Combo Loan Linking

Brief Summary

A new feature available in Loan Energizer is the ability to "link" two loans and have them update each other when changes are made.  You can create a 2nd loan from the first while in it, and have the Loan Amt, Rate, Term and Payment automatically updated in both files (in the Mortgages screen for the Piggyback=YES mortgage).  This occurs when changing the Loan Amount, Rate, Terms, or Payment for either file in Work The Deal: upon saving the screen you have the option to update the piggyback=yes mortgage in the linked loan file automatically.

Details for Usage

A new button will ALWAYS be available on the Loan Desktop stating Flip to Combo Loan. This doesn't mean that you are in a combo loan, it is simply a speed button. If you have already linked 2 loans together, clicking the button will  toggle/flip you between the two loans. since the  borrower's name is the same, you'll primarily notice the INVESTOR PROGRAM in the upper right corner changing when you do this. There will be a white "flash" when the button is clicked as the system flips between loans. This is normal, and intended as an acknowledgment that something has "happened".

In any loan file, if this button is clicked and you have not yet linked to a combo loan (or created one) then you are presented with a screen offering you a choice for what to do. If the other loan has already been created, you may select it from a list to "link" the two files together. If the other loan has not yet been created, you may do so from right here and choose what Investor Program to set it up with:

So, when creating a New Loan from This Loan you may:

  • Select the new loan's Investor Program
  • Choose to copy the Approval Conditions from the loan you're in, or get new conditions the same way that starting a new Quickapp get conditions (from Investor Program, or Investor, or Default set, depending on where values are set up)
  • Choose to copy the closing costs/fees from this loan, or get from the new Investor Program's default Cost Scenario.
  • You will be prompted for the Loan Series to assign to the new loan, so Application Numbers stay in proper sequence.

When the new loan is created from this existing loan, it will "FLIP" the values from this loan's PIGGYBACK mortgage (in the mortgages screen) into Work The Deal, and set the original loan's WorkTheDeal values (Loan Amt, Rate, Term, Pmt) into the piggyback mortgage for the new loan file automatically. Further, the new loan will obtain the "DEFAULT" ARM PLAN associated with that Investor Program and recalculate the terms and payment based on the ARM PLAN, and update both loans accordingly. This means that if you have an incorrect payment amount in the First loan's piggyback mortgage, it will automatically be updated with the newly calculated payment from the new loan once the new ARM Plan has been assigned and configured during this process. The end user doesn't have to update it manually at all! Whenever you update the primary info in Work the Deal, for Loan Amount, Rate, Terms, or Payment, you will be prompted on a linked loan file if you want to automatically update the piggyback mortgage in the linked loan file.

Whenever you update the primary info in Work the Deal, for Loan Amount, Rate, Terms, or Payment, you will be prompted on a linked loan file if you want to automatically update the piggyback mortgage in the linked loan file. The LOAN STATUS screen will display the application number for the linked loan file on the middle left portion of screen:

TO UNLINK the Loans: Click [Select] on the Combo/Piggy Application number field, then click [NONE] in the following screen, and [Ok/Save]. This will remove the links from BOTH loan files.

 

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