New Loan Summary Now Available!

With Release 60 comes a highly requested feature known as the Loan Summary page. You will see that we have taken multitudes of feedback from our clients in the design and features of this page – thanks to all who contributed to this design!

The Loan Summary page is a new view on a loan application that summarizes the information on the old loan application page (which we have now named the Loan Details page). The Loan Summary page also captures all information necessary for DTI and LTV calculations, and makes it easy to restructure the loan when these constraints get tight. Here’s a breakdown of all the available new features:

Main Features

  • Edit multiple loan applications at the same time – no more switching between applications for loans with multiple borrowers
  • See your DTI values update in real time
  • Preview DTI and LTV by de-selecting borrowers (without permanently discarding them)
  • If you are ready to remove a borrower, the drag & drop restructure tool can now be accessed from a dialog on this page
  • See and update your income, expenses and real estate in easy-to-read tables
  • New hints and messaging for those hard-to-remember DTI rules like:
    • Inclusion of liabilities with small balances or inactive statuses
    • Deferred student loan calculations with respect to Fannie or Freddie’s individual calculation rules
    • Automatically including borrower addresses as REO when necessary

Tips and Tricks

Switch between the Loan Summary and Loan Detail pages with a single button. The pages will remember your preference when switching between loans or logging out, so you don’t have to ever switch views unless you’d like to.

Borrower Information is editable at the top of the page. You can view borrower information grouped by application with the tabs at the top of the page. If the borrower’s current address should be included in DTI – we will show you a message right there!

Preview borrower removals before restructuring by de-selecting them at the top of the screen. This action is temporary, and will show you your new DTI information without making it permanent. Once you are ready to remove a borrower, tap Restructure Loan.

<image preview: show de-selecting a borrower, then scroll down to show the strike throughs on their income/liability sections. Make sure to show the whole page, so we can see the DTI ratios update.>

Setup pricing on the same page. The pricing section let’s you select key pricing information necessary for DTI calculations, and transfers directly to the pricing page. You can also enter Max Rate, Terms, and tap Use Calculated PI to override the monthly principal and interest used in the DTI calculation. The Max Rate and Term selections will also transfer to the pricing page to make the process of pricing a loan even easier.

Adding Income, Liabilities, or Real Estate Owned is easy! Find the corresponding table and tap Add. Each section will have a few initial questions, then tap Add one more time to save it to the table. The new item will automatically show as editable for you to fill out any additional information you might have. When you’re ready, tap Okay to save the entry. Editing items is also just as easy. Tap the pencil icon to edit, then tap Okay when you’re done or the trash can icon to remove it.

Debt to Income Ratios (DTI) are visible from the taskbar at the bottom of the screen. These ratios will update dynamically as you change the loan information. To see all of your DTI information at once, you can tap details (next to the DTI ratios in the bottom taskbar) to show everything included in DTI in a single dialog.

Loan Scenarios are a great tool for complicated transactions allowing you to copy your existing loan, make and save changes to it, and compare with the original loan. You can ready more about loan scenarios.

Saving the loan is easy too! Just tap Save in the bottom taskbar whenever you are ready. If you forget, we will remind you when leaving the page just in case.

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