How to Utilize Brokered Loans Functionality

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Typically, a user will follow the banked loan process when a rate is provided without any restrictions. In instances where the borrower may not be eligible for a banked loan the user will have the option to move to a brokered process. Users have the ability to select the type of Loan Channel they wish to push the loan through. Through the Product Dashboard users are able to select either a banked or brokered loan channel.



The Product Dashboard flyout features a number of data entry points once the Loan Channel is changed to brokered. The brokered loan process takes place largely outside of the iMP. The loan officer may receive information through email or by other means from the lender that may be provided to the borrower. If the loan officer remains with a banked loan process the Product Dashboard will serve merely as a limited read-only overview of the product and its progression.



Once the user selects a brokered loan channel the Lender dropdown field becomes available. This field is populated from data entered within the Global Contacts list. The Global Contacts list is populated through the CONTACTS menu under All Contacts within the Loan Center when company type equals “Lender” (a separate article for setting up All Contacts can be found with the Resource Center).


The user’s Lender selection will populate the Lender ID and Lender Website section.


The options in the Contact dropdown are also sourced from Global Contact Lender record.


The user’s Contact selection will result in any stored information from the All Contacts section to populate within the Lender Contact Information section



The Loan Information section allows the user to select and enter various data points which are significant to the loan process. The Loan Product dropdown allows the user to choose from a list of available products defined in the Investor Matrix configuration found in System Admin. The Loan Product is a dynamic field that results in the Additional Fields section to appear below.


The Additional Fields section will appear as needed once a product is selected. This section makes a call to the company’s Investor Matrix. This section is not editable by nature to serve a dual purpose:

  1. It is pre-populate with any information found within the Investor Matrix so that the user does not have to enter it
  2. If there is information missing within the Investor Matrix it may stand out within this section and serve as a flag for the user to reach out to their Administrator to update the document.


The user may enter other pertinent information for brokering a loan within the following entry box fields:

  1. Loan # / Commitment # - allows the user to enter the Loan # or Commitment # the brokered loan will link to. The Loan # is provided by the lender once enough information is supplied to them. The Commitment # should also be provided by the lender once the rate is locked through the lender’s site.
  2. Loan Amount – allows the user to enter the desired loan amount
  3. Note Rate / Price – allows the user to manually enter the rate and price of the product respectively provided by the Lender.
  4. Interest Only Term – allows the user to input the monthly timeframe terms for Interest Only.



As the user is fills out the Product Dashboard it is important to save the data once substantial information is entered. It should be noted that clicking the “Done” button does not save the data, it merely holds the data in memory, the user must click a “Save” button found within the application to officially save the data.

As the user moves out of the Product Dashboard and back into the application they will notice that certain functions have now become disabled:

  1. Shop for Rates
  2. Update Pricing
  3. Locking & Adjustments

The user will fill out the application as thoroughly as possible. Once the user has achieved the 6 minimum pieces within the application to Create Initial Disclosures they will notice that the header banner differs slightly for a brokered loan product at this stage. Since the system is not fully integrated with any lenders, a FNM 3.2 file must be submitted manually.


The LO may create a FNM 3.2 file by navigating to the LOAN menu under the Secondary Information section and clicking Create FNM 3.2 file. Once the option is clicked the file will automatically save into the DocVault.



After the file is saved the user will be redirected to the DocVault where the FNM file is stored. The FNM is created and classified within the DocVault under the Internal section. It is within this section that the user is able to Download a copy of the document to email/send to the Lender for record. It is important to note that there are currently no restrictions to create multiple FNM files, so if there are changes made the user may simply generate another FNM file. The old FNM does not automatically move to a Rejected state so the user will have to manually change that if they wish, however, it is not required.


Once the FNM file is created and sent the user will undoubtedly have more dates to complete within the Product Dashboard page. The Loan Dates section allows the user to enter important dates surrounding the brokered loan. Once a listed date or a milestone has been achieved the user may enter the date within this section for record.


While most of the entry fields with the Loan Dates section simply are a means for holding data, some entry lines are considered trigger fields. For example, the Loan in Process Date is a trigger field, once information is entered and saved the Loan Channel and Loan in Process Date becomes disabled. The reason the aforementioned lines become disabled is because the loan now resides with the lender.



The Loan Dates section is linked to both the Compliance Center – Audit Log and the Loan Status section with the header bar. As the LO fills in certain lines both sections will update within the iMP, for example, when the user fills in the Docs Out date the Loan Status is updated to “Docs Out”.


The Rate Lock Information section provides the user a place to enter important information regarding Estimated Closing Date, Rate Locked, Rate Expiration, and Rate Lock Period (Days). The Broker Check Information section allows the user to enter the Broker Check Received date as well as the Check #/Amount once the loan has been funded.


The LO must fill out the Closing Cost Details section within the iMP for a brokered loan. The Closing Costs Details page DOES NOT get filled in automatically during this process. If this section is not properly filled out Loan Costs, Other Costs, and Lender Credits will be inaccurate. The Closing Cost Details page largely impacts the Loan Details page, so failure to fill in the Closing Cost Details page will cause abundant inaccuracies within that section as well.


Lastly, some additional important notes regarding the brokered loan process.

  • The disclosure process currently follows a banked Loan package generation method. A typical brokered loan may only require a “skinny” package, however, the system currently generates a full package just as it does for a banked loan.
  • For a brokered loan it is encourage that AUS is run through the company’s LOS at this time.



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