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How to add a loan?

This article discusses how to add a loan using the New Loan Assistant.

There are several ways of adding loans to the running Loan Servicing module:

  • Manually, using the New Loan Assistant.
  • Importing from The Mortgage Office® Loan Origination system.
  • Importing loans from another system.

This part of the documentation explains how to create a loan record using the New Loan Assistant.

To add a loan using the New Loan Assistant:

  • Click on the running Loan Servicing drop-down in the left panel of The Mortgage Office®.
  • Click the Loans drop-down. 
  • Click All Loans.
  • Once in the All Loans grid, click on the New add button on the top panel to open the New Loan Assistant.
  • Select Source. Select Blank to start with an empty loan file, select Template to start from a loan template you previously created, or select Loan to create the file populated with applicable information from an existing loan file.
  • Select Items to Include. This step is only displayed if the source selected is Template or Loan. You can use the provided options to exclude or include items from the source loan.
  • Click Next and enter the following information:
Field: Description:
Account

Enter a unique account number. Loan account numbers must be unique and have a maximum of 10 alpha-numeric characters.

Full Name

 Enter the primary borrower'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)
First Name Enter borrower's first name. (Maximum of 30 characters)
MI Enter borrower's middle initial. (Maximum of 1 character)
Last Name Enter borrower's last name. (Maximum of 30 characters)
Initially place this account on hold

Select this option to prevent others from processing transactions for this loan until you are done setting it up.

If you selected to create the loan from Blank or Loan, this option defaults to "Checked". If you selected to create the loan from a Template, this option defaults to whatever the template is set to. For example, if the template is set to Hold this option will be checked.
  • Click Finish to complete the process and create the new loan servicing file. The loan file will open in a new window, allowing you to continue entering more information.

TIP: The New Loan Assistant helps you enter the basic information the system needs to setup a loan template. You must then continue through the additional screens and tabs, and enter additional information such as Borrowers, Properties, Funding Lenders, Loan Terms, and more.

 

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