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Sponsored Wholesale Originator Features

This document provides information on certain features available to originators using Desktop Originator® (DO®).

You may scroll through this document or click a link to be taken to the information for the specified topic:

Release Loan to Sponsoring Lender

Reassign Loan to Another Sponsoring Lender

Adding Sponsoring Lenders

 

Release Loan to Sponsoring Lender

When you submit a loan casefile to a sponsoring lender you can choose to keep control of the loan application data by selectingInterim for the ownership status. When you are ready to give control of the loan application data to the sponsoring lender, you can either resubmit and selectFinal for the ownership status or you can use the Release Loan to Lender feature.

The following steps show you the Release Loan to Lender feature.

Note: When you release a loan casefile to the sponsoring lender, it will remain in your Loan List and you can view the loan application data, but you will no 
 longer be able to edit it. You will also be able to view the credit report and DU Underwriting Findings report.

  1. From theLoanList, retrieve the loan casefile that you want to release to the sponsoring lender.
  2. Look at theSubmissionType column to confirm it isInterim and then open the loan casefile.

Note: If the Submission Type is Final, you will not be able to edit the loan casefile or use the Release Loan to Lender feature. 

  1. At the top of theLoanReview screen, in theLoanActions drop-down tab, click ReleaseLoantoLender.

Note: If the sponsoring lender you submitted the loan casefile to has granted you the reassign loan permission, the Loan Actions drop-down list will
include the ReassignLoan option.

  1. The Release Loan to Sponsoring Lender screen will be displayed.  Click Release.

  1. You will be returned to the Loan List. The Submission Type will beFinal.

Note: When you use the Release Loan to Sponsoring Lender functionality, the status of the loan changes from Interim to Final.  However, the loan casefile is not resubmitted for underwriting, therefore none of the messages in the DU Findings are updated and reflect the data from the last underwriting submission.

Related Job Aid
 Refer to the Loan List Search & Loan Status job aid for detailed information about the Submission Type. 

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Reassign Loan to Another Sponsoring Lender

When you submit a loan casefile to a sponsoring lender all resubmissions will continue to go through that lender unless it is released. If you want to resubmit to a different sponsoring lender, there can be two options. 

  • Option 1: You can ask the current sponsoring lender to use their Release Loan feature.
  • Option 2: If the current sponsoring lender has granted you the reassign loan permission, you can use the Reassign Loan feature. The following steps show you how to use the Reassign Loan feature.

Note: When you reassign a loan casefile, the previous sponsoring lender will no longer have access to it, and you will not be able to see the DU   Underwriting Findings report from the last submission to that lender.

  1. From theLoanList, retrieve the loan casefile that you want to reassign to a different sponsoring lender.
  2. Confirm theSubmissionType isInterim and open the loan casefile.

Note: If the Submission Type is Final you can no longer edit the loan casefile or use the Reassign Loan feature.

  1. At the top of theLoanReview screen, in theLoanActions drop-down tab, clickReassign Loan.

  1. TheReassign Loan to a Sponsoring Lender screen will be displayed.

  1. Select a different sponsoring lender. You also have the option to select Preliminary Findings.
  2. Select the submission type in theSelect ownership status section.
  3. The credit report should still be associated to the loan casefile, so selectUnderwriting Only in theCredit & Underwriting Options drop-down list.
  4. ClickReassignLoan.
  5. TheLoanReview screen displays the status of your underwriting request.

Related Job Aid
 Refer to the Submitting for an Underwriting Recommendation job aid, for detailed information about Preliminary Findings and the ownership status  (submission type).

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Adding Sponsoring Lenders

The Technology Manager application is used to request additional sponsoring lenders.  For additional information, refer to the following job aid:

Requesting Sponsoring Lenders  

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