Submit a Loan in CorrIQ

This step-by-step instruction reviews how to submit, price, upload documents and manage files with Carrington's CorrIQ. Be sure to click the MAXIMIZE button on the top right of this screen to reveal the Table of Contents on the left images. The Table of Contents allows you to easily skip to that section of this guide.

Encompasstpoconnect

Sharepoint

To add a new loan in CorrIQ: Click **Add New Loan**

Please ensure that the loan is a **Non-QM** Product within the **Non-Delegated** channel. Non Delegated files are underwritten by Carrington. Delegated files are underwritten by the Seller partner.

Select Channel

Select the radio button for the appropriate channel: - **Correspondent Non-Delegated Channel** or - **Correspondent Delegated** Click **Next**

Select Contacts

Click the **Edit** icon for the Loan Officer Role

Select **Your Name** from the **Loan Officer** dropdown Click **Save**

Repeat the steps to add **Your Name** as Loan Processor Click **Next**

Loan Data Source

To add Loan Data Source: - Select either **Import Loan Data from ULAD/ILAD (MISMO 3.4) File** (most common) or **Manual** to enter the URLA in CorrIQ - Click **Local Drive** to search for a file or drag and drop a MISMO 3.4 File - Click **Go to Register Loan Form**

Complete any **Missing Fields** (highlighted in yellow)

- Enter **FICO** - Select **Loan Type** **NOTE:** Always Select **Conventional** for Non-QM Loans

Complete the following: - Enter **Base Loan Amount** - Enter **Appraised Value** - Select **Lender Fee Waiver** Click **Register**

An **Error Details** pop-up window will display any missing information **Example:** CMS Corr Services Requested and Non-Agency Loan Use the dropdown or type to **enter the missing/required information**

**NOTE:** For the services listed below, Carrington will prepare the loan documents within 24 hours of the Lender's request. Documents are available to download from the CorrIQ portal for the Lender to provide to the Borrower. Carrington cannot send the documents directly to the Borrower. See the **Seller Requested Change of Circumstance** Training Module for Complete instructions

In the **CMS Corr Services Requested** dropdown, select from: **Closing Docs -** Carrington prepares the Final CD and Closing Documents after the Lender provides title/escrow balanced CD For **Delegated Loans**, ALWAYS select **None**

Select **Yes** for Non-Agency Loan **NOTE:** Selecting "No" will trigger an error message

Click **Save** Click **Register**

Complete the URLA 1003

Once the MISMO 3.4 file is imported to CorrIQ and the loan is Registered: - The file will open to the 1003 URLA *Additional Information* tab - The file has a Loan Number which means the Loan has been registered to Carrington - Click any tab on the left to navigate to that page at any time - You can skip the URLA section and go directly to *Product, Pricing, and Lock*

Select **URLA** from the Navigation pane For **Delegated** Clients Enter the following: - Lender Case No - Mers Min - Universal Loan ID

**Navigate to any section of the URLA** to make edits as needed

Product Pricing & Lock Preferences

Select **Product Pricing & Lock** from the Navigation panel Enter the **Loan Level FICO** in the Borrower Information section

Scroll to the **Expanded Guidelines** section If the loan is an **Investor -DSCR** Loan: Enter the **DSCR**

Verify or select the **Income Verification Type** Click **Search**

Click to select the desired **Eligible Product**

Use the **View** dropdown to view the rate stack by: - **Price** (shown below) - **Discount/Rebate** (shown on next image)

View Rates by **Discount/Rebate** Select the **Lock Icon** of the desired Rate

Click **Update LOS**

Upload Initial File Documents

Select **Documents** from the Navigation Panel Select **+ Add Document**

Select **TPO Lender Submission** Click **Save**

Click **Browse for Files** **Select the File** to upload or drag and drop Click **Close and Refresh**

**Confirm** the TPO Lender Submission populates

Submit File for Review - Delegated

For Non-Delegated Loans, continue to the Non-Delegated section

Click **Submit for Review**

Review and Click **Confirm**

For **Delegated Loans**, this completes the Submittal Process. The Remaining Sections are for Non-Delegated Loans only.

Submit File for Review Non-Delegated

Select **Submit for Non-Delegated Review** from the Navigation Panel

Click **Confirm**

A **Success** notification will display - The **Submission Status** is Submitted - The **Initial Submit for Non-Delegated Review Date** populates

Upload Documents for Condition Review

Click **DOCUMENTS** To upload Conditions prior to receiving an Underwriting Approval, upload to **Correspondent Conditions**.

Click **Browse for files** to add a file

The document is uploaded when the green **Completed** check mark appears Click **Close and Refresh**

Click the **Correspondent Conditions dropdown** The document you uploaded is now reflected.

Select **Underwriting Conditions** from the Navigation Panel **Check the box** of the appropriate condition Click **Assign**

A ( 1 ) on the file indicates a document is attached - Select **Ready for Review** for a *single* *condition* to be reviewed - Select **Notify Lender** when *multiple* *conditions* are ready for review

Submit Closing Package

Select **Documents** from the Navigation Panel Select **Closing - Signed Docs (Escrow Copy)** from the pop-up Documents list Click **Save**

Select **Browse for files**

**Select or drag and drop** the document from your files Click **Close and Refresh**

Select **Submit Closing Package** from the Navigation Panel Click **Confirm**

A **Success Message** displays when loan is properly submitted

**NOTE:** The Lender Loan Number and Seller Loan Number will be different - **Lender Loan #** is Carrington's Encompass Loan Number - **Seller Loan #** is assigned by the Seller The **Milestone** in the upper right corner will display: **Pkg Received**