Correspondent Non-Delegated Workflow
6 simple steps for closing the DPA Advantage!
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 “FHA Gift Source Government Assistance”. Make sure this data also matches the 1003 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:
Have your clients fully execute:
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:
