This article provides detailed instructions for submitting a completed loan to the lender, including the fulfillment of any incomplete submission requirements, including requesting initial disclosures and running AUS.
Table of Contents
The Submit tab helps users to ensure that they have completed all of the necessary steps before submitting their loan to the lender. This page contains a list of tasks that the borrower can use to navigate to the corresponding portion of the site and complete the relevant action.
The terms of the loan are summarized at the top of this page, while each task is listed below.
Accessing the Submission Page
This tab can be accessed in the stepper navigation bar after a loan product has been applied.
Completed vs. Uncompleted Tasks
Each individual task on the submission page is color coded to indicate its completion status. Unfinished tasks are highlighted in blue, while completed tasks are highlighted in green.
Completing Pre-Submission Tasks
By default, the following tasks are required before the loan can be submitted to the lender:
- Run AUS
- Request Initial Disclosures
The remaining tasks on this page will be required at later stages of the loan process - they can be completed now, or you can choose to complete them after submitting the loan.
Satisfy Needs List Items
The Borrower's Needs List (BNL) is where users can manage the supporting documentation for the borrower's loan. The icons in this bar indicate how many items on this list are currently needed (), pending (), incomplete (), and approved (). Select Work Borrower Needs List to open the BNL and review these items.
Users must submit the loan to an automated underwriting system, such as Desktop Underwriter or Loan Product Advisor, before submission to the lender. Select Run AUS to begin automated underwriting.
Once underwriting findings are received and an AUS option (DU or LPA) is chosen, the selected option and findings date appears in the completed task bar.
This bar also contains a button to Edit AUS Info, which allows users to indicate when AUS results have been obtained externally or to change the AUS type. Select Done when edits are complete.
Request Initial Disclosures*
Initial disclosures must be completed before a loan can be submitted to the lender. Select Request Disclosures to navigate to the Disclosures tab and generate the disclosure package to be sent to the borrower. Once disclosures have been created, users can manage the signature process on the Borrower's Needs List.
If the system is configured to allow brokers to create disclosures outside of the system, this task will include additional field to indicate the Broker has disclosed to the borrower and to provide the ITP date. Completing these fields will complete the Request Disclosures task.
If an appraisal is needed for the subject property, select Order Appraisal to open the Appraisal Center, where users can schedule the appraisal and make arrangements for the payment of the appraisal fee. This task is enabled once the ITP date is set.
If the current loan is a VA loan, this task will also include a checkbox to indicate whether a VA Appriasal has been ordered. Selecting this checkbox will complete the Order Appraisal task.
Upload Loan Documents
This task is used to upload any additional required loan documents. Select Submission Checklist to see a list of documents that are required by the lender. Select Upload Loan Docs to select a file from your computer and upload it. Select View Uploaded Docs to review documents that have already been uploaded.
Provide Closing Information*
This task is used to enter important information for the closing process. Select Edit Closing Info to expand this task and provide the following information:
- Property Held in a Trust - select Yes or No
- Borrowers Using Power of Attorney - select Yes or No. If yes, additional fields will appear to indicate which borrower is using POA and enter the name of their agent. Select Add Another POA to create another POA row
- Non-Borrowing Spouse/Partner for [Borrower Name] - select Yes or No. If there is an NBS, additional fields will be added to provide their personal information. If the NBS was added on the "Personal" page of the loan application, their information will automatically populate this section.
- Use the text field to describe how the title will be vested on the current loan
- Are there any affiliates associated with this loan? - select Yes or No
If you indicate that there are affiliates associated with the loan, additional fields will appear to Upload signed ABA disclosure and Select Affiliate.
Choose an existing affiliate or select Add New to create a new affiliate. If you select an existing affiliate, their information will appear below. If you add a new affiliate, additional fields will appear to add their information and they will be saved as an existing affiliate. Existing affiliates are managed in iMP System Admin.
Provide Loan Participant Contact Information
This task is used to provide the lender with the information of each party to the loan transaction, such as the seller, real estate agents, and insurance providers. Select Edit Participant Info to expand this task and view the loan participants. If additional contacts need to be added, select Add Another Loan Participant.
Click the arrow icon () next to any of these participants to expand the card and enter their contact information. The sections in Participant Information that are highlighted in red are required.
Submit Loan to Lender
When all required tasks on the submission page have been completed, the Submit Loan to Lender task will be enabled. Click Submit Loan to complete the submission process.
The loan submission process may take several minutes. A confirmation message will appear when the submission is complete.
If there is a problem with the submitted loan, users will receive a warning message and are prompted to contact the lender directly.
The Submit tab is where users can submit a completed loan to the lender. This page guides users to complete any required actions that need to be taken before the loan can be submitted.