New Option for P.A.T.H. Loans: Homebridge Provides Initial Disclosures

Homebridge is pleased to announce a new option for loans submitted to P.A.T.H.  Brokers may elect to have Homebridge provide initial disclosures to the borrowers, including initial TRID related and all federal and state disclosures.  Program specific disclosures (e.g. ARM and FHA/VA specific disclosures) will remain the responsibility of Brokers; Homebridge will offer program specific disclosures at a future date.

This new option will be available to approved Brokers on all Homebridge loan programs (excluding renovation transactions; HomeStyle, 203(k), VA Reno) for loans submitted to P.A.T.H on or after December 11, 2019.

When requesting Homebridge disclose, the following will be sent to the borrower to sign electronically:

  • Initial TRID disclosures (including the LE, NIP, and SPL), and
  • All state and federal disclosures

NOTE:  In the event a borrower does not have an email address, Homebridge will send the disclosures via the United States Postal Service

The electronic disclosures can be accessed by both Brokers and borrowers via phone and tablet devices.

Submission Options

Brokers may choose one of the following options when requesting Homebridge disclose:

  • Request Homebridge issue disclosures without a full credit package submission (credit report, pay stubs, etc. not required to request initial disclosures) or
  • Request Homebridge issue initial disclosures with a full credit package submission

When requesting Homebridge disclose, Brokers will be required to submit the HomeBridge Processor Contact form with each request for the immediate future. The Homebridge Processor Contact form is posted on the Homebridge website on the Forms page.

NOTE:  Homebridge is currently in the process of updating P.A.T.H. with fields for processor information. Once P.A.T.H. is updated, the Homebridge Processor Contact form will no longer be required.

Fee Options

The following two options are available for fees:

  • Title related fees (title, state, transfer taxes and recording fees) that are pre-populated in P.A.T.H. may be used; the Broker provides all other fees, OR
  • Broker provides all fees

Regardless of the fee option selected, Brokers are responsible for all cures, no exceptions

The Homebridge Loan Set-Up Department will notify Brokers if any of the following are missing and/or incorrect:

  • Service provider name, address, or phone number missing
  • All Transactions: Lender’s title fee or recording fee missing
  • Purchase Transactions Only: Owner’s title fee, transfer tax when required by state, or HOI premium missing
  • Government Transactions Only:
  • Impounds missing
  • VA transactions: compensation must be reflected as origination fee

Homebridge Issues Initial Disclosures

Once Homebridge issues the initial disclosures the following applies:

  • The borrower(s) and Broker both will have 10 calendar days to electronically sign

NOTE:  The day Homebridge sends the disclosures is counted as “day one