Tour of the Loan Folder

The Loan Folder is essentially the central workspace for your loan. There are several components of the Loan Folder. Any variation may be due to your access rights, which products your company has ordered and what stage the loan is in. There are two views: an originator's typical Loan Folder and an investor's or underwriter's typical Loan Folder. This is what a typical Loan Folder looks like.

Originator Loan Folder

Click to enlarge

1. Loan Identification
   

   The top portion of the Loan Folder displays the loan file ID number, the primary borrower's name, the Loan Status and a button linking to Search All Loans.

2. Navigation
   

   There are many navigation options available on the Loan Folder. The most used navigation items are on the left side of the Loan Folder. From there you can perform multiple tasks associated with processing the loan.

   • Loan Data/Documents

     • Loan App 1003 / Loan Summary — Click to select Edit Data to edit the 1003; View/Print PDF to view or print a 1003; or, Add PDF to Folder to add 1003 to the Documents section.

     • FHA/VA 92900-A — Select Edit Data to edit the FHA/VA 92900-A; View/Print PDF to view or print a FHA/VA 92900-A; or, Add PDF to Folder to add FHA/VA 92900-A to the Documents section.

     • GFE / Closing Costs — Select Edit Data to edit the GFE.

     • Verifications — Select View/Print PDF to view or print verification documents.

     • 1008 — Select Edit Data to edit the 1008; View/Print PDF to view or print a 1008; or, Add PDF to Folder to add 1008 to the Documents section.

     • Loan Snapshot — Access important basic loan information — such as LTV, CLTV/TLTV, interest rate, values, business partners, etc. — in one place. Select View/Print PDF to view or print a Loan Snapshot or Add PDF to Folder to add Loan Snapshot to the Documents section.

     • Upload/Fax Documents — Add loan documents to the Documents section by faxing or uploading them. Click on Upload Documents or Fax Documents.

   • Actions

     • Request eConsent — Collect your borrower's consent to receive disclosures electronically.

     • Submit File or Submit File Updates — Select this option to submit the file (or submit the file updates) to the investor and the underwriting location of your choice.

     • Export Data File — Download the 3.2 file and save it on your computer. The default file name is the loan file ID number. Open it with a 3.2 compatible program, such as your loan origination system.

     • Create Quick Copy — If you're an eDocs, MortgageApp or Website Package customer, you may make a copy of the loan and select which documents to transfer.

   • Tools

     • MGIC Rate Finder — Find MGIC mortgage insurance rates and check eligibility.

     • Business Partner Assignment — Assign business partners to be associated with the loan.

     • Calculators

       • Mortgage Payment — Calculate monthly payments.

       • MGIC Loan Comparison — Compare three mortgage scenarios, including borrower qualification ratios.

       • MGIC MI Options — Compare four high-LTV loan options with MGIC mortgage insurance.

     • Secure Message Center — If you're an eDocs, MortgageApp or Website Package customer, access the Message Center to send and read secure messages, share and request documents and signatures, eConsent and signatures.

     • Audit Trail — Access the audit trail to view all loan and document activity.

     • Notes — Create notes containing important information about the loan file.

   • Services

     • Products and Pricing — Check product availability and pricing directly within eMagic.

     • Credit — Order credit from over 100 providers.

     • Flood — Order flood determinations.

     • Automated Underwriting — Order DU or LP.com from a Storefront.

     • Documents — Order compliant initial disclosures and closing documents.

     • MGIC MI Cert — Order MGIC mortgage insurance directly from the Loan Folder.

3. Loan Profile
   

   The Loan Profile section displays basic loan information, the loan's status, to where it was delivered, and dates associated with its creation, inactivation and expiration.

   1. Summary tab is a quick reference to the loan and borrower information.

   2. Key Dates tab offers a view of important dates regarding activity, file storage, etc.

   3. Status Detail tab shows loan, product and submission statuses and to whom and where the file was submitted.

4. Services
   

   This section summarizes the services ordered on the loan. Click the folder icon to add the service documents to the Documents section.

5. Documents
   

   See below.

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Investor’s/Underwriter’s Loan Folder

Click to enlarge

1. Loan Identification
   

   The top portion of the Loan Folder displays the loan file ID number, the primary borrower's name, the Loan Status and a button linking to Search All Loans.

2. Navigation
   

   There are many navigation options available on the Loan Folder. The most used navigation items are on the left side of the Loan Folder. From there you can perform multiple tasks associated with processing the loan.

   • Loan Data/Documents

     • Loan App 1003 / Loan Summary — Click to select Edit Data to edit the 1003; View/Print PDF to view or print a 1003; or, Add PDF to Folder to add 1003 to the Documents section.

     • FHA/VA 92900-A — Select Edit Data to edit the FHA/VA 92900-A; View/Print PDF to view or print a FHA/VA 92900-A; or, Add PDF to Folder to add FHA/VA 92900-A to the Documents section.

     • GFE / Closing Costs — Select Edit Data to edit the GFE.

     • Verifications — Select View/Print PDF to view or print verification documents.

     • 1008 — Select Edit Data to edit the 1008; View/Print PDF to view or print a 1008; or, Add PDF to Folder to add 1008 to the Documents section.

     • Upload/Fax Documents — Add loan documents to the Documents section by faxing or uploading them. Click on Upload Documents or Fax Documents.

   • Actions

     • Return Folder — Return an unacceptable Loan Folder for additional processing.

     • Deliver to Facilitator — Assign the Loan Folder to a facilitator for contract underwriting.

     • Reroute Folder — Reroute the Loan Folder to another delivery location or Storefront.

     • Submit File or Submit File Updates — Select this option to submit the file (or the file updates) to the investor and the underwriting location of your choice.

     • Export Data File — Download the 3.2 file and save it on your computer. The default file name is the loan file ID number. Open it with a 3.2 compatible program, such as your loan origination system.

     • Create Quick Copy — If you're an eDocs, MortgageApp or Website Package customer, you may make a copy of the loan and select which documents to transfer.

   • Tools

     • MGIC Rate Finder — Find MGIC mortgage insurance rates and check eligibility.

     • Calculators

       • Mortgage Payment — Calculate monthly payments.

       • MGIC Loan Comparison — Compare three mortgage scenarios, including borrower qualification ratios.

       • MGIC MI Options — Compare four high-LTV loan options with MGIC mortgage insurance.

     • Secure Message Center — If you're an eDocs, MortgageApp or Website Package customer, access the Message Center to send and read secure messages, share and request documents and signatures, eConsent and signatures.

     • Audit Trail — Access the audit trail to view all loan and document activity.

     • Notes — Create notes containing important information about the loan file.

   • Services

     • Products and Pricing — Check product availability and pricing directly within eMagic.

     • Credit — Order credit from over 100 providers.

     • Flood — Order flood determinations.

     • Automated Underwriting — Order DU or LP.com from a Storefront.

     • Documents — Order compliant initial disclosures and closing documents.

     • MGIC MI Cert — Order MGIC mortgage insurance directly from the Loan Folder.

3. Loan Profile
   

   The Loan Profile section displays basic loan information, the loan's status, to where it was delivered, and dates associated with its creation, inactivation and expiration.

   1. Summary is a quick reference to the loan and borrower information based on the Loan Summary.

   2. Key Dates offers a view of important dates regarding activity, file storage, etc.

   3. Submission Detail shows Submission Status and to whom and where the file was submitted.

4. Services
   

   This section summarizes the services ordered on the loan. Click the folder icon to add the service documents to the Documents section.

5. Documents
   

   See below.

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Documents

Originators can gather loan documents and assemble them for electronic delivery in the Documents section. There are several components of the Documents section. A typical selection may look like this. Certain features are available depending on the type of eMagic user or in what status the loan is.

1. • eDocs, MortgageApp or Website Package users can create and apply stacking order templates.

   • Select the desired action in the Select Action drop-down menu (print, download, delete, or combine), check the box next to the document and click Go.

   • Click on the plus box to open a document's details.

   • Click on the pencil icon to edit the document type and description.

   • Click on the wrench icon to rotate, separate, and reorder the documents.

   • Doc Type displays the name of the document. (See glossary for definitions.)

   • Doc Description displays the document description.

   • Doc Status indicates the status of each document: Pending, In Folder, Error, or Requested (for Message Center users). This lets you know when your faxed or uploaded documents are in the Loan Folder.

   • See when each document was created and added to the Loan Folder.

   • See when each document was last updated.

   • Click Refresh Documents to update the document status.

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