Work with Correspondent Trades

1. Click the Trades tab and then click the Correspondent Trades tab.

2. Double-click a trade.

3. Edit the Details, Pricing, Loans, and Notes/History tabs as needed.

4. Click the Save icon.

1. Click the Trades tab, and then click the Correspondent Trades tab.

2. Select a trade and click the Duplicate icon .

   • Or, on the menu bar, click Correspondent Trades, and then click Duplicate Trade.

3. Click Yes in response to the confirmation message.

4. The Master Commitment #, Commitment Type, Delivery Type, Company Name, TPO ID, Organization ID, Trade Amount, Tolerance %, Note Rate fields, Eligible Loans section, and Selected Last Finished Milestones section are copied from the existing trade to the new trade.

1. Click the Trades tab, and then click the Correspondent Trades tab.

2. Select a trade, and then click Archive.

3. Click Yes in response to the confirmation message.

   • All loans allocated to the trade must have a status of Purchased. (Purchased Date (field ID 3567) must be populated.)

   • The trade must be in tolerance (Open Amount is less than or equal to the Trade Amount minus the Min. Amount).

4. To view archived trades, select the Archived Trades option above the Correspondent Trades list.

5. To return an archived trade to the Current Trades list, select a trade on the Archived Trades list, click Move to Current, and then click Yes in response to the confirmation message.

This feature was added in Encompass 17.4.

1. Click the Trades tab, and then click the Correspondent Trades tab.

2. Select a trade, and then click Void.

3. Click Yes in response to the confirmation message.

4. The system performs a validation to determine whether any loans assigned to the selected trade have been “Submitted for Review”.

• If any of the loans have been “Submitted for Review”:
• An error message is displayed stating the loan cannot be voided.
• The trade is not be voided and, if multiple trades are selected, the validation process is performed on the next trade.

5. If the trade passes the validation process:

• Any loans assigned to the trade are removed from the trade.
• The Voided Date on the Correspondent Loan Status tool is populated with the current date.
• The trade is updated with a Voided status.

6. If multiple trades are selected, each will go through steps 4 and 5 until they are all processed.

7. If a loan fails during the trade update process, the details of the processing error is displayed in the Trade Update Queue window and the loan is not removed from the trade, and the trade is not updated with a Voided status.

1. Click the Trades tab, and then click the Correspondent Trades tab.

2. Select one or more trades, and then click the Excel icon .

   • Or, on the menu bar, click Correspondent Trades, point to Export Trade to Excel, and then click Selected Trades Only.

1. Click the Trades tab, and then click the Correspondent Trades tab.

2. Select one or more trades, and then click the Excel icon .

   • Or, on the menu bar, click Correspondent Trades, point to Export Trade to Excel, and then click All Trades on All Pages.

Users can make changes to select loans, apply an extension, re-locks, and/or custom price adjustments at the trade level, and have these changes retained in the lock snapshot.

This feature was introduced in Encompass 18.2.

1. Click the Trades tab and then click the Correspondent Trades tab.
2. Select a trade, and then click the Edit icon.
3. Click the Loans tab.
4. Select the loans you want to extend, and then click the Extend Selected Loans button.

• The loan must have a Trade Assignment of “Assigned” for the Extend Selected Loans button to be enabled. Otherwise, an error message, “Loan [Loan Number] was not extended because the loan is in a Pending assignment status.” will be displayed.
• For loans allocated to a trade, re-locks cannot be submitted for expired locks and an error message, “This loan must be removed from the Correspondent Trade [Trade Number] before it can be relocked.” will be displayed.
• If the extension, re-lock, or custom price adjustment has exceeded the maximum number allowed, an error message, “Failed to create [Action] for loan [Field ID 364]: [Action] limit has been reached.” will be added to the Notes/History tab.
• If changes are made that impact the loans (e.g., Commitment #, Commitment Date, Master Commitment #, Delivery Type, etc.), and the Extend Selected Loans button is clicked, an error message, “Loans cannot be extended when there are unsaved changes for the correspondent trade.” will be displayed.

5. On the Extension Request pop-up window, enter the following information:

If the Lock Extension Price Adjustments section on the Product and Pricing setting is not enabled, the Extension Request will be blank.

• The Days to Extend field may be populated from the Lock Extension Price Adjustment section, but can also be edited. This field is required to request an extension.
• The value is mapped if the Control option is set to “Company controls extension days and price adjustment”.
• The Price Adjustment field may be populated from the Lock Extension Price Adjustment setting, but can also be edited.
• The value is mapped if the Control option is set to “Company controls extension days and price adjustment”.
• If a price adjustment is not defined for a given number of days, the default adjustment will be “0.000”.
• Enter a re-lock fee, if applicable.
• Enter a custom price adjustment, if applicable.
• Enter comments, if applicable.

6. Click Request Extension.

• The trade is saved and the trade update process is initiated.

1. Click the Trades tab and then click the Correspondent Trades tab.

2. Select a trade, and then click the Edit icon.

3. Click the Loans tab.
4. Select the loans you want to remove from the trade, and then click the Delete icon.
5. A confirmation dialog box is displayed.
6. Click Yes to continue.
7. Click the Save icon.

A loan that will be flagged as “voided” can only be removed from a trade if it has not been submitted (the Submitted for Review field must be empty). If there is a Submitted for Review date, a message is displayed that states the date must be removed before the loan can be voided and removed.

This feature was introduced in Encompass 17.4.

1. Click the Trades tab and then click the Correspondent Trades tab.

2. Select a trade, and then click the Edit icon.

3. Click the Loans tab.
4. Select the loans you want to remove from the trade and flag as voided, and then click the Delete icon.
5. A confirmation dialog box is displayed.

6. Select Flag selected loan(s) as “voided”.

7. Click Yes to continue.

• The Trade Assignment Status of the loan is set to “Removed-Pending”.
• The Update Selected Loans button is enabled with an alert.
• On the Notes/History tab, the History log will list the removed loan as follows:
• Removed loan [Loan Number]
• Trade marked as Pending
• Loan voided”
• Trade marked as [Commitment Status]
• After the trade update is completed, the Voided Date on the Correspondent Loan Status tool is updated with the date the loan was removed from the trade and flagged as voided.

8. Click the Save icon.

When users automatically remove a loan at the trade level for AOT, Direct Trades, and Forwards, the following process is implemented:

The loan must be removed from the Correspondent Trades Loans tab and the Voided checkbox is not selected.

This feature was introduced in Encompass 18.2 and updated in Encompass 18.4.

• For a loan removed on the Expiration Date, the loan reverts back to "Not Locked".

• The loan is still considered “Not Locked” even if the loan has been Submitted for Review when removed on the Trade Expiration Date.

• For a loan removed after the Expiration Date:

• If the loan has been submitted (Submitted for Review (field ID 4119) is entered), it will be removed as a withdrawn loan.

• If the loan has not been submitted, it will be removed as a canceled loan.

• For loans removed before the Expiration Date, they will not be treated as either canceled or withdrawn loans.

• The trade data will be removed from the lock snapshot.

• After the trade update:

• For canceled loans, the Cancelled Date on the Correspondent Loan Status tool is updated with the date the loan was removed from the trade.

• The Lock and Request Status will be “Lock Cancelled”.

• The Withdrawn Date and Voided Date on the Correspondent Loan Status tool will be cleared.

• For withdrawn loans, the Withdrawn Date on the Correspondent Loan Status tool is updated with the date the loan was removed from the trade.

• The Lock and Request Status will be “Lock Cancelled”.

• The Cancelled Date and Voided Date on the Correspondent Loan Status tool will be cleared.

To automatically assign a canceled or withdrawn date (depending on the loan's status) when loans are removed from a Bulk correspondent trade, the following process must occur.

• Before the new automated process can begin, the following criteria must be met:
• Correspondent trade must have a Delivery Type of “Bulk”.
• Loans must be selected before clicking the Delete (remove) icon on the Loans tab.
• Loans cannot be flagged as “Voided”.
• The following validations will be performed before the loan is removed:
• Any loans from the bulk trade that have been submitted (Submitted for Review (field ID 4119) is populated) will be removed as a withdrawn loan.
• Any loans from the bulk trade that have not been submitted will be removed as a canceled loan.
• After the trade update is done for a canceled loan, the Cancelled Date (field ID 4207) on the Correspondent Loan Status form will be updated with the date the loan was removed from the trade.
• The Lock and Request Status will be “Lock Cancelled” after the trade update.
• After the trade update is done for a withdrawn loan, the Withdrawn Date (field ID 4120) on the Correspondent Loan status form will be updated with the date the loan was removed from the trade.
• The Lock and Request Status will be “Lock Cancelled” after the trade update.

When viewing a correspondent trade, you can customize the information that is displayed and how it is displayed. You can then save the configuration as the default view that displays whenever you open a trade.

When you export trade entries to Microsoft Excel, use the customizable view to configure the information that will be exported and the order of the columns that will display in the Excel spreadsheet.

As part of the Encompass 22.3 release, the following updates have been made to assist users to know how much of their allocated loans have been purchased in a correspondent trade.

• The Purchased Amount and Purchased Percentage column headers have been renamed to Purchased UPB Amount and Purchased UPB Percentage.

• New Purchased Loan Amount and Purchased Loan Amount Percentage columns have been added.

• The calculations for these new columns are:

• Purchased Loan Amount - Sum of the loan amount of all loans allocated to the trade that are purchased (defined as dates populated in field ID 3567 (Purchased)).

Dates populated in field ID 3940 (Rejected), field ID 4242 (Withdrawal Requested), field ID 4120 (Withdrawn), field ID 4207 (Canceled), and field ID 4208 (Voided) are not included in the Purchased Loan Amount calculation.

• Purchased Loan Amount Percentage - Purchased Loan Amount/Trade Amount*100.

Add or remove columns

1. Right-click a column header, and then click Customize Columns.

2. To remove a column, clear the corresponding checkbox.

3. To add a column, select the corresponding checkbox.

   • To identify auto generated correspondent trades, select Auto Created to add the Auto column to the Correspondent Trades View.

4. Click OK.

Change the column order

Save the View

After you have set up the data to your specifications, click the Save icon.

Update Status

Publish an Unpublished Trade