Your first loan

Your first loan

Start a loan

Open the page from the Teams tab, or at the address your administrator gave you, and sign in with your organization account. Choose New loan, then Your files. Drop the loan's files, or choose them: the loan file (the MISMO 3.4 export from Arive or EASE), paystubs, W-⁠2s, VOEs, tax returns, bank statements, the credit report and your rate quotes, in any order. The button counts them: Start with 9 files. Nothing else is asked up front.

Sample loan, beside it, opens one of the sample loans that ship with the page, each a whole loan file with its documents and its AUS answers.

While it reads

Each document appears as its first page and fills in as it is read, one document at a time, about fifteen seconds a page. The loan file and a findings report in DU's or LP's published layout are read by code at once. The income so far shows in the record while the rest is read. If another loan is being read ahead of yours, the page says where yours is in line and about when it starts.

A file that is not a loan document, or that cannot be opened, is named with the reason, and the rest of the loan reads on.

What it needs

When the loan cannot go on without you, the page asks, one thing per screen, even while the rest is still being read. What the loan file already says (the program, the income, the employers' dates) is shown once: Looks right, or change one line. Missing documents are listed together, and one drop adds them all. Questions has every kind.

The income

The Income step heads with the qualifying monthly figure and the mark of the agency whose rules it followed. Under it stands each income line: what it is, how it was worked out and its monthly amount. A line's page opens the page itself, the words boxed, with the arithmetic and the rule.

The checks

Before anything is submitted, the Checks step holds the loan's terms against every published limit: DTI, LTV and CLTV, the county loan limit, funds to close, reserves and the term. The headline names what fails and by how much: "Debt-to-income is 52%, over the 50% maximum." When nothing fails, it says so, and the loan goes into EASE as it is.

The options

The Options step lists the changes that clear every check, the least extra cash from the borrower first, then the fewest changes. Each row shows the extra cash at closing, the payment, DTI and LTV after the change. Where several limits fail, one change clears them all. Choose one with the borrower and press Copy for EASE: the fields and their new values go to the clipboard, and the option is recorded as your choice.

The AUS run

Enter the changes in EASE and run DU or LP. The page keeps the changes on screen, with what EASE should then show, until the findings come back. Drop them anywhere on the page. Until the AUS answers, Choose another option changes the choice. If the AUS names something only it can judge, the page works the next change from its answer, and you run it again.

The result

When DU or LP approves the loan, the Result step says which one, the round and the loan amount, then the rounds that led there and what the AUS asks for before closing. The working files are deleted at once; the result PDF stays under Loan file. If every option was tried or ruled out first, the result says no legitimate change is left.