What is EarlyCheck?
EarlyCheck is an automated engine which identifies data discrepancies between our Loan Origination System (Mortgage Machine) and the DU Findings.
What loans should EarlyCheck be used for?
All Conventional Loans; this will be a REQUIREMENT on all CONV loans, effective Monday, November 28th, 2016.
What is the cost?
There is no cost associated with using EarlyCheck, regardless of the number of submissions.
How do we acess EarlyCheck?
- Through an interface in Mortgage Machine.
- Open Loan > Purple Tool Bar > Interfaces > EarlyCheck > Fannie Mae 3.2 Radio Butten > Submit
- Note: An edit status that returns a fatal message simply means there is a data discrepancy.
What is Mid America Mortgage, Inc.'s Policy on utilizing EarlyCheck?
- Branch level – Once all data is in Mortgage Machine run DU, then run EarlyCheck, resolve any errors, run final DU and EarlyCheck prior to submission to UW (NOTE: All errors should be resolved prior to submission to UW).
- Loan Coordinator/Underwriting – LC will run EarlyCheck at initial review; any resulting errors will be returned to the branch and the order will be invalidated (there will be a 2-3 week grace period for everyone to get comfortable with the system); UW will run EarlyCheck after their final DU run – this run should be clear of errors.
- Closing – Closers will run EarlyCheck after their updates for closing are complete in Mortgage Machine; resulting errors will go back to UW and/or the Branch – closing docs will not be released until all errors are resolved/cleared.