The Purchased Loan Review screen allows users to add and track conditions on the loan file throughout the purchase process. This screen is typically used by correspondent lenders but may be used by any client for tracking and reporting of documents. Users can access the Purchased Loan Review screen before and after the loan has been finaled with the applicable user rights (noted below) by clicking on Purchased Loan Review in the left-side navigation under Forms & Docs.
The Purchased Loan Review screen is divided in into the following three sections:
· Loan Information
· Purchased Loan Review
· ADHOC Conditions
Loan Information section has the Institution Name, Investor, Loan Number, Borrower Name, and Property Address which auto-populates based on data entered on other screens. Institution Name automatically populates with the Institution selected when the loan was created. Investor populates from the Investor Lock > Investor field. Loan Number populates with the system generated Loan Number, Borrower populates with primary borrower’s name, and Property Address populates with the Subject Property Address.
The following fields in the Loan Information section are editable:
· Loan Reviewer – select the name of the user completing the Purchased Loan Review screen.
· Date Cleared – enter the date the loan file was cleared of all conditions (This automatically updates the Loan Status to Pending Suspense Cleared if enabled).
· Purchase Suspended – enter date the file is suspended for purchase (This automatically updates the Loan Status to Purchase Suspended if enabled).
· Date Reviewed – enter the date the file is initially reviewed for purchase (This automatically updates the Loan Status to Pending Purchase if enabled).
Tip: Users associated with the correct User Rights Role (Post Closer, Shipper, Shipping/PostClosing/I&G) in the Administrative Site will appear in the Loan Reviewer drop-down list.
Purchased Loan Review section populates with conditions based on the setup in Admin. User can enter the Condition Date, Date Received and Date Cleared to track the status of the conditions. Delete will remove a condition from the Purchase Loan Review section. If user marks the check box for Internal, the condition will only be viewable by users with the user right of View Internal Purchased Loan Conditions.
ADHOC Conditions section is used to add additional conditions that have not been pre-defined in Admin for the Purchase Loan Review section. Users can type a description of the condition in the Condition field and enter the Condition Date, Date Received and Date Cleared. Delete will remove the condition from the list of Adhoc Conditions. If user marks the check box for Internal, the condition will only be viewable by users with the user right of View Internal Purchased Loan Conditions.
Tip: The date fields may be entered manually or by utilizing the calendar icon to the right of the field.
Tip: Entering the Date Cleared will remove the condition from the Outstanding Conditions for Purchased Loans Report.
Click Add Conditions to select from a list of pre-defined conditions that have been setup in Admin. Mark the check box to select the condition and click Add Selected. The pre-defined conditions will appear in the Purchase Loan Review section.
Click Add Adhoc to add more conditions to the Adhoc Conditions section.
Click Save/Close to save the information entered on this screen and return to the Dashboard.
Click Cancel to discard all changes made to this screen.