ComplyIO Testing Parameters
ComplyIO Software uses the following testing parameters when testing a loan
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1. ComplyIO Software uses the following testing parameters when testing a loan |
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All States |
Consummation is the same as the Closing Date |
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All States |
Timing tests are based on the time zone of the corporate office |
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All States |
No Non-English forms |
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All States |
Application Taken Date is the same for each borrower on the loan |
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All States |
All borrowers are natural persons |
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All States |
Client assumes liability for the accuracy of the Application Taken Date. |
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All States |
All ARM loans are assumed to be fully amortizing unless specified otherwise using an identified program feature. |
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All States |
All Open-Ended Mortgages are considered HELOCs. If you have an open-ended product that is not a HELOC please contact us. |
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All States |
The following date substitutions are identified in the ComplyIO report. Client takes responsibility to review any and all messages regarding date substitutions. These date substitutions are necessary in order to allow ComplyIO to run the required tests. If “Closed” is not available, CIO will substitute the dates using the following waterfall: Scheduled Closing Closing Estimate Current Date (date CIO test is run) CIO will substitute the Current Date, if the following dates are not available: Application Taken Lock Date LE Delivered When a substitution is used, it will apply to all testing including, timing tests; the report will be labelled an "Interim Report." A Final Closing Date is required to get a "Final Report." This list is not exhaustive as we continue to build out the state rules. |
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All States |
When determining a discount or premium rate for an adjustable rate loan, CIO will round the fully index rate based on the data provided by the loan origination software or other Source System. |
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All States |
Affiliate is defined by 12 CFR 1026.32(b)(5). Affiliate means any company that controls, is controlled by, or is under common control with another company, as set forth in the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.). |
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All States |
No Insurance Sales Related Docs |
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All States |
No Coverage if Lender is also selling insurance |
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All States |
Any fee type not identified in LendingPad will be included in calculations as "other." |
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All States |
Trigger dates (Application date, Lock date) will determine index values. When these trigger dates have not been input, CIO will use the current date until the trigger date is available. |
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All States |
Following Closing, CIO will use the index rate lock as of the Closing. |
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All States |
'Construction Only' loans are for the purpose of the initial construction of a dwelling |
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All States |
Construction to Permanent' loans are for the purpose of the initial construction of a dwelling |
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All States |
All Credit Insurance fee Premiums are voluntary and not a requirement of the loan approval |
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All States |
Balloon Tests are tracked by user designation of "Balloon Feature." Actual payment amounts are not considered when identifying a Balloon Loan |
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All States |
LendingPad does not capture whether or not a fee is financed; therefore, a fee being financed cannot currently be considered in CIO testing. |
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All States |
All Prepayment Penalty Plans identified in LendingPad are used in testing (see below). If you have a product with a prepayment plan that is not identified in LendingPad, please contact us. |
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All States |
It is assumed that each company is operating under a single company license |
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All States |
FNMA, FHLMC, FHA, and VA reviews are limited to the tests included in the Knowledge Base Article titled: "FNMA, FHLMC, FHA, and VA Reviews" |
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Florida |
No loans under Small Loan Act |
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Alabama |
No loans under Small Loan Act |
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All States |
NMLS Information is as of the most recent upload to CIO from NMLS. It does not reflect any previous NMLS license status. NMLS information will not reflect any changes between the time of the previous upload and the present time. |
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All States |
The only financed fees CIO supports are for FHA, VA, and USDA |
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All States |
All credit insurance types fall into the following categories: Disability, Life, Property, Unemployment, DebtCancellation, and DebtSuspension. If you have a product that does not fit into these categories, please contact your account executive. |
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2. Loan Types Not Supported By CIO |
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All States |
No USDA Direct Loans (Section 502) |
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All States |
No Assumption Transaction Loan Types |
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All States |
No Timeshares |
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All States |
No Reverse Mortgage |
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All States |
No Growing Equity Mortgage (GEM) Loans |
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All States |
No Graduated Payment Mortgage (GPM) Loans |
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All States |
No Public and Indian Housing Loans |
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All States |
No Local Finance Agency Loans (ComplyIO does not include compliance with State or Local Finance Agency laws, statutes, and regulations.) |
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All States |
No State Finance Agency Loans (ComplyIO does not include compliance with State Finance Agency laws, statutes, and regulations.) |
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All States |
No "other" loans from MISMO |
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All States |
No Loan Modifications |
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All States |
No "Seasonal" Balloon Loan Exceptions § 1026.32(d)(1)(ii)(A) |
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All States |
No Public & Indian Housing |
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All States |
No Boats |
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All States |
No Mobile Homes without HUD Certification Sticker |
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All States |
No Bridge Loans without special exception from LendingPad |
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All States |
No Servicing |
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All States |
No loans for purposes other than personal, family, or household use |
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All States |
No Loans with more than four (4) units |
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All States |
No Relocation Loans |
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All States |
No Condo Hotel Loans |
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USDA |
No USDA Loans |
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FHA |
No Title 1 Loans |
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VA |
Loans made directly by the VA (Direct or Assumption Loans) |
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CA |
No Shared Appreciation Loans |
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FL |
CIO excludes Savings Banks until further notice. |
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NC |
North Carolina Consumer Finance Act. CIO is not currently covering loans that are originated by an affiliate located in the same office as the entity licensed under this Act and originating a loan under this Act's jurisdiction. CIO only covers loans originated by entities licensed as a Mortgage Lender, Mortgage Broker, or registered Depository entity originating a loan originated under this Act. |
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NY |
No Loans for unattached manufactured housing |
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NY |
The amount of the interest rate reduction purchased by the discount points is reasonably consistent with established industry norms and practices for secondary mortgage market transactions. |
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OH |
Calculations are made using Lock Date in place of Rate Set Date as defined in 12 CFR 1026 |
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TN |
No S&L or Savings Banks |
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TX |
No Wrap-Around Mortgage |
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UT |
No Utah consumer credit code |
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3. Limited Investment Loan Testing |
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All States |
Investment loans are tested against FNMA and FHLMC tests indicated above |
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4. CIO Docs |
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All States |
CIO Docs does not provide "Agreements" |
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5. Loan Limit |
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All States |
No First Lien loans below $50,000, except Florida |
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All States |
No Junior Lien Loans below $25,000, except Florida |
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6. The Only Prepayment Penalty Plans Supported by CIO are as follows: |
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PPID |
PPDescription |
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PPID |
12 Months of 6 Months Interest of 80 Percent Original Balance |
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PPID |
12 Periods of 6 Months Interest of Original Balance |
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PPID |
2-1 on Original Balance and Full Pay |
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PPID |
2-1 Percent of Prepaid Principal |
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PPID |
2-2-1 of Current Principal Balance |
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PPID |
2-2-1 of Original Principal Balance |
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PPID |
24 Months of 6 Months Interest of 80 Percent Original Balance |
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PPID |
24 Periods at 2 Percent of Prepaid Principal |
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PPID |
24 Periods of 6 Months Interest of Original Balance |
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PPID |
3-2-1 at Percent of Original Balance |
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PPID |
3-2-1 Percent of UPB |
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PPID |
36 Months of 6 Months Interest of 80 Percent Original Balance |
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PPID |
36 Periods at 6 Months Interest UPB |
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PPID |
36 Periods of 6 Months Interest of Avg Balance |
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PPID |
36 Periods of 6 Months Interest of Avg UPB for Period |
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PPID |
36 Periods of 6 Months Interest of Original Balance |
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PPID |
48 Months of 6 Months Interest of 80 Percent Original Balance |
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PPID |
5 Percent of Prepaid Principal |
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PPID |
5-4-3 Percent of UPB |
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PPID |
5-4-3-2-1 Percent of UPB |
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PPID |
5-5 Percent of Prepaid Principal |
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PPID |
5-5-5 Percent of Prepaid Principal |
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PPID |
5-5-5-5 Percent of Prepaid Principal |
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PPID |
5-5-5-5-5 Percent of Prepaid Principal |
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PPID |
60 Months of 6 Months Interest of 80 Percent Original Balance |
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PPID |
60 Periods of 6 Months Interest at Original Balance and Accrual Rate |
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PPID |
60 Periods of 6 Months Interest of Original Balance |