The loan application is broken up into six sections: Personal, Property, Assets, Credit, Declarations, and Income.
You may navigate freely to and from each section once you have entered at least the borrower’s name. Alternatively, you may use the previous and next buttons at the bottom of the screen.
When all fields have been completed in a section, a green check mark will appear next to the section title.
For purchase transactions, the buying stage can be changed from the property screen.
Additional Property Details
Click on additional property details to enter more additional information about the property.
Click on the blue Add Item icon in order to add a line item for additional assets.
Click on the blue Run Credit button to pull a new credit report
You will be prompted to record the borrower's verbal authorization by clicking Accept.
Once the credit has been ran, the decision score will be displayed next to the borrower’s name. You can click on the blue i to get additional information regarding the other credit scores. The credit file can be accessed by clicking on the PDF credit report icon.
Schedule of Real Estate
Liabilities identified as a mortgage will appear in the real estate section. If they are here in error, they can be moved down to the liabilities section by clicking the blue down arrow.
Click on the blue edit icon to enter detailed real estate information.
- Associate the liability with an existing or new address
- Comment on the disposition of the property
- Specify lien position
- Enter property tax amount
- Enter Home Owner Ins payment
The liability section contains a list of all liabilities with a reported balance/payment on the credit report. The icons next to the creditor name will help easily identify if an account is held jointly, individually or an authorized user.
Additional expenses such as child support or reimbursed business expenses can be entered in this section.
The declarations sections should be completed in its entirety.
Previous or second employment can be added by clicking the blue Add Employer. Other income can be entered by clicking the blue Add Item, specifying the income type and amount.
Loan Details Functionality
- Lean how to Export to Encompass & Update Encompass (Button on the Loan Details Page)
- How to change the Closing Date
- Learn how to adjust taxes and insurance
- Learn how to adjust the loan, estimated value and purchase date. (Section VII - Details of Transaction)
- Shopping for Rates, Running a Compliance Check and Generating Disclosures