Encompass Co-Mortgagors

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.

 

How to Set Up

Company Dashboard

Navigate to Company Settings:

 

 

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From here, navigate to the Basic Settings section:

 

 

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Scroll down and select Edit Basic Settings:

 

 

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Select Enable Co-Mortgagors and choose either Allow LO Teams to Enable and user co-mortgagors or Require LO Teams to use co-mortgagors:

 

 

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If this feature is required for LO teams, setup is complete!

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:

 

 

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Select Apply Now:

 

 

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Scroll down to Apply Now General Settings and select Edit Apply Now General Settings:

 

 

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Select the option to Enable co-mortgagors. Make sure you select Save to confirm the changes:

 

 

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Adding Co-Mortgagors

Navigate to an existing loan flow and select the Edit Loan Flow button:

 

 

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Navigate to the Borrowers section and click on Add Co-Mortgagor:

 

 

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Enter the contact information for the co-mortgagor to include them on the loan flow, including email, name, and phone number:

 

 

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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 option:

 

 

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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:

 

 

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Once added, the co-mortgagor(s) will now appear under the 'Applicants' column view in the loan pipeline:

 

 

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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.

 

 

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A modal will appear explaining the changes that you are making. Select Move [First Name] to confirm:

 

 

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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-Borrower Document Requests

To add or view a document request to a loan flow, click into the loan flow from the pipeline view:

 

 

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At the top, select one or all borrower pairs from the dropdown menu:

 

 

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Please note that when looking at all borrowers, document requests cannot be added:

 

 

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To add a document, select the borrower pair that the document needs to be requested for:

 

 

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The documents for the selected co-mortgagor will be displayed. Document action buttons, including the Add New Doc button are displayed when a specific borrower pair is selected. Use the Add New Doc to add a document as normal:

 

 

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When borrowers log in, they will not be able to see any document requests from other co-mortgagor pairs, simply their own.

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