Frequently Asked Questions

Frequently Asked Questions


What do I need for submission?
Submit your loan to Western Bancorp with one easy upload. A credit package is all that is required, no 1003 or a giant stack of disclosures.  Our easy to use loan registration instructions and registration forms are found at http://westernbancorp.com/lms-xpress-forms/

How do I finalize registration?
After the AUS is run, simply select the “Finalize Registration” button.

Why am I seeing a difference in price between Loan Sifter and LMS Xpress?
Accurate real-time pricing is displayed in our own proprietary pricing engine LMS Xpress. Western Bancorp has little control with third party pricing applications, therefore, we encourage the use of LMS Xpress at all times.

How do I upload conditions?
Conditions are uploaded to The Vault.  By individually indexing prior to doc conditions you will automatically assign your file to the Underwriter for review when all MLO PTD conditions are uploaded.

How do I re-issue a non-married co-borrower’s credit?
Currently only one credit report can be reissued in LMS Xpress. Until a future enhancement enables multiple reports to be re-issued, please contact itsupport@westernbancorp.com and include your Western Bancorp loan number, co-borrower name(s) and credit report reference number and our help desk will make the necessary adjustments to LMS Xpress which will allow you to properly finalize your registration.

Why is Western Bancorp responsible for the disclosures?
The biggest positive for a wholesale broker under TRID is that the creditor is the responsible party.  Western Bancorp makes it easy for you by managing the entire disclosure process from registration to closing.

Where can I find LMS training?
Western Bancorp Account Executives are fully trained in LMS Xpress and will provide you and your team with training. Additional training resources are located at www.westernbancorp.com under the LMS Xpress training link.

Does Western Bancorp accept forward or advance locks?
We do accept advance locks! Because specific information is required for the Loan Estimate, we must require a complete FNMA 3.2 file as it includes the necessary borrower information to disclose.

Why does Western Bancorp have Service Level Agreements?
Western Bancorp is committed to closing your loans.  We closely manage our pipeline with each customer to provide dependable, high quality service as well as excellent pricing.  Our Service Level Agreements help us do this by ensuring the loans we have in the pipeline are active loans ready to move forward.

Where do I find the pricing break-down/price adjusters for my locks?
Currently LMS Xpress does not display loan specific loan level price adjustments or LLPA’s.  Please look for this feature as part of a future technology enhancement.

Why does each loan have a PTD condition for hazard insurance in WBC’s name/loss payee?
This is a closing requirement on all loans, however, the condition will not stop a loan from advancing to closing.

Why do our locks need 7 business days remaining in order to request closing documents?
Under TRID, it is very important that enough time is left on the lock to ensure an efficient closing and remain compliant.  Lock extensions after a borrower consummated can result in redraws and additional costs to the borrower.  Ensuring enough time is left on the lock to close means we can all ensure an efficient closing.

How does Western Bancorp handle the timing of issuing the LE?
Loan Estimates are issued once: the loan has finalized registration and a complete loan file is uploaded.

When does Western Bancorp issue the Closing Disclosure?
We make every attempt to release the Closing Disclosure early to avoid delays in the closing process. Western Bancorp will issue the Closing Disclosure when: the appraisal is complete, the loan is locked and final fees are confirmed by the Settlement Agent.

Who is responsible for confirming final fees?
Western Bancorp will work directly with the Settlement Agent to confirm fees.

Why do I receive a “loan mitigated with errors” email message after a loan is registered?
This is a known bug and a future technology enhancement will resolve the issue. Until then, the message should be ignored and you may continue with your loan submission.

How do I check condition receipt and condition review status?
As conditions are uploaded and indexed in The Vault, they are date stamped as received on the Loan Status page of the loan. Once the condition has been signed off by the underwriter, the date of sign off is also reflected next to the corresponding condition in the Loan Status page.

How do I check document expiration dates on a loan I have approved?
Every Western Bancorp loan approval includes a condition that details document expiration dates as well as when the approval expires. Each product guide also addresses our document expiration requirements.

Why does the broker order the 4506 transcripts and can you help me with instructions to do this?
In recent years many taxpayers have become victims of identity theft and/or tax filing fraud.  These issues cause significant delays and poor customer service. We listened to our customers and now allow the originator to obtain tax trascripts from any vendor they choose.  Starting the transcript ordering process early in the transaction helps to avoid unnecessary delays and provide better customer service.