The Purchased Loan screen is used to enter information on the purchase of a correspondent funded loan.
The borrower name, loan number and interest rate will populate from Forms & Docs > 1003 > Terms and Borrower tabs.
Date File Received |
Date the file is received for review |
Seller Loan Number |
Correspondent loan number |
# Payments Remaining |
Amount of payments remaining on the loan |
Purchased UPB |
UPB (Unpaid Principal Balance) that is being purchased from the correspondent. Tip: If there is a figure entered in the Purchased UPB field, this will be the amount used in the funding breakdown and net loan disbursement in Forms & Docs > Funding screen. If there is not a figure in this field, the funding breakdown will use Forms & Docs > Funding > Base Loan Amount. |
Lender Purchase Date |
Date the lender purchased the loan from the correspondent |
First Payment Due Lender |
Date the first payment from the borrower is due |
Loan Notes will direct to the Loan Notes section of the LOS to input any additional information.
Save/Close will save the input information and return to the Loan Dashboard.
Cancel will return to the Loan Dashboard without saving the input information.