Print this pageThese nine important changes will take effect on Monday, August 22nd, 2011. Prefer to watch a quick tutorial of the new workflow? View it here.
File Submission | Loan Folder Changes | File Submission Email Notifications | Automatic Copy | File Difference Report | Loan/Lead Status | Searching/Reporting | File Storage| New Document Vendors
File Submission
There's a new process for your originator partners that may affect your being able to access and edit loan data. Originators who order a sponsored Automated Underwriting service from your eMagic Storefront must now click "Submit File" in order for you to have full access to the file, including accessing the loan data to edit and validate. If the file is not submitted, you will only be able to view basic loan information. Please note - any Automated Underwriting submission you have access to prior to August 22nd will need to be submitted by the originator -- by clicking "Submit File" -- for you to regain full file access.
If you offer electronic file delivery for your Originators, they will now select "Submit File" to initiate that process, instead of "Deliver to UW". If you are underwriting a loan that was submitted to you, the process won't change, however, "Complete and Notify" has now changed to "Submit File Updates".
Loan Folder Changes
The Loan Folder's new layout is more natural and intuitive for the loan origination process. Here's what's new:
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The top portion identifies the loan. with the File ID, the borrower, and by whom and when it was submitted. The new and editable loan status appears on top of the Loan Folder.
Loan data and document information appears on top of the Actions Menu. That's where you can edit loan data and add documents to the Loan Folder. Further down, "Submit File Updates" replaces "Complete & Notify." Tools and Services continue below.
The Loan Profile section highlights quick, important information about the loan: a summary, key dates surrounding the loan and additional information for the statuses on the loan.
The Services section remains the same.
The Documents section remains the same.
File Submission Email Notifications
If you currently only offer Automated Underwriting services in eMagic and are not set up for electronic file delivery, you can optionally now receive an email notification when an Originator submits a file to you. Contact us to get set up..
Automatic Copy
You'll no longer have to place incoming loans on hold and manually copy them. Every loan you receive starting August 22nd will already be copied and ready to be validated. The existing Pipeline Manager section will be removed. All loans received will be under the Underwriting tab. Note - loans you originate yourself are still located under the Origination tab.
File Difference Report
Now you don't need to guess what changes the originator has made to the loan. You can review the changes in the File Difference Report. When an originator makes changes to their loan and submits a file update to you, you'll see a notification on the Loan Folder that file updates are available for for your review.
You can then view and, if you wish, accept the changes to the loan. The changes and comments are recorded in the Audit Trail.
topLoan/Lead Status
If you also originate loans or leads in eMagic, you can assign statuses to your eMagic loans and leads.
- Assign a loan status while creating loans.
- Assign or change a loan status from the Loan Folder.
- Designate who gets the notification when a loan status changes.
Searching/Reporting
You can still do a basic search for loans from Loan Manager, but now you can do more specific searches for the most recent loans. The recent loan criteria is loans that you created, either today, yesterday or both, and from the selection in the drop-down menu.
You can also now create your own detailed, customized reports within eMagic. They're available in Loan Manager. Note: these new reports replace the old reports.
File Storage
For a nominal fee, you can now store and archive any of your submitted eMagic loan files securely online for up to seven years. Contact us to find out more and get set up.
topDoc Vendors
There are two new document vendors available in eMagic: IDS and DocuPrep . Click on your preferred document vendor from the Loan Folder to sign up for these vendors, who offer a mix of services, such as:
- Initial Disclosures
- Closing Documents
- Compliance Checks
- eDelivery, eConsent, eSignature
- Fulfillment Packages
