Correspondent Loan Status

Use the Correspondent Loan Status tool to view a quick summary of the correspondent loan.

Commitment Numbers

The Master Commitment Number and Commitment Number fields are automatically populated from the Correspondent Buy Side Lock and Pricing Summary panel of the Secondary Lock tool after a loan is locked and its rate is confirmed.

Loan Status

Use this panel to document the current status of the correspondent loan and the date of its occurrence.

To Update the Loan Status:

  1. Select the date for each stage of the loan life cycle (using the Calendar icon or typing the date).

    • Received Date - Date when the correspondent buyer received the loan.

    • Submitted for Review Date - date when loan submitted for purchase.

      This field label was updated in Encompass 17.3 from Submitted for Purchase Date to Submitted for Review Date.

    • Purchase Suspense Date - Date when the purchase was suspended.

    • Latest Cond’s Issued Date - Date when the most recent stipulations were issued.

      This field label was updated in Encompass 17.3 from Latest Stips Issued Date to Latest Cond’s Issued Date.

    • Purchase Approval Date - Date on which the purchase was approved.

    • Cleared for Purchase Date – Date when the buyer approved the loan for purchase.

    • Purchase Date - Date when the loan was purchased.

    • Rejected Date - If rejected, the date of loan rejection.

    • Withdrawal Request Date - Date when an investor’s “loan withdrawal” process should begin.

    This field was added in Encompass 17.4.

    • Withdrawn Date - Date when loan was withdrawn.

    • Cancelled Date - Date the loan was cancelled.

    This field was added in the Encompass 17.3 August Service Pack.

    • If a cancelled loan is re-locked, this field is cleared when the request is locked and confirmed.

    • This field cannot be populated on loans with active locks.

    • This field will be automatically populated when a correspondent loan, not assigned to a trade, has been successfully canceled (Cancel Lock selected on the Lock Request Form or Secondary Registration).

    This enhancement was added in the Encompass 17.4 November Service Pack.

    • If a cancelled loan is assigned to a correspondent trade, this field is cleared.

    This enhancement was added in the Encompass 18.1 February Service Pack.

    • Voided Date - Date the loan was voided.

    This field was added in the Encompass 17.3 August Service Pack.

    • This field cannot be populated on loans with active locks.

In Encompass 17.4 and later, at any given time, only one (or none) of the following dates can be populated: Withdrawn Date, Cancelled Date, or Voided Date. If you attempt to populate two of these dates, an error message is displayed which will require you to clear one of the dates.

  1. From the Correspondent Status dropdown field, select the matching loan status.

  2. Click the Save icon.

Commitment Details

This panel is mostly read-only and automatically populates from the Secondary Lock tool after a loan is locked and confirmed. You can update information in some fields.

For the Encompass 19.2 release, changes were made to support Seller commitment terms. The Origination lock fields (Lock Date, # of Days, and Expiration Date) have been removed from this tool and are no longer displayed, regardless of your Channel or Correspondent Commitment Term Settings selection. If you require the Origination lock information in this tool when using the legacy workflow, we recommend you use Business Rules to populate the new fields based on the Origination lock information.

To use the new Seller commitment terms, the new Correspondent Commitment Term Settings (Encompass>Settings>Secondary Setup > Lock Desk Setup) must be enabled to use the Seller commitment terms and the Channel must be set to “Correspondent”.

  • The section header has been changed from "Lock Details" to "Commitment Details".
  • The read-only Commitment Date (field ID 4527) has replaced the Lock Date (field ID 761).
  • The read-only Commitment Period (field ID 4528) has replaced the # of Days (field ID 432).
  • The read-only Commitment Expiration Date (field ID 4529) has replaced the Expiration Date (field ID 762).
  • The read-only Loan is Committed (field ID 4532) checkbox indicates whether the correspondent loan is committed. If selected, it will trigger a Key Pricing Fields alert

The checkbox will be blanked out if the lock is denied or cancelled.

  • The existing Delivery Expiration Date (field ID 3962) is now read-only.

For the Encompass 17.4 release, the read-only SRP Price field was added and is populated from the SRP Percentage field on the Correspondent Purchase Advice Form.

To Update Lock Details:

  1. In the Base Price field, click the Lock icon, and then enter the base price of the loan before price adjustments.

  2. Click the Save icon.

Loan Details

This panel is read-only and provides the original and unpaid principal balance and the note date.

  • Original Principal Balance - populated with the value from the Total Loan Amount on the Correspondent Purchase Advice form if the channel is “Correspondent” and the loan was just purchased.

  • Unpaid Principal Balance

  • Populated with the value from the Purchased Principal on the Interim Servicing Worksheet if the channel is “Correspondent” and interim servicing has started.

  • If the lock icon is not locked, the field is populated with the value from the Current Principal on the Correspondent Purchase Advice form if the channel is “Correspondent” and the loan was just purchased.

  • If the lock icon is locked, the field can be manually entered.

  • If the lock icon was locked but then unlocked:

  • The field is populated with the value from the Principal Balance, if available.

  • The field is populated with the value from the Current Principal, if the Principal Balance is blank.

  • When channel is “Correspondent”, this field populates the Unpaid Principal Balance Amt on the ULDD - Fannie Mae tab.

  • Note Date - populated with the value from the Document Date on the Closing RegZ screen when it is entered or updated.

  • Collateral Tracking # - Intended for the loan seller to enter the collateral tracking number that a correspondent investor can use to track and confirm delivery of the loan collateral file with their warehouse bank. (This field was introduced in Encompass 19.2. (view release notes))

  • Alternate Loan # - Intended for the loan seller to enter an alternate loan number if the number is different from the lender loan number, This enables the seller to use the alternate loan number to search for the loan in their Pipeline. (This field was introduced in Encompass 19.2. (view release notes))

    Note that the Encompass TPO Connect administrator can control if these fields are displayed or hidden from this tool by using the Encompass TPO Connect administration site’s Configurable Fields setting. By default, these files are displayed on the tool. When these numbers are entered on the Correspondent Loan Status tool, they will be displayed in the header of the loan file when opened in Encompass TPO Connect.

Fee Details

This panel documents the late fee details (if any) associated with the loan. The information is automatically populated based on the late fee criteria defined in your company's TPO Company Settings. You can over-write the auto-populated information and update the fees if needed.

To Update Fee Details:

  1. Click the blue Lock icon corresponding to each field.

  2. Click the Calendar icon corresponding to each field and then select the date, or type the date.

    • Grace Period Start Date - Date that is the “Later of” the Grace Period Start Date selections in the Late Fee settings. If no Grace Period Start trigger dates have occurred, this field will be blank.

    • Grace Period Start Date Trigger Date - Name of the field that triggered the Grace Period Start Date based on the Late Fee settings. If no Grace Period Start trigger dates have occurred, this field will be blank.

    • Grace Period # of Days - Number of days past the deadline for which the late fee will be waived.

    • Late Days Begin - Date from which the late fee is calculated.

    • Late Days End - Last day of the late fee period after which the loan will be repriced.

    • Late Days End Trigger Date - Name of the field selected in the Days Cleared section of the TPO Client Late Fee settings.

    • Total Late Days (To Maximum if specified) - Total number of late days (excluding grace period).

  3. Click the Late Fee Details button.

    • Here the late fees being charged for loans in the Correspondent origination channel are provided. (These fees are configured using the External Company Setup > TPO Fees administrative setting). Click the blue Lock icons corresponding to the field that you want to update, type the data, and then click OK.

  4. Click the Save icon.