NEW BUYER’S GIFT APPLICATION
This is where you actually request the gift funds for your borrowers. We have the simplest application in the industry. You fill out all of the basic information that you normally would, but our system "remembers" all of your previously entered business partners. If you are a loan officer, it remembers all of your previously entered processors, and vice versa if you are a loan processor. It also remembers all of your previously entered builders and settlement companies. Then for each settlement company, it remembers all of the escrow/closing officers, their assistants and the wiring instructions.
IMPORTANT: Please be cautious when entering the settlement office wiring instructions. Incorrect wiring instructions may delay your funding. Also, the first time you use a settlement office that uses two banks in their wiring instructions, you’ll have to fax a copy of those wiring instructions to 1.410.480.4375 before we will approve the application.
Once you’ve completed the application, you will have the option to:
- Preview Application For Accuracy
- Submit Application And Print Copy
- Save For Now But Do Not Submit
- Cancel Application
PREVIEW APPLICATION
This is next step we suggest you take. In this screen, please look over the application for any inaccuracies or typographical errors. Then you’ll have the option to 1) go back and make corrections, 2) submit and printout a copy or 3) cancel the application.
SUBMIT APPLICATION AND PRINT COPY
If you are sure there are no mistakes on the application, then this is usually the next step you will take. This simultaneously submits the application and begins to print a copy for your records.
SAVE FOR NOW, BUT DO NOT SUBMIT
You would choose this option if you began filling out the application but realized that you did not have all of the information you needed to complete it. This would save the application for you and then when you’re ready, you can log in and go back to it at a later time. Unsubmitted applications will only be kept in the system for 15 days.
CANCEL APPLICATION
This cancels the application. Be sure you really want to do this before you make this choice because you will lose all information inputted into the application up to that point.
When entering your first application or an application with all new business partners, the process should take 3-5 minutes to complete. Once you’ve entered a few applications and the system has many of your business partners stored, that average application should take less than 1 minute to complete!
Once you submit the application, you will receive an e-mail or fax (depending on your preference) approving the gift in an hour or less. This is an actual approval, not just confirmation that you’ve submitted the application.
The e-mail or fax that you receive will include an approved copy of a pre-filled Gift Letter and Seller Enrollment Form. It is your responsibility to have the buyer(s) and seller(s) sign the Gift Letter and Seller Enrollment Form, respectively. Do not submit these signed forms to us. Keep these forms in your loan file. If we ever need them in the future, we reserve the right to request them.
We’ll then wire the gift funds 24-48 hours before the closing takes place.
That's it, easy and efficient!
APPLICATIONS IN PROCESS
This is where you can access all of your submitted and unsubmitted applications. This screen allows you to view, print out and request changes and cancellations to your submitted applications. It also allows you to complete any unsubmitted applications. All unsubmitted, cancelled or closed applications will only be kept in the system for 15 days.
AMENDMENTS (making a change to a previously submitted application)
From the Applications in Process screen, click on the "Amend" link for the application you want to change. This creates an e-mail. In the body of the e-mail, detail the change that needs to be made. Within an hour, you’ll receive a faxed or e-mailed (depending on your chosen preference) amended approval.
CANCELLATIONS (canceling a previously submitted application)
From the Applications in Process screen, click on the "Amend" link for the application you want to cancel. This creates and e-mail. In the body of the e-mail, briefly state the reason for the cancellation. If there are no outstanding gift funds, the application will be cancelled within an hour. If there are outstanding gift funds, then the application will be cancelled once the funds have been returned by the Settlement Office. If you are aware that there are outstanding gift funds, please call the Settlement Office and request that they return the funds.
If you have any additional questions, please visit our Frequently Asked Questions section.
