Notice of Incompleteness (NOI) Procedures – Branch
Important Date Fields for the Notice of Incompleteness: ECOA and NOI dates are housed in Request Adverse Action/ECOA Information section found on both the Borrower PreQual and Processor Summary Screens.
- The RESPA App Date is automatically populated when the 6 pieces of information (Address, Loan Amount, Income, Est. Value, Borrower Name, Social Security #) are entered.
- The ECOA App Date is automatically populated when the RESPA App Date is entered and Credit is pulled.
- The NOI Requested Date is entered by the Processor after the items needed to complete the credit application have been added to the Preliminary Conditions.
- The NOI Issue Date is entered by the Pipeline Manager after the NOI has been sent to the borrower.
- The NOI Expiration Date is automatically populated after the NOI Issue Date is entered. (The date is the NOI Issue Date + 30 Days.)
- The Open NOI Conditions date is automatically populated with the number of preliminary conditions that are open and not fulfilled. Note, a processor cannot submit a loan to underwriting with any outstanding NOI/Preliminary Conditions.
- The NOI Completed Application Date is automatically populated on the date that the last open condition is marked as fulfilled. This date designates that the credit application is now deemed complete and that there is sufficient documentation and information to make a credit decision.
- The ECOA Decision Due Date is automatically populated with the ECOA App Date + 30 Days. This date will update if an NOI is issued and the documents necessary to issue a credit decision are received from the borrower. If an NOI is sent, the system will reset when the last open condition is received. The date that it resets to is the date of the last received condition + 30 days. (The NOI Completed Application Date +30 Days.)
Requesting a Notice of Incompleteness
- The processors have a pipeline view that shows any loan assigned to the processor where the ECOA Application Date has been populated and NOI has not been issued or an underwriting decision has not been made. This pipeline view is called “Processor-ECOA/NOI Pipeline”
- After selecting the loan from the pipeline view, navigate to the efolder using the efolder icon.
- Select the Preliminary Conditions Tab.
- To add the Preliminary Conditions (items that are needed to complete the credit application and populate the Notice of Incompleteness,) click the “add” button.
- Select either “Add a new condition” or “Add from Condition Sets”.
- If selecting Add conditions form Conditions Sets, the Preliminary Conditions/NOI have be pre-populated with the items often necessary to complete a credit application.
- Select the desired conditions and click “Add."
- If selecting conditions manually, enter the Name of the document required to complete the credit application. A user should only enter items that are being requested from the borrower to complete the credit application.**Note – the condition “Description” will not populate on the Notice of Incompleteness. Thus the required document must be entered in the condition “Name.”An Appraisal cannot be obtained from the borrower, and thus is NOT a valid condition to add to the Notice of Incompleteness.
- Once all of the conditions have been added, navigate back to the Processor Summary. Input the NOI Requested Date.This date must be entered to place the loan on the Pipeline Manager’s NOI Pending queue.Once entered, the Pipeline Manager will send the Notice of Incompleteness to the borrower, generally the next business day.
- As the items needed are received from the borrower, mark the individual items as fulfilled.
- Marking the items as fulfilled will remove the conditions from the Open NOI Conditions Count.Once all items are received, the NOI Completed Application Date will auto populate. (The user will need to exit the loan and go back into it before he/she will see the date). **Note, if an NOI has been requested, all of the conditions must show as fulfilled before the Submitted to UW milestone can be finished.