June 1 Deadline to Use Correct LST and Reminder to Upload LST and Images through DMS
April 25, 2013
We are informing Seller Servicers that as of June 1 we will no longer accept any quotes that are submitted on the wrong Loan Submission Template (LST) for the deal’s product type and attributes.After that time, you will need to re-enter and re-upload the deal with the current LST 1.23, 1.5, or 2.1 template. We’re making you aware of this issue today to ensure that you are prepared for this change and can avoid that additional effort after June 1.
Please remember that you should now use our new LST 2.1 template for any deal with products and attributes meeting the criteria we provided to you in training. The Selecting the Correct Loan Submission Template page includes a graphic to help you quickly determine whether your deal product and attributes meet the LST 2.1 criteria. Please also note that submitting the wrong template between now and June 1 will delay the quote process.
The best way to avoid using the incorrect template is to be sure you are only downloading it from our Selecting the Correct Loan Submission Template page whenever you begin work on a new deal. This web page also contains the most recent version of our LST Tips and Tricks document, which details the most common issues when uploading or completing the LSTs.
Deals in Process
For any deals that have already received a quote using the V1.5 LST, please use the following for underwriting package submissions:
- Deals Early Rate Locked – submit the LST 1.5 with your full underwriting package.
- Deals Not Rate Locked – you may make a request to your Regional underwriter to convert the LST 1.5 to an LST 2.1 before submitting the preliminary or full underwriting package, in order to avoid a delay in obtaining a new loan number.
Reminder to Submit LST & Accompanying Images through DMS, Not OUS File Cabinet
As a result of recent Seller/Servicer feedback, we have also decided to revert back to submitting the correct LST and all accompanying documents (including images) for a preliminary or full underwriting package through the Document Management System (DMS), as you always have in the past. Effective immediately, please discontinue uploading the LST and disregard the former requirement for individual file images into the OUS File Cabinet, as you were originally instructed to do during training. We have removed all job aids pertaining to this from our website.
LST Questions and Support
If you have questions about using the correct template or uploading any accompanying documents through DMS, please contact your Regional Producer or Underwriter. If you have technical questions about using the templates, please call 866-MultiFM (866-685-8436) from 8:00 am and 8:00 pm ET Monday through Friday. For other non-critical or administrative questions, please send an email to: email@example.com.