May 1, 2015 15-10

NEW- Electronic (paperless) File Submission

Housing NM has developed a paperless file submission process for the online reservation system, which will allow Participating Lenders to submit all types of documentation to Housing NM electronically.

The document imaging system will eliminate the need to send paper documentation to Housing NM. Participating Lenders will simply scan the documents and upload them as a .pdf file.

Housing NM will accept the following:

•    Compliance review files
•    Compliance Suspense conditions
•    Wire/funding requests
•    DPA Closed Loan review files
•    DPA Closed Loan conditions

In addition, the system will feature:

•    separator (“index”) sheets/checklists for bifurcating the compliance file into specific sections
•    enhanced e-mail notification for Housing NM staff and Participating Lenders regarding the changed status of a loan
•    the ability for the Participating Lender to retrieve all communications/documentation from Housing NM staff through the system
•    The system will also provide the highest level of security for transmitting and receiving sensitive borrower information.

Housing NM is in the final testing stages of the system, which should be available for use by Participating Lenders in the next few weeks. Next week, Housing NM will send out registration information for training on the new system.

All Participating Lenders will be required to attend at least one of the training sessions before they will be allowed to access the new system.

Please feel free to contact Housing NM’s Homeownership Department with any questions or for further clarification.   

Thank you for participating in Housing NM's single family program.