Convert a Partial 1003 into a Live Loan Flow When Borrowers Get Stuck – And Get a Valid FNMA 3.2 Data File to Work With
Floify now provides the option to convert a partial, in-progress, loan application into a live loan flow – complete with a valid FNMA 3.2 data file!
No more frustrating stops-and-starts!
Now, LOs can continue to work through the initial stages of the mortgage origination process with their clients without getting hung up on the loan application in FloifyANDthey are able to maintain any data that was already entered.
With a little nudge, LOs can push the loan app into the loan flow phase, start the borrower on their document gathering responsibilities, and continue to fill out the 1003 as more information becomes available.
Making the conversion to a live loan flow is just as easy and convenient as it would be if the application was perfect from the start.
Just find the desired 1003 in your Prospects area, and click the action icon to convert to a live loan flow.
Floify will then provide a prompt that explains the conversion process and will require the team member to confirm that they want to convert the application.
The borrower will not be able to re-enter their loan application once this has been done. If they were to try, they would receive a message directing them to instead go to their borrower portal.
It is also at this point that Floify will evaluate the 1003 and check to see if a Social Security number was entered.
If there is none, the system will automatically enter a placeholder of 000-00-0000 so that the corresponding FNMA 3.2 data file will be in a valid format without requiring additional intervention.
After the Prospect application has been successfully converted to a live loan flow, you will find the preserved partial 1003 loan application document in the flow’s yellow bucket.
This document can be downloaded as a valid FNMA 3.2 data file at this stage, for upload into a LOS, or the origination team can continue to add to the loan application right in Floify by accessing the system’s built-in loan 1003 editor.
The editor shows the loan application with any previously completed fields remaining intact.
The loan origination team can continually edit and add information to the application until it is deemed ready for approval and elevation to the green bucket.
Once any edits or additions to the prospect’s 1003 application are complete, it’s as simple as a couple of clicks of the mouse to download the FNMA 3.2 data file from Floify and upload into a LOS to begin the underwriting/approval process.