Introduction to Delegated Loans
Step 1: Pricing and Locking Your Loan
Step 2: Submitting Your Closed Loan
Step 3: Requesting Suspense Condition Review
Key Tasks: Importing Your Loan, Pricing Your Loan, Locking Your Loan
Importing Your Loan
Before you can register and submit, you will need to import the loan to your correspondent portal. The two options available to import are a Fannie Mae 3.2 file and DO Casefile.
For more information about importing, read Importing your Loan File.
Reviewing Loan Information
Once your loan is imported, review and complete the 1003 on the Application Information tab.
The Loan Officer information in the Fannie Mae 3.2 file will be retained during import. We recommend validating the Loan Officer and Company information on page 3 of the 1003.
If incorrect, contact your Account Manager since they will need to manually update the 1003. Their contact information is listed under Junior Processor in the Status and Agents tab.
Setting Up Key Registration Fields
Before registering, you will need to enter the borrower’s credit information, set the underwriting type, and assign a Secondary user. To enter the borrower’s credit information, navigate to the Pricing tab and choose the Application #1 tab.
At the bottom, there are four options for entering a credit: Order Credit, Reissue Credit, Upgrade Credit and Manually Enter Credit.
We recommend re-issuing your credit report. If you manually enter the credit scores, we will require you to release the DO findings to us at submission.
To learn more about releasing your DO findings, read How Do I Add JMAC as a Sponsoring Lender in DO?
You can confirm the credit score was entered correctly by checking the top-right of the loan information bar.
On the Property & Loan Info tab, select the Underwriting Type as Delegated. Jumbo loans must be submitted as Prior Approved (Non-Delegated).
To learn more about the non-delegated loan process, read Registering Your Loan.
Now, choose your pricing filters - the Terms, Amortization Type, and Product Type and Price for your preferred loan program.
You may be prompted to assign a Secondary user to the loan. Select your Secondary’s name to continue pricing. The Secondary user will receive all pricing communication.
For more information about pricing, read Pricing your Loan.
Locking Your Loan Program
When the results populate, can register or request pre-lock for your preferred rate and program.
If your preferred program is not displayed, the loan might be ineligible for that program. You can review the reasons for ineligibility under Show Ineligible Loan Programs.
You can re-register for a different loan program until you request initial disclosures or submit. After we receive your request, you will only be able to adjust the Rate Lock Period and Impounds.
We recommend assigning a Processor and Post-Closer to every loan since the Processor will be contacted during underwriting and the Post-Closer during purchase. Assign a Processor and Post-Closer on the Status and Agents tab.
Your loan status will update from Loan Open to Registered. Once your loan is Registered and Locked, you can submit the closed loan package. Click to the next step, Step 2: Submitting Your Closed Loan, to find out how to complete your loan submission.