TCF Broker Loan Instructions – updated 10/14/15
Here are the stages the loans will go through:
1. The 2nd mortgage is set up in Mortgage Builder by the Loan officer once they make the decision to sell the
program as a 1st and 2nd combo
a. Click on Copy Loan
b. Choose 2nd from a First
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d. If a message pops up for a new loan number – leave blank, the system will generate the new loan
number sequentially
In the 2nd mortgage file in Mortgage Builder – update the following:
a. Choose CC Template – HELOC
b. Loan Program – HELOC
c. Loan amount – Line amount is fine
d. Term – 360 (10 year draw with 20 year repayment term is 30 years total term)
e. Interest Rate 5.24% when CLTV is 80.01% to 89.99% and 4.74% when CLTV is 80% and below (If Prime
rate changes, these rates will change – LTV 80.01 to 89.99 Prime + 1.99, CTLV below 80% is Prime + 1.49)
f. Remove the Title insurance from the GFE (even though you don’t send the GFE to the borrower on a
HELOC, the fees will prefill in fairly accurately so you know what amount the borrower will be charged &
you can add to your 1st Mtg GFE , if not sent yet)
RESPA on the 2nd mortgage is put on Compliance calendar, specify that this is a HELOC 2nd with TCF
Compliance will send to the borrower only the HELOC Brochure (attached), the Command Credit Disclosure
(attached) & the Notice & Authorization (attached) & attach to the 2nd mortgage file Image Cabinet
We ask the borrower to sign the Command Credit Disclosure & Notice & Authorization required by the investor
Once you have the signed documents, the Processor completes the submission form & TCF worksheet
(attached)
HOI – must have our LPC and TCF LPC as the 2nd Mortgage: TCF National Bank, ISAOA 800 Burr Ridge Parkway,
Burr Ridge, IL 60527
TITLE COMMITMENT – must show both our 1st mortgage loan amount and list the Second Mortgage to TCF
Bank in the amount of $__________________.
The Processor submits these completed forms and all required documents on the checklist to TCF at
RLUeast@tcfbank.com
There is a “TCF HELOC” delivery set up in VIrpack. It’s listed as TCF BANK and will pull the docs they need.
TCF sends their own disclosures again to the borrower
TCF underwrites the file
Underwriting at Equity Resources underwrites the 1st mortgage here and stips for copy of 2nd mortgage closed
loans documents as a closing condition
TCF will give us an approval with a list of required documents, TCF will use our appraisal and this will be on their
list of documents
TCF issues final approval and sends us a Mtg Broker Svcs disclosure that the LO is required to sign
TCF submits the closing documents to the title company
Processor needs to email the Rate Lock desk to lock the loan in MB – ask them to enter price of 100.00 – 30 day
lock
18. Rate lock desk completes the following in MB - on the rate lock confirmation screen: Lock date, Term of lock,
Lock expiration, Retail price and investor price – make all 100 (the fee will come through from the GFE to the
total commissions on the loan), Investor name, Investor loan number, Confirm
19. Processor enters a closing and disbursement date in the 2nd mortgage file like they do the 1st mortgage file
20. When the loan appears in the closing queue, the Closer completes the Closing package sent date
21. Our title company closes our 1st mortgage and this 2nd mortgage. No fees to Equity Resources appear on the
HUD1 for the 2nd mortgage HELOC
22. We require a copy of the 2nd mortgage closed loans documents and we will request these from the Title
company when we send 1st mortgage docs
23. Closer uploads the copy of the 2nd mortgage closed loans documents to Blueprint for the 1st mtg file & to the
Image cabinet on the 2nd mortgage file.
24. Closer completes the following:
a. Closing package rec’d date
b. Date shipped - can put whatever date in here. This needs complete so the loan does not appear on a
closing department report for loans not shipped.
c. Post Closer – using the drop down choose BRO for Broker loan
d. Shipper Name – BRO
e. NAST sent date – Enter the NAST sent Date in 2nd mortgage HELOC in MB. Even though we are not
actually sending NAST for the 2nd as it is not required.
25. TCF sends us a check 45 to 60 days after closing a min $250 to $750 depending on max line amount. This does
not appear on the HUD1 settlement statement and Cindi does the below steps
26. We pay LO Comp of $250 per 2nd mortgage closed – a new agreement needs signed by the LO prior to their first
HELOC piggyback loan
27. Cindi completes the final steps:
 Attach the check to the Image Cabinet in MB and add the amount of the broker portion of the origination fee to
the Post Closing – Draft/Wire – Add Screen. Line 803 from HUD1.
Our reports are not set up to calculate correctly fees received on broker loans, so this number needs edited in
order to make the figure on the closing reports accurate to what we actually received.
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Make sure GFE fees appear exactly the same as the HUD1 and change.
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Complete the following in the Investor Reconciliation Screen:
Investor Fund date
Payment Status – all payments rec’d
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Go to Post Closing – Final Docs – Individual Tracking
a. Enter both the Mortgage and Title Policy dates for rec’d and shipped
b. Put a note in saying that we did not receive just entered dates to remove from reports
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Give funding to Kelly to review