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#2194269 - 10/01/18 03:04 PM ULI Question/Issue
buckeyeben Offline
Junior Member
Joined: Jan 2014
Posts: 33
Wondering if anyone has experienced this issue. The LOS system we utilize has a glitch in that sometimes the ULI will not calculate properly and it is not caught before closing. The borrower then signs the final loan application at closing (where the incorrect ULI appears). After closing, what I have been doing is having the ULI corrected in our system, a new loan application generated with the updated & correct ULI, and then having the borrower re-sign the document and send back to us a photocopy. First, is anyone else experiencing anything similar like a glitch in their system? If so, how are you getting around it? Finally, is my approach of corrective action okay or am I doing too much/not enough?

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#2196551 - 10/26/18 02:19 PM Re: ULI Question/Issue buckeyeben
buckeyeben Offline
Junior Member
Joined: Jan 2014
Posts: 33
Trying to bring this question back to life …. has no one else experienced this?

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#2196552 - 10/26/18 02:25 PM Re: ULI Question/Issue buckeyeben
raitchjay Online
Power Poster
Joined: Oct 2009
Posts: 8,875
OK
We don't have the ULI on our applications and i know of no requirement for it to be there.
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I'm fixin' to fix that.

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#2196578 - 10/26/18 04:45 PM Re: ULI Question/Issue buckeyeben
GTS333 Offline
Gold Star
Joined: Jun 2010
Posts: 256
Raitchjay is right that there's currently no requirement to have the ULI appear on your applications, though my personal opinion is that it's also pretty clear the BCFP wants you to be able to tie the entire transaction together (from application to closing documents) using the ULI (not to mention the LE allows for the ULI, as will the new 1003 etc.), so I think including it on the application form makes a lot of sense personally.

Is your LOS still miscalculating the ULI? That strikes me as the issue you need to correct here.
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My opinion, take it for what its worth. Opinions expressed are my own and not those of my employer and are not legal advice.

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#2196646 - 10/26/18 11:21 PM Re: ULI Question/Issue buckeyeben
Katherine Offline
Member
Joined: Aug 2017
Posts: 62
We do not have the ULI on the application. As an aside, we did discover that our loan systems department had initially copied our LEI into the system wrong; inputting zeroes instead of the alphabet "o" or vice versa, so of course the check digit was wrong.

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