Broker and Table Funded Workflow

Step 1:

Review the Application Submission Checklist

Step 2:

Using 2% or 3.5% of the purchase price, calculate the amount of the down payment assistance your client will be receiving. When running AUS, please ensure that you enter the 2% (or 3.5%) grant you just calculated as “Grant Source State Agency, Not Deposited”.  Make sure this data also matches the Uniform Residential Loan Application (URLA) and that you receive an approve eligible AUS finding ( NOTE:  Maximum DTI is 48.99 ).

Step 3:

Register and/or lock the loan in AFR Loan Center and complete all mandatory fields. (Reminder: Initial Loan Estimate $100 Counseling Fee must be included and shown as services you can shop for.)

Step 4:

Brokered Loans – AFR will send to the Borrower(s) the following disclosures for execution at time of lender disclosure.

• The DPA Program Disclosure
• The Down Payment Assistance Grant Letter
• The Advantage Application

Table Funded – AFR will generate and provide the following disclosure to the client at time of loan approval.

• The DPA Program Disclosure
• The Down Payment Assistance Grant Letter
• The Advantage Application

Step 5:

Obtain Homebuyer Counseling Certificate. (See Application Submission Checklist)

Step 6:

No less than 3 business days prior to the closing date the grant wire must be requested to be sent to the closing agent. AFR will confirm that you meet the program parameters and will authorize the Governmental Entity to wire the grant funds to the closing agent when the file is Clear to Close. Loan Feed activities and Loan Details will be added to the loan in AFR Loan Center when the funds are requested from the Governmental Entity and when the funds are sent.

AFR Loan Center – Loan Details Example: