The Duplicate Loan feature allows users to create a copy of an existing loan and use it to begin a new loan for the same borrower(s). This feature makes it easy to start a new loan when the borrowers information is already on file for a previous loan. This article provides detailed instructions for duplicating a loan in TPO.
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Prerequisites - Required User Privileges
The Duplicate Loan feature is a privilege setting, which means that individual users must be granted the appropriate privilege in iMP System Admin in order to access this feature.
- Log in to iMP System Admin
- Select User Accounts > User Profiles
- Use the search or filter fields to locate the user profile for the person you want to grant the privilege to. Click on their name and select Edit
- Open the Privileges tab
- Select the checkbox for the privilege labelled Enable Duplicate Loan
- Save and log out of iMP System Admin
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Duplicate a Loan
The Duplicate Loan feature is located in the loan menu: Menu > Tools > Duplicate Loan
The following window allows you to select which information is transferred from the existing loan. You can choose which borrowers and credit reports to include on the new loan. You can also modify the loan purpose, lien position, and closing date.
Note: An expired credit report cannot be transferred using the duplicate loan feature. Expired reports and labelled as such and do not have a checkbox to include it in the new loan.
When you are finished, select Duplicate Loan to create the new loan file. You will be asked to save changes on the existing loan before opening the duplicated loan. Upon choosing to save or not save, you will be directed to the loan application for the new loan.
NOTE: Duplicated Loans do not trigger RESPA upon duplication, even when the original file has triggered RESPA. Duplicated loans will omit the loan amount in order to avoid triggering RESPA.
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How to identify a duplicated loan file
Duplicated loans behave identically to other loans in the system. However, if you want to know whether a particular loan was created from a duplicated file, you can find this information in the Audit Log.
To access the Audit Log, select Menu > Tools > Audit Log
If the Audit Log entry for Created Loan states "Created loan copied from loan...," then the current loan is a duplicated file. This information contains the loan number for the original file.
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