Introduction
Properly configuring loan origination settings ensures efficiency, compliance, and accuracy in managing loans. This guide provides an overview of key configuration options, including property details, loan defaults, underwriting, fees, and repayment methods.
Navigating to This Section
1. Click the Gear icon in the top-right corner to open Settings.
2. Select Company Settings.
3. Use the left-hand navigation menu to find and expand Loan Origination Settings.
Tip: If you cannot access Loan Origination Settings, ensure you have the necessary permissions or check with your administrator.
Define the details captured for properties in loan files, such as size, year built, insurance, and mortgage data. Enable or disable specific fields based on portfolio needs.
Tip: Only enable fields relevant to your portfolio to keep loan files concise and easy to navigate.
Configure default loan parameters, including:
Interest rates
Loan terms
Down payment requirements
Supported currencies
Payment methods
Tip: Set default loan terms and interest rates to reduce repetitive input and maintain consistency across files.
Customize fees related to loan origination, including:
Setup, admin, and placement fees
Legal fees
Custom fees for specific properties
Best Practice: Pre-configure standard fees to ensure transparency and reduce manual entry.
Define key qualifying ratios such as Total Debt Service (TDS) and Gross Debt Service (GDS) to assess borrower eligibility.
Tip: Activating underwriting ratios integrates borrower affordability checks directly into loan workflows.
Customize loan types like construction, fix & flip, and commercial loans. Configure investor standby interest and other advanced features to align with business needs.
Adjust repayment structures, payment frequencies, and interest calculation rules. Configure:
Interest Adjustment (IAD) styles
Borrower and investor pay dates
Rounding rules for precise financial handling
Set up interest-only or principal and interest repayment schedules. Configure:
Payment and compounding frequency
Deferred interest options
Capitalized interest settings
Stakeholder Setup
Manage borrowers, brokers, investors, and legal representatives. Configure:
Default investors and payout schedules
Broker compliance settings
Stakeholder integrations (lawyers, title companies, appraisers, Exempt Market Dealers)
Flow of Funds
Define how payments move between borrowers and investors. Configure:
Interest adjustments
Discharge and origination fund flows
Prepaid interest holdbacks
Documents
Customize loan documentation with automated templates and branding. Configure:
Borrower and investor document formats
Compliance document requirements
Note: Ensure all documents meet regulatory requirements before finalizing loan agreements.
Internal Notifications Settings
Automate internal alerts and notifications for loan origination processes. Configure:
Team notifications for status changes
Loan approval alerts
Compliance reminders
Best Practice: Enable critical notifications to ensure no key steps are missed in the loan origination process.
External Communications Settings
Ensure effective borrower and investor communication by setting up:
Automated email templates
SMS notifications
Status updates on loan progress
Tip: Configure email whitelabeling and SMS notifications to maintain professional and secure communication.
Workflow Management
Optimize loan process tracking with:
Kanban dashboard customization
Loan sub-status tracking
Account representative visibility settings
Integrations
Seamlessly connect Mortgage Automator with third-party services for payments, electronic signatures, and credit reporting.
Tip: If an integration you need isn’t available, contact support to explore activation options.
FAQs
What happens if loan origination settings are incorrect?
Incorrect configurations can cause inconsistencies in loan files. Always review settings before applying them.
Can I update settings after loan origination?
Yes, but changes apply to new loans only. Existing loans retain their original configurations.
How do I ensure correct fee structures?
Pre-configure fee settings to match business policies and review them before loan issuance.
Need Further Assistance?
For additional support, contact us:
📧 Email: support@mortgageautomator.com
💬 Live Chat: Click the question icon at the top-right corner of your screen.