06-06-2018 Council Packet - Laserfiche WebLink

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7 NWHP utilizes Calyx Point for our loan origination software to ensure compliance with State and Federal lending regulations for the creation of loan documents as well as pipeline management including compliance with the new TRID requirements. Calyx Point also has safeguards to securely store and manage information to avoid sensitive data being compromised as well as encrypted email communication functionality to securely send private documents to customers. Calyx Point also directly links with partner companies that provide necessary services such as credit reports, flood certifications, property title reports from title companies, and other services, as needed. This system aids with determining borrower eligibility for specific loan program using a summary analysis with calculations of debt -to- income, assets, liabilities, and property loan-to-value. Calyx Point also provides tracking of the progress of each file, disclosures for timely reporting, loan type, funding source, and volume of loans per program type within a specified time period. Closing documents and other len ding forms can be customized and integrated into the system for efficient loan processing. Loan Timeline/Process NWHP currently administers many home improvement programs for both internally funded loans as well as third party partners including the City o f St. Paul, City of Woodbury, City of North St. Paul, City of Shoreview, City of Minneapolis and Minnesota Housing. For CDBG and HOME funded loans, the process can take up to 180 days to close a loan. For non -CDBG/HOME funded home improvement loans with construction management services, loans can take up to 90 days to close. For loans without extensive construction management (including MHFA Fix-Up fund loans), they can take up to 30 days to close. The first step for a customer will be to navigate to our main web page and then to our dedicated and individually branded NeighborWorks Compass page where they will create an account by entering a handful of data points. Once a customer has created an account, they can access a number of services including applying for a home improvement loan. Customers are also asked immediately whether they provide consent to receive documents electronically. In order for a customer to apply for a home improvement loan from Little Canada, NWHP would require the initial applicable documents are uploaded into our system or submitted to our office through another avenue. NWHP lending staff will then review documents and issue the potential borrower a Loan Estimate and Intent to Proceed if they are eligible for a loan. These documents are created via Calyx Point and sent to the customer electronically unless they have not consented to this, in which case documents are mailed. NWHP lending staff would then require full documentation be submitted to determine eligibility. If a customer is deemed eligible, a conditional commitment letter (CCL) will be issued to the potential borrower at this time. The CCL will layout all specific conditions required to close on the loan. In addition, the customer will receive the loan applicatio n and FACT Act notice at this time as well and the customer is asked to review and sign all three documents. All three documents are created within Calyx Point and sent securely to the potential borrower 10