:
Purchases:
Broker submits complete package to MetLife office in a METLIFE FOLDER
(For purchases as long as HVCC appraisal has been ordered, you can submit without appraisal).
Refinances:
Must wait until HVCC Appraisal comes in before submitting complete file to MetLife.
You will get an e-mail from Susan or Makaio at MetLife that the HVCC appraisal is in and to
send the complete loan file in a METLIFE FOLDER.
Please let us know if you have any questions regarding any of the 5 steps; your AE is standing
by to answer any questions you may have .
Nadia
Nadia Assaf
Wholesale Branch Manager
MetLife Home Loans
MetLife Home Loans requires MDIA compliancy. If appraisal fees, or any other fees are collected earlier than allowed by MDIA – or – if the appraisal is ordered earlier than allowed by MDIA, MetLife Home Loans will:
1) not fund the loan –or-
2) require full fee reimbursement to the borrower for the amount collected – and - the refunded fee cannot be collected from the borrower at a later date/time.
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