Scenario: A customer is asking why, when they have a loan set up in Encompass as a FHA Streamline or a VA IRRRL, it changes to Cash Out when they launch to OB.
Cause: This is usually caused by the loan not correctly being configured in Encompass.
Solution: The following information can be located in the Encompass Select Things to Know document:
1. To select FHA Streamline in Optimal Blue, the following fields in Encompass should be marked as noted below:
a. Purpose of Loan (19) to “No Cash-Out Refi”
b. Purpose of Refinance (299) to “No Cash-Out FHA Streamline”
c. Refinance Type (MORNET.X40) to “Streamline With/ Without Appraisal”
d. Documentation Type (MORNET.X67) of “Streamline Refinance”
e. Loan Type (1172) of “FHA” checked
2. To select VA IRRRL in Optimal Blue, the following fields in Encompass should be marked as noted below:
a. Purpose of Loan (19) to “No Cash-Out Refi”
b. Purpose of Refinance (299) to “No Cash-Out Streamline”
c. Refinance Type (MORNET.X40) to “Interest Rate Reduction Refinance Loan”
d. Documentation Type (MORNET.X67) of “Streamline Refinance”
e. Loan Type (1172) of “VA” checked