The
Data Input and Application Submission section explains
how to input data and submit an application using the
MITAS Internet Loan Reservation System. These
instructions are made up of the following sections: Data Input Application Submission
Several
different data types are collected using the System such
as text, dollar amounts, and dates. There are no
specific rules for entering text information. Text
can be either a name or a number. When entering
dollar amounts, please do not include the dollar
($) sign. When entering a date, please include the
slashes and input it in the format of MM/DD/YYYY.
For example, 01/01/2002.
The System uses text boxes, drop-down menu, check
boxes, and radio buttons to collect the data. Each
type of data field works a little differently.
Text
Box
Collects
a small amount of information such as a name,
number or short description. Type the data
to be input in the text box. Mortgagor Name: back to top
Drop-Down
Menu
Presents
you with a list of valid choices. Click on
the down arrow to view the list of
choices. To select a choice, click on the
desired item. The System allows you to
choose only one option. State: back to top
Check
Box
Either
check or clear the check box. A checked
check box indicates the statement following the
check box is true. The income or assets of a person other than the
"Borrower" (including the Borrower's spouse) will be
used as a basis for loan qualification. back to top
Radio
Button
Presents
you with a group of options where only once
choice is allowed. Click on the desired
option within the group. A B C back to top
If
you choose New Loan Registration on the main
menu, you will be led through several screens to
complete a loan reservation. Once you have completed
a screen, click the
button to advance to the next screen.
Do not use the Internet Brower's Forward and Backward
buttons unless instructed to do so or unless no options
are provided by the System. The Next
button
will appear in the left column of the Menu under the Options
title.
Once you have completed all the data entry screens,
click the
button to submit the loan application to the
System. Once the Submit button has been
pressed, you cannot return to the any of the previous
screens unless you are given an error (you can modify an
existing loan's data until it reaches a certain status
in the loan pipeline). Special audits may be
performed at the time the loan data is submitted based
on the Housing Finance Agency's policies.
If the Housing Finance Agency offers second mortgages
with the first mortgages that are being reserved, you
have the option of reserving a second mortgage and
choosing a funding source for the second mortgage at
this time.
Additionally, an electronic data interface is
available for uploading loan information to the System
without requiring you to type everything. We
currently support the MORNET Plus® (Desktop
Underwriter®) interface from Fannie Mae®. We
support both version 2.0 and version 3.0. Please
refer to EDI for Loan Submission section for specific
instructions.
If the loan has passed the compliance restrictions,
the loan applicant is assigned a reservation number and
a Reservation Confirmation screen is
displayed. The Reservation Confirmation
screen shows the reservation loan number and loan
information.
