How to add a funding lender to a loan in Loan Origination?

Field:

Description:

Account

Enter a unique account number for this lender. (Maximum of 10 alpha-numeric characters including "-" and ".")

Full Name

Enter the funding lender's full name. The first time the Full Name is entered it is parsed and used, if possible, to auto-populate the First Name, MI, and Last Name fields. (Maximum of 64 characters)

TIP: The Full Name can represent the name of a legal entity, while the First Name, MI, and Last Name can be the name of a natural person

Salutation

Enter a salutation field. (Maximum of 50 characters)

First Name

Enter funding lender's first name. (Maximum of 30 characters)

MI

Enter funding lender's middle initial. (Maximum of 1 character)

Last Name

Enter funding lender's last name. (Maximum of 30 characters)

Street

Enter funding lender's mailing street address. (Maximum of 64 characters)

City

Enter funding lender's city. (Maximum of 50 characters)

State

Select funding lender's state or province from the drop-down list.

TIP: The state defaults to the state selected in the Company Properties. See Company Properties.

Enter funding lender's zip code. (Maximum of 10 characters)

• The locale selection found in Options, User Preferences, Regional determines whether U.S. or Canadian values are returned.
• Preferred City Name: There are approximately 43,000 U.S. ZIP Codes as issued by the US Postal Service.  Although there are 43,000 unique ZIP Codes, there are more city and town names than there are ZIP Codes. Actually, it is not unheard of to have 10 different city or town names for a single ZIP Code.
• However, even though the USPS permits more than one city name for a single ZIP Code, they do have a preference; and that preference is referred to as a Preferred City. The Mortgage Office® always returns the Preferred City name.

Enter funding lender's e-mail address. (Maximum of 255 characters)

TIP: You may enter multiple e-mail addresses by separating each with a semi-colon. When sending documents via e-mail (such as statements), The Mortgage Office® will generate a separate e-mail with the appropriate attachment to each e-mail address in the field.

Select an e-mail delivery format from the drop-down list. Available options are HTML or Plain Text.

Enter funding lender's Home, Work, Mobile, and Fax phone numbers. (Maximum of 20 characters)

TIP: The phone number will be automatically formatted if you enter numeric digits only. For example, typing 5624262188 is automatically converted to (562) 426-2188.

Enter funding lender's tax identification number. (Maximum of 11 characters)

CAUTION: Limit Public Display of Social Security Numbers. Many states, including California, now place restrictions on the display and transmission of social security numbers. To comply with these new regulations, the User & Group Security module provides options to limit the access to and display (only the last four digits are shown) of social security numbers. For additional information read California Laws on SSN Confidentiality.

TIP: This number is a minimum of nine digits and can be either a social security number or a company identification number. This number may be entered with or without hyphenation.

Birthday

Enter the funding lender's date of birth.

Multiple Signators

Select this option if the full name field contains more than one person. The system will create a signature line for each line that appears in the lender full name.

TIP: You must use Shift-Enter to separate each lender name.

Deposit Date

Enter the date you deposited the amount received from this lender to fund the loan.

Amount Funded

Enter the amount received from this lender to fund the loan.

Investor Suitability

If applicable, enter Reviewed By and Reviewed On in the two fields.

Select this box to select appropriate loan type(s):

Fixed

Adjustable

Legal Vesting (tab)

Go to the Legal Vesting tab at the top and enter the lender vesting.

TIP: When entering the lenders vesting you may use <LoanAmount>, <AmountFunded> and <PCT> instead of actual values. At the time of printing, these special commands will be replaced with the actual values. For example: assuming a loan amount of $500,000, and a lender funding of $89,325, the vesting could be entered as follows:

"John Q. Consumer and Susan M. Consumer, husband and wife as joint tenants as to an undivided <PCT> interest."

and it would print like this:

"John Q. Consumer and Susan M. Consumer, husband and wife as joint tenants as to an undivided 17.865% interest."

Assuming the same example, the following vesting:

"John Q. Consumer and Susan M. Consumer, husband and wife as joint tenants as to an undivided <AmountFunded>/<LoanAmount>ths interest."

would print as:

"John Q. Consumer and Susan M. Consumer, husband and wife as joint tenants as to an undivided 89,325/500,000ths  interest."