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Update or Resubmit to Lender: Which one do I use ?

Update or Resubmit to Lender: Which one do I use ?

Apr 04, 2019

Lenders may require that you Resubmit an application or Update the deal. It is up to the broker to clarify which option the lender requires. Clicking Update will update any information that has been changed, added or deleted on the deal. Resubmit will resend the application and create a new deal number for the lender.

 

Scenario 1: Application moves from Pre-approval to Approval (live deal)

Update: If the lender wants you to Update the deal, change information on the deal as needed or required.

  • Click the Actions button and click Update Lender from dropdown menu.

 

  • Or at the bottom of Mortgage Request field, click blue box labeled Update Lender.

 

Resubmit: If the lender wants you to Resubmit the deal. Create a new Mortgage Request by clicking the Add button in the Mortgage Request section. Complete all required fields and Submit newly created request to the lender.

 

 

Scenario 2: Deal is declined by lender but you need to make changes and resubmit to the lender.

 

Currently, when the lender “declines” the deal it is changed to a Cancelled status and will not appear on your dashboard anymore. To clear the Cancelled status and bring the deal back to your dashboard, follow the steps below.

 

Step 1: Search for the deal by clients name or application number in the search field, top left corner of Velocity page.

 

Step 2: Find the Mortgage Request that was declined. Scroll to the bottom of the mortgage request below the Submission Notes section where you will see a red button with the words Cancelled and the date that it was cancelled. Click on the date to see the calendar as shown below. Click the Clear button and now your deal will appear in the Submissions column on your dashboard.

 

 

From here, clarify with the lender how they would like you to send the deal back to them. Follow the directions above in Scenario 1 to Update or Resubmit the lender.