Ability to Swap Borrower Positions On a Loan

4/19 Beta, 5/17 Prod

Purpose of Update and Benefit:

This feature allows LOs to swap borrower positions on a loan. 

• Swapping is limited to the first borrower pair (sharing co-borrowers).

• Swapping is disabled after the borrowers have been invited and when the borrowers are working on the application to prevent errors/bugs during these application states. Loan teams will be able to swap borrowers again after the borrowers submit the application. 

  • For borrower-initiated applications, this means that loan team members will be able to swap borrowers only after the application has been submitted. 

• Swapping is available for all loan types that support borrower pairs.

Current Behavior:

Currently, it’s not possible to swap borrower positions on a loan. 

New Behavior

To test this new feature, lenders should begin a new application and add the primary borrower via the New Loan Application page, then add a sharing co-borrower via the Manage Borrowers page. 

In the Application page, the loan team should see both borrowers in the positions that they were added. To proceed with the swap borrowers flow, click the Manage Borrowers button (located in the header, and above the Borrower Information section of the application page. 

Within the Manage Borrowers screen, click the three dots above the Co-Borrower box for the primary borrower pair (reminder: this feature will not work for non-sharing co-borrowers). 

A pop-up will appear asking you to confirm making the co-borrower the primary borrower. Click “Yes, confirm” to proceed. 

The co-borrower should now be in the Primary Borrower spot. Click “Save” at the bottom of this page to save your changes in the application page. 

This will be reflected in the application page. All information tied to each borrower will remain with the individual borrower.

If the borrowers are swapped, the new positions will be reflected in the MISMO file. 

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