Introduction
The Additional Renewal Setup section allows administrators to customize loan renewal settings, including the ability to adjust loan payment types and enable variable interest rate mortgages. Additionally, users can configure the default Renewal Valuation Mode, ensuring a standardized approach to property valuation during loan renewals.
Navigating to Additional Renewal Setup
Click the Gear icon in the top-right corner to open Settings.
Select Company Settings.
Use the left-hand navigation to expand Loan Servicing > Renewal.
Click Additional Renewal Setup.
Tip: If you cannot access this setting, check your user permissions or consult your system administrator.
Additional Renewal Setup Settings
Display Fields
Setting | Description |
Enable Adjustment of Loan Payment Type Upon Renewal | Allows modification of borrower and investor payment types at renewal (e.g., switch from P&I to Interest Only). |
Enable Variable Interest Rate Mortgage Upon Renewal | Enables the Variable Interest Rate option during Renewal or Mid-Loan Adjustment. |
Renewal Valuation Mode
Setting | Description |
Same as Funding | Uses the same valuation method applied at the original loan funding. |
Inspection | Requires a property inspection as part of the renewal process. |
Appraisal | Requires a new property appraisal at renewal. |
Both | Allows for both inspection and appraisal as part of the valuation process. |
N/A | No valuation method is required at renewal. |
Note: Choosing the appropriate Renewal Valuation Mode helps maintain consistency in loan underwriting and compliance with lender requirements.
FAQs
Can I change the Renewal Valuation Mode for individual loans?
Yes, the default setting can be adjusted for specific loans as needed during the renewal process.
What happens if I disable a display field?
Disabling a display field removes it from view but does not delete any previously entered data. You can re-enable it at any time.
Does enabling variable interest rate mortgages affect all renewals?
No, enabling this option allows the use of variable interest rate mortgages at renewal, but it must still be applied on a loan-by-loan basis.
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.