Co-Mortgagors
Use the Co-Mortgagors tool to manage the co-mortgagors
associated with a loan. Co-mortgagors are added as borrower pairs and each pair can include a borrower and co-borrower. When you add co-mortgagors to a loan, separate sets of forms are created on which to record co-mortgagor information.
To Access the Co-Mortgagors Tool:
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Open a loan file.
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On the Tools
tab, click Co-Mortgagors.
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Or, click the Loan menu and then click Manage Borrowers.
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Or, click the Edit icon to the right of the Borrowers list in the header above the loan file.
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The Manage Borrowers window
opens with the primary borrower at the top of the Borrower Pairs list. The borrower pair at the top of the list is always the primary borrower associated with the loan.
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Detailed information about the Borrower and Co-Borrower displays at the bottom of the window.
Add or Edit Borrower or Co-Borrower Information
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Select a Borrower Pair from the list.
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Select a Borrower Type, and then enter or edit information in the Borrower and Co-Borrower sections at the bottom of the window and then click Close.
Add a New Borrower Pair
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Click the New icon.
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Select a Borrower Type, and then enter
information in the Borrower section and Co-Borrower section.
Change the Positions of Borrower Pairs
Move Borrowers
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To swap the position of one borrower with another borrower, select a borrower pair.
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In the Borrower or Co-Borrower section, click the Move button.
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On the Move Borrower window, select the borrower whom you want to swap with the currently selected borrower, and then click Move.
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Click OK when the confirmation window displays.
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The positions of the two borrowers is now swapped.
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When a borrower is moved:
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All borrower verifications (VOL, VOD, VOM, VOE and VOR) are moved.
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All field values in section VIII of the 1003 Page 3 are moved.
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All Gross Monthly Income information from the 1003 Page 2 is moved.
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Other Income information from the 1003 Page 2 is moved if there are enough empty lines in the Other Income section for the target borrower pair. If not, the information must be entered manually.
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The field values in section VI of the 1003 Page 2 are moved if the borrower being moved from one primary borrower position to another primary borrower position.
Import Borrowers
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To import a borrower click the Import button.
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Select a Source, and then and follow the procedure below for the Source you selected.
The administrator can hide the FNMA 3.2 file option based on persona. If the FNMA 3.2 file option is not displayed in the Source dropdown list, your persona does not have access rights to this option.
FNMA 3.2 File
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Select Borrower or Co-Borrower from the list to import the information from the borrower or co-borrower in the FNMA 3.2 file.
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Select the numbered position in the Borrower Pairs list where you want to import the borrower, and then click Next.
If there are no borrowers currently entered for the borrower pair, the borrower will be imported as the borrower for the borrower pair. If a borrower already exists for the borrower pair, the borrower will be imported as the co-borrower for the borrower pair.
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On the Import Borrower from Fannie Mae window, navigate to the folder where the FNMA file is located, select the file in the right panel, and then click Import.
ULAD / iLAD (MISMO) 3.4 File
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Select Borrower or Co-Borrower from the list to import the information from the borrower or co-borrower in the MISMO 3.4 file.
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Select the numbered position in the Borrower Pairs list where you want to import the borrower, and then click Next.
If there are no borrowers currently entered for the borrower pair, the borrower will be imported as the borrower for the borrower pair. If a borrower already exists for the borrower pair, the borrower will be imported as the co-borrower for the borrower pair.
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On the Import Borrower from Fannie Mae window, navigate to the folder where the MISMO 3.4 file is located, select the file in the right panel, and then click Import.
Another loan file
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Select Borrower or Co-Borrower from the list to import the information from the borrower or co-borrower in the Encompass loan file.
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Select the numbered position in the Borrower Pairs list where you want to import the borrower, and then click Next.
If there are no borrowers currently entered for the borrower pair, the borrower will be imported as the borrower for the borrower pair. If a borrower already exists for the borrower pair, the borrower will be imported as the co-borrower for the borrower pair.
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On the Select Loan window, select the loan file, and then click Select.
Contacts
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Select the numbered position in the Borrower Pairs list where you want to import the borrower, and then click Next.
If there are no borrowers currently entered for the borrower pair, the borrower will be imported as the borrower for the borrower pair. If a borrower already exists for the borrower pair, the borrower will be imported as the co-borrower for the borrower pair.
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On the Borrower Contacts window, select a contact, and then click Import.
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When a borrower is imported:
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For borrowers imported from an Encompass or Fannie Mae file, all borrower verifications (VOL, VOD, VOM, VOE, and VOR) are imported.
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All field values in section VIII of the 1003 Page 3 are imported.
Delete a Borrower Pair
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Select a borrower pair from the list.
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Click Delete Borrower Pair.
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Click Yes
in response to the confirmation message.
Delete a Co-Borrower
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Select a borrower pair from the list.
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Click Delete Co-Borrower.
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Click Yes
in response to the confirmation message.
View Co-Mortgagor Forms
The Borrowers field at the upper-left of the Loan tab indicates the borrower with whom the currently displayed loan forms are associated.
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To work with the loan forms for a different borrower pair, change the selection on the Borrowers list.
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To open the Co-Mortgagors tool, click the Edit icon to the right of the Borrowers list.