9. Deal Lodged - AIP | Scribe

9. Deal Lodged - AIP

  • Andre Garcia |
  • 22 steps |
  • 9 minutes
  • BrokerengineBrokerengine
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In Broker Engine, when a deal card enters this stage, it indicates that the loan processor has successfully tagged the deal as AIP in the "Prepare for Submission" Stage.
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Two tasks are automatically generated: - "Deal Submission Follow Up" for Support. - A MANDATORY TASK\* will also be created and it will only be completed at the end of this stage, when the AIP is achieved. \*This task will be completed only when all the boxes in the linked checklist are ticked off.
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A draft email will be available in the UPCOMING ACTIVITIES for sharing the AIP letter with the client(s).
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With the card tagged as AIP, you can bypass the "Deal Lodged - Full Approval" checklist and proceed to open the "Deal Lodged - AIP" checklist.
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Refer to the checklist and check only the first and second boxes.
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Next Step: Wait for the assessment to be completed.
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When the AIP letter is issued, you can mark the final box "AIP achieved."
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A prompt will appear: "Mark the associated task as done?" Click YES.
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The card will transition to the next stage "APPROVAL IN PRINCIPLE/CONDITIONAL."
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A MANDATORY TASK\* will be generated. It signifies the completion of several key steps: editing the AIP application for full approval, completing the assessment, and reaching Formal Approval. \*This task will be completed only when all the boxes in the linked checklist are checked off.
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Refer to the CHECKLIST "Approval in Principal."
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When the Pre-approval Letter (AIP Letter) is issued, utilize the draft email saved in the UPCOMING ACTIVITIES to share the letter with the client.
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Then, check the first box " Email AIP Letter..." upon sharing the letter via email with the client.
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Under STAGE DUE, input the Pre-approval end date for easy progress monitoring.
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The application will be on fold while the clients are searching for the property.
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For purchase applications, once the Contract is signed and provided: - Order a valuation and ensure to share the Valex/Job number with the lender, along with updated supporting documents, and email to the assessor. - Confirm that the pricing remains unchanged. - Review funding & servicing to confirm the deal's status. - Send the AOL.
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Check the box named "Application Edited for full approval" as soon as the amended AOL (and/or the email to the assessor) has been sent.
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Next Step: Wait for the assessment to be completed.
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Only check the last box of the checklist when the Formal Approval is achieved.
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A prompt will appear: "Mark the associated task as done?" Click YES.