The "Conditions" page contains a list of any requirements set by the lender that must be satisfied before proceeding to certain steps in the loan process. This article provides instructions for clearing these conditions so that you can continue to complete the loan.
Table of Contents
- Uploading and Attaching Documents to Conditions
- Submitting Conditions to the Lender
After a loan is submitted to the lender, their underwriting team may request additional documentation to verify certain information before proceeding. The "Conditions" page allows users to review these requirements and provide the necessary documents in order to satisfy the lender's conditions.
Accessing the Conditions Page
Condition Types and Statuses
On the Conditions page, users will see a list of any conditions that have been set by the lender. In order to indicate when these tasks need to be completed, these conditions are organized into different types, which are represented by numbered pill icons at the top of the page:
- PTD - Prior to Docs; these conditions must be satisfied before closing documents can be generated
- PTF - Prior to Funding; these conditions must be satisfied before the loan can be funded
- PTA - Prior to Approval; these conditions must be satisfied before the loan can be approved
- PTC - Prior to Close; these conditions must be satisfied before closing
- PTP - Prior to Purchase; these conditions must be satisfied before the purchase of the subject property can take place (purchase only)
Note: you may see different condition types depending on your organization's condition configurations. To change the available condition types, contact your Cloudvirga implementation team.
The larger number in each icon represents the total number of conditions of that type, regardless of completion status, while the smaller number represents the number of incomplete conditions that need to be worked by the broker.
The Status column displays the current status of each condition:
- Needed - these are incomplete conditions that need to be submitted to the lender
- Pending Review - these are submitted conditions that are awaiting review by the lender
- Cleared - these are conditions that have been reviewed and approved by the lender
- Insufficient - the lender has determined that the submitted documentation does not meet the requirements to satisfy the condition. Additional or different documentation is required
- Error - there was an error in submitting the condition to the lender
To review the status history for a particular condition, select the icon in the corresponding row.
Uploading and Attaching Documents to Conditions
To complete conditions on this page, users will need to upload or attach the requested documentation for each condition and submit these documents to the lender.
There are several ways to provide these documents before submitting them. You can upload documents from your computer, attach a Borrower's Needs List item, or pull existing documents directly from the DocVault.
If you have any of the requested documentation on your computer, you can upload it directly on this page to satisfy the corresponding condition(s).
To upload documents for an individual condition, select the icon in the given row.
To upload documents for multiple conditions at once, select the checkbox next to each condition that you want to upload documents for and click Bulk Upload.
Use the following window to browse your computer and upload the necessary document(s). Click Next to proceed.
You will then be prompted to classify and Accept the uploaded documents.
Review the accepted documents and Save. If you are uploading documents for a specific condition, you can also leave a comment for the lender.
The underwriter will be able to respond to any comments in the LOS, and the most recent comment will appear in the line for the corresponding condition. Expand a condition to see a full transcription of the chat log.
Add Documents from the Borrower's Needs List
The icon can be used to request the necessary documentation for a particular condition from the borrower by creating a new Borrower's Needs List item.
When this icon is selected, the following window can be used to create the new BNL item by selecting the document type, borrower, and writing a short description for the requested document.
Once the borrower has uploaded their document(s) in the consumer site, open the BNL and review the pending document.
The document will be associated to the selected condition by default. If you want to attach it to a different condition, use the drop-down menu to select a different condition. If the uploaded document is sufficient, select Yes, Satisfied
The document provided by the borrower will then be attached to the corresponding condition on the "Conditions" page.
Attach Documents from the DocVault
The icon can be used to use an existing document from the Docvault to satisfy a condition. When you select this icon, a window will appear where you can select which documents you want to attach to the given condition. When all necessary document checkboxes have been selected, click Attach.
Submitting Conditions to the Lender
To submit uploaded/attached documentation to the lender's LOS for review, select the checkbox(es) next to the completed conditions and click Submit Conditions.
Once conditions have been submitted to the lender, following message bar will appear and the Submit Conditions button will be disabled until the underwriter reviews and approves/rejects them in the LOS.