Overview
Floify's Co-Mortgagor feature for Encompass users helps lenders more efficiently find and organize loans by keeping all borrowing parties on the same loan flow.
To help streamline loans, this feature accounts for additional parties that may not fall into the typical category of a co-borrower. Examples of a co-mortgagor include a parent (or parents) co-signing for a child’s loan application, or even a couple who are not married but are applying for a loan.
This feature expands the capabilities LO teams have in viewing, requesting, and processing documents as well as connecting to Encompass loan files.
Please note, an Encompass integration is required for this feature. Reach out to your account executive for more information on the options for upgrading your subscription to include this.
How to Set Up
Company Dashboard
Navigate to Company Settings:
From here, navigate to the Basic Settings section:
Scroll down and select Edit Basic Settings:
Select Enable Co-Mortgagors and choose either Allow LO Teams to Enable and user co-mortgagors or Require LO Teams to use co-mortgagors:
Team Dashboard
If LO teams are allowed to choose to enable this feature, each LO will need to enable this on the team level.
From your active loan pipeline, navigate to Settings:
Select Apply Now:
Scroll down to Apply Now General Settings and select Edit Apply Now General Settings:
Select the option to Enable co-mortgagors. Make sure you select Save to confirm the changes:
Adding Co-Mortgagors
In Co-Mortgagors, you can add up to 6 borrower pairs, which matches the limit of Encompass loans. To add a co-mortgagor to a loan, you can follow the below steps.
Navigate to an existing loan flow and select the Edit Loan Flow button:
Navigate to the Borrowers section and click on Add Co-Mortgagor:
Enter the contact information for the co-mortgagor to include them on the loan flow, including email, name, and phone number:
While a loan flow can have more than two borrower pairs on a loan flow, each pair is restricted to two borrowers. The order of these borrower pairs can be changed by clicking on the Swap icon:
Click to confirm the change to the order of the borrowers.
The Add Co-Borrower option will let users add a co-borrower to a co-mortgagor set. You can select whether to use the same or a separate email address from the primary borrower in the co-mortgagor set. While loan flows can have multiple co-mortgagor sets, each set is limited to two borrowers only:
Once added, the co-mortgagor(s) will now appear under the 'Applicants' column view in the loan pipeline:
Splitting Co-Mortgagors
Locate the borrower in your loan pipeline and select the Edit Loan Flow icon:
Select the 'Split' icon towards the right of the co-borrower's name:
Note: If the borrower and co-borrower share an email address, you will not be able to split the borrower pair.
A modal will appear explaining the changes that you are making. Select Move [First Name] to confirm:
The co-borrower will now be moved to their own co-mortgagor set!
Please note that the co-borrower data will be removed from the primary borrower's 1003, and the new co-mortgagor will now have a new 1003 with their information included.
Requesting and Managing Co-Mortgagor Document Requests
Managing document requests for Co-Mortgagors is made simple with our Co-Mortgagors functionality.
Read about managing document requests here: Requesting and Managing Co-Mortgagor Document Requests
Requesting Additional Co-Mortgagor Loan Applications
When adding Co-Mortgagor pairs to a loan, the easiest way to gather a new loan application is to add the 1003 as a document request for the new pair, following the instructions above. It is recommended to use this work flow instead of having each pair submit their application via Apply Now to ensure that duplicate LOS files do not get created. This avoids the need for reconciliation. You can manually export 1003 data as needed and then upload it into Encompass, or you can use the system's 1003 export tool once per borrower pair to send the data via the integration to Encompass directly.
To ensure the data from the 1003 flows over for each pair correctly, there are a few steps to take. Read the instructions for this workflow here: Enable the 1003 Export to the LOS in the Loan Flow Stage
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