Introduction
The Renewal section enables administrators to customize how renewals are handled within the system, including adjusting loan terms, applying standard fees, and managing compliance documents. These tools support a smooth and consistent process during loan renewals while helping meet regulatory and internal requirements.
Navigating to This Section
Click the Gear icon in the top-right corner to open Settings.
Select Company Settings.
Use the left-hand navigation menu to expand Loan Servicing > Renewal.
Tip: If you cannot access this section, check your user permissions or contact your administrator.
This section allows users to configure loan term behavior during renewals. You can enable fields that adjust borrower and investor payment types, such as switching from Principal & Interest to Interest-Only. It also includes the option to enable variable interest rates and select a default valuation method for renewed loans, such as appraisal, inspection, or both.
Note: When enabling Variable Interest Rate Mortgage Upon Renewal, ensure corresponding payment structures and disclosures are configured to support the change.
The Standard Fees section helps automate the application of renewal fees to ensure consistent fee handling across loans. Admins can enable a default renewal fee, configure whether it’s collected through PAD (Pre-Authorized Debit), and access additional fee customization options for different loan types.
Warning: Enabling a renewal fee applies it to all future renewals by default. Double-check fee configurations before enabling to avoid incorrect charges.
This section controls the types of renewal-related documents available in the system. You can enable document categories like Renewal Compliance Forms and Investor Admin Agreement Documents, and apply additional settings through PDF Templates for document formatting and behavior.
FAQs
Can I apply different valuation methods for different loan types?
Yes. Although a default method can be set, it may be overridden at the loan level when needed.
Are renewal fees applied to all loans once enabled?
No. Enabling renewal fees affects future renewals only. Existing loans must be updated manually.
Can I manage which documents appear during renewal?
Yes. Document types can be toggled on or off depending on workflow requirements, and templates can be customized.
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.