Ability for the lender application to collect information on existing loans on a lot

Beta Release Date:  03/22

Prod Release Date: 04/19

Purpose of Update and Benefit: 
We have added two new fields to the lender application that will allow loan teams to capture information about existing loans for a lot owned by the borrower. This information was already being captured on the borrower application, and so we are building parity between the two applications.

Current Behavior: 
Currently, only the borrower application allows for inputs regarding an existing loan on a lot; the lender application does not include these fields.

New Behavior: 
In the Loan Information section, subsection Lot Details, two new questions will appear if “Yes” is selected for “Currently own lot?”:

• Existing loan on the lot? - Yes/No

• Outstanding loan amount

If the application was initiated by the borrower, these questions will be prefilled based on the borrower’s responses in the Getting to Know You section. Otherwise, loan teams will be able to edit these directly within the lender application. 

MISMO Changes: 

Currently, when a borrower inputs the outstanding loan amount, a liability is created within the liabilities container. However, the relationship in the relationship container is not created for that liability.

When this feature is enabled, we will add in the liability relationship link to MESSAGE/DEAL_SETS/DEAL_SET/DEALS/DEAL/RELATIONSHIPS/

Here’s a sample file for a mortgage loan that includes all relationship links to the liabilities:

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