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True Experiences of a Loan Officer
Valerie Rich, a loan officer with National Wholesale Mortgage in Apache Junction, Arizona, has been in the mortgage business since "carbon paper and typewriters." So she knows a lot about file storage and what it's like to lose a file... or two. Several years and jobs ago, Valerie and her colleagues were searching frantically, over five days, for three particular loan files. Guess where they ultimately found them? In the trunk of Valerie's car! She has never been able to live down that story.
But it gets worse. At another company, Valerie explained that all files were routinely sent by air carrier to the main office for storage, which was out of state. One morning, they found out that the airplane had crashed. "All that was ever retrieved from our shipment were a few of the loan documents, with tire skid marks across them," Valerie said.
With Trio, eMagic's electronic archiving system, no paper files ever leave the office! For sharing her true experiences, Valerie received a basket of eMagic goodies. For more information on Trio, click here.
Editor: Gretchen Theisen
Designer: Heidi Roberts
We welcome your ideas! feedback@emagic.com
New vendors, new documents
Two new stand-alone credit providers have joined the eMagic platform: Kroll Factual Data and CBCInnovis, Inc. These additional vendors expand the services and options available to you through eMagic. Click here to learn more about these credit providers. Or, contact Kroll Factual Data at 800.929.3400 and CBCInnovis, Inc. at 866.771.7275.
And speaking of expanding, the Good Faith Estimate (GFE) and Truth-in-Lending (TIL) documents are now exclusively available on eMagic.com. The data from the Loan Application will conveniently populate the corresponding fields in the GFE and TIL. And for Trio users, the GFE and TIL can be added to the Trio folder directly from the Trio Actions menu.
Fannie Mae Updates
The Community Home Buyer Program, Fannie 3/2 and Fannie 97 have been discontinued as Fannie Mae community lending products. Any file that has been submitted with one of these discontinued lending products will be automatically updated to reflect MyCommunityMortgage upon resubmission.
DU Express has discontinued supporting ARM plans 1315, 1317, 1318 and 1319. When a file that contains one of these discontinued plans is resubmitted or uploaded, the ARM Plan drop-down field will appear blank. A new ARM plan should be selected.
Within DU Express, a new field is required when ordering DU Community Seconds: you must choose a Community Seconds Repayment Structure type.
Clearing up Credit Confusion
When ordering credit through DU Express upon resubmission, there are two ways to go: "Use Existing" or "Order New/Reissue." Ask the following questions to get headed in the right direction:
- Does eMagic already have the report in the system? If yes, then select "Use Existing."
- Does eMagic need to retrieve the credit report from the agency? If yes, then select "Order New/Reissue."
Credit reports ordered new will automatically be added to the Trio folder.
Know a Thing or Two About Security?
Identity theft. Fraud. Sharing passwords. There are many opportunities in the workplace for security to be compromised! Provide us with YOUR tips on how you use security in your shop to protect consumer and company data.
Fax your response to 414-347-6464 by Friday, August 17th to be entered into a random drawing for another exciting eMagic prize package.
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News & Views
News & Views is a monthly publication of eMagic, an MGIC company. This newsletter is designed to keep you informed of eMagic technology platform enhancements and mortgage industry news that you can use.
eMagic®, and Everything. Made simple.™ are trademarks of eMagic.com, LLC, an MGIC company. DO Express is a service accessing Desktop Originator®, a registered trademark of Fannie Mae. DU Express is a service accessing Desktop Underwriter®, a registered trademark of Fannie Mae. LP.com and LP Express are services accessing Loan Prospector®, a registered trademark of Freddie Mac.