Description:
The LO 1003 allows Loan Officers to take, view, edit, and submit loan applications. All URLA fields are accessible, but no information is required to submit, allowing for quick completion.
Loan Officer Experience:
- They can fill an application out alongside the borrower to strengthen the Loan Officer/Borrower relationship, or even complete the application without the borrower for convenience.
- Since the Loan Officer is completing the application for the borrower, they will need to request eConsent, Credit Authorization Requests, and Share Info Requests separately for the borrower to accept.
- With the LO 1003, Loan Officers can also:
-Add notes to an application, these do not import to Encompass.
-Run credit checks.
-Finish an In Progress Loan Application that a borrower started but never finished.
Company Admin Experience:
- With the LO 1003 (Web), Company Admins can now edit submitted loan applications for their Loan Officers.
- This means they will no longer need to request edits from Support for problems including but not limited to:
-Changing/Removing the state on an application.
-Editing a negative loan price.
-Adding co-borrower information.
Team Member Experience:
- When LO 1003 is on, Team member has view only access and edits of any kind are not permitted. It is clearly stated on the form.
Creating an application:
Web:
- From the loans section select 'new loan'
- Enter the borrower information and 'create new loan'
- Enter as much data as desired, then from the Finish section you can submit
Mobile:
- From the Loan section select the 3 ellipses and 'Start new Loan App'
- Enter borrowers name
- Enter as much data as desired, then from the Finish section you can submit
Troubleshooting:
If you are experiencing an issue utilizing the LO 1003 feature, please reach out to your CSM or support so we can ensure the following settings are on: