Importing a Fannie Mae 3.2 file (FNM 3.2) is one way that a Loan Officer (LO) can create a new loan within Loan Center (oPOS). An FNM 3.2 file is a document that contains information about an existing borrower, which can be uploaded in order to fill in certain parts of the loan application automatically.
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Importing FNM 3.2 - Overview
Importing an FNM 3.2 file allows the oPOS user to create a new loan automatically by uploading information about an existing borrower. When the user selects this feature, a modal window prompts them to
- specify the purpose of the new loan
- upload an FNM 3.2 file
Accessing the Import Function
The user can access the import function by clicking the + New button - located in the Top Header Navigation - and selecting Import FNM 3.2 from the drop-down menu.
When the user clicks Import FNM 3.2, a modal window titled ‘Create New Loan’ appears.
New Features in 6.0.1000
The following changes have been made to the FNM 3.2 import process in release 6.0.1000:
- users can now set the loan purpose when creating a new loan from an FNM 3.2 file
- importing an FNM 3.2 file will not trigger RESPA if the user indicates during the import process that the six pieces of information required by RESPA have not been collected
The ‘Create New Loan’ modal window prompts the user to specify the purpose of the new loan and to upload the FNM 3.2 file.
In order to create a new loan by importing an FNM 3.2 file, the user must first indicate whether it is a purchase or refinance loan. The Loan Purpose drop-down menu contains two options:
- Purchase - the new loan is for purchasing a home
- Refinance - the new loan is for refinancing a home
The user’s response determines which information will be imported from the FNM 3.2 file. When the user selects an option, a message bar appears that informs the user which fields will not be imported. This reminds the user that these fields need to be completed manually
If the user selects Purchase, the message indicates that the property’s street address will not be imported, and that the buying stage will be automatically set to ‘Get Approved’
If the user selects Refinance, the message indicates that the estimated value of the property will not be imported
After the user has selected the loan purpose, they can upload the FNM 3.2 by clicking Choose File. The chosen file must be an FNM 3.2 file (.fnm format)
The window confirms that the file has been uploaded successfully by displaying the file name next to a blue check mark.
Once the user has selected the loan purpose and uploaded the file, clicking Import will create a new loan with the imported information. If the import is successful, a new modal window confirms that the loan has been created.
The import function allows the user to create a new loan quickly by uploading an FNM 3.2 file.