Category: Howee’s Helpful Tips

TBD Loans & Floify

As a reminder, the only loans that should be staying in SimpleNexus are loans closing by 12/31 that have already had initial disclosures completed.

Do you have a TBD file that’s been sitting around for a while? If it’s been in your pipeline for 5-6 months, the best practice is to duplicate the file and then invite that borrower to Floify. That way, you have a new file that can be kept active (without getting closed as an inactive prospect) and you’ll have a great reason to touch base with your borrower to explain our updated portal.

 

Sarma Soft Pulls + Floify

If you missed our Sarma soft pull live training last week, Megan graciously demonstrated how to pull a Sarma soft pull in Floify. Be sure to check out that recording in the Floify resources folder here. We also attached the cheat sheet for ordering these soft pulls.

How We Flo: The Recap

We’ve arrived at the last edition of your weekly Howee Floify tips – so we wanted to pass along a recap of what we’ve covered in previous weeks. Those are attached for your reference, and also published at the VDMC.net blog.

Part 1

• Disclosure tips,  Mobile Mailbox and eConsent reminders, Pre-Approval Letter tips, customizing emails/texts to borrowers

Part 2

• Configure notifications, determining whether your loan should be on SimpleNexus vs. Floify, updating Floify account details

Part 3

• SN closing reminders/sending borrowers correct links, updated Needs List email

Part 4

• Pipeline reminders, inviting a borrower vs. connecting an existing loan, eConsent reminders

Part 5

• Doc import issue/resolution, soft pulls in Floify, Borrower’s Certification & Authorization template reminder

 

 

Need Help?

We can help at Floify@vandykmortgage.com. Check out the attached Quick Start Guide for all our Floify how-to guides in one spot. Or you can try one of these other resources:

• Concierge@floify.com also has evening and weekend hours if you have a borrower in need of assistance!
• Check the Floify Help Center for a lot of how-to docs and videos.
• In Seafile, visit the Production Support > Floify Resources folder for training recordings and how-tos.

Borrower Uploaded Docs – Import Issues

If you have noticed borrower documents failing to import to Encompass once you review and accept them, check your Encompass integration settings with the following steps. (If you have any trouble with this, email Floify@vandykmortgage.com)

• Navigate to Settings > Integrations

• Then scroll to Encompass and click Edit Encompass Integration

• If the top checkbox is unchecked, that means your docs are not automatically flowing over upon Accept. Check that box and it’ll fix for files moving forward. (If this box is already checked – make sure your Encompass file is free and not in use. Floify needs access to the loan in order to upload docs!)

 

Soft Pulls in Floify

If you have noticed your liabilities duplicating upon completion of a soft pull within Floify, try only checking the first liabilities box as seen below (and in the attached updated cheat sheet). This should remedy any duplicating of liabilities:

Borrower’s Certification and Authorization

If borrowers are unable to complete the Borrower’s Certification and Authorization, reach out to Floify@vandykmortgage.com so we can adjust the document template. LOs who were on Floify previously may have an older version of this document, which causes the signature points to fail. Please let us know so we can fix this issue!

 

Need Help?

We can help at Floify@vandykmortgage.com. Check out the attached Quick Start Guide for all our Floify how-to guides in one spot. Or you can try one of these other resources:

• Concierge@floify.com also has evening and weekend hours if you have a borrower in need of assistance!
• Check the Floify Help Center for a lot of how-to docs and videos.
• In Seafile, visit the Production Support > Floify Resources folder for training recordings and how-tos.

Pipeline Transition to Floify

As a reminder, TBD loans should be set up in Floify. If that loan is already active in SimpleNexus, make sure to “un-link” – see the Flip Loan from SN to Floify PDF attached.

Do you have a TBD file that’s been sitting around for a while? If it’s been in your pipeline for 5-6 months, best practice would be to duplicate the file and then invite that borrower to Floify. That way, you have a new file that can be kept active (without getting closed as an inactive prospect) and you’ll have a great reason to touch base with your borrower to explain the upgraded web portal.

 

Inviting a Borrower vs. Connecting a Loan

If you’re looking to invite a borrower to complete a loan application, that is done under the Prospects page. See the attached “Invite Borrowers and Add Prospects” PDF for more details.

The Start New Loan Flow button on the LO’s Loan Pipeline is only used to connect an existing Encompass loan. If you use this button with the intention of inviting a borrower, it will create a blank Encompass loan with just a first/last name and email – and will NOT prompt a borrower to complete an application, since it assumes we already have the information.

 

eConsent Reminder

Floify eConsent is requested as soon as a loan is created in Floify – automatically. This happens whether the loan was created and submitted by a borrower or started within Encompass and then linked to Floify. No more requesting eConsent through the eFolder!  Floify will also re-request eConsent if needed – for example, if a borrower updates their name. Those changes will automatically trigger an updated request for eConsent.

You can monitor the eConsent status in Floify by clicking on Edit Loan Flow in the loan pipeline (if you don’t see your loan in your pipeline – add it to Floify using the instructions attached).

Scroll to the borrower(s) info. If the eConsent box is checked – you are all set. If it is unchecked, it will automatically request from the borrower when they log in – there is no request to send.

You can also check for eConsent in the Encompass eFolder, but do NOT send a request for eConsent here – otherwise you will end up with confused borrowers.

 

 

Need Help?

We can help at Floify@vandykmortgage.com. Check out the attached Quick Start Guide for all our Floify how-to guides in one spot. Or you can try one of these other resources:

• Concierge@floify.com also has evening and weekend hours if you have a borrower in need of assistance!
• Check the Floify Help Center for a lot of how-to docs and videos.
• In Seafile, visit the Production Support > Floify Resources folder for training recordings and how-tos.

Loan Closing in SimpleNexus? Don’t Send a Borrower to Floify!

When you’re utilizing SimpleNexus for closing, please advise borrowers to use the link that gets emailed to them to access their docs. If they go to the LO’s VanDyk website (name.vandykmortgage.com), it will incorrectly redirect them to Floify. Make sure those SN borrowers are logging in at https://simplenexus.com/login to access their existing loans.

 

SimpleNexus or Floify? Which Do I Use?

If your loan was disclosed in SimpleNexus (with disclosures signed!) and is closing by December 31, 2023, it can stay in SimpleNexus.  If your loan is a TBD, hasn’t been disclosed yet, or is a new file – it needs to be set up in Floify. See the attached Switch Guide for more details.

As a heads-up, SimpleNexus will automatically show your whole pipeline in Encompass, which can cause confusion as to whether they’re using SN or Floify. You can add the column “App User Linked” to indicate whether the borrower is using SN or not. If it shows No, they are not using SimpleNexus.

Needs List Email: Updated Companywide

Please note that the Needs List email has been updated across all LO teams to correct an error – it was missing the placeholder for a personal note, so this was being omitted from emails. If you had personalized your Needs List email, be sure to re-visit the template and customize accordingly. Note: If you had a borrower receive a needs list over the weekend and they had an error accessing your link, advise them to copy/paste the link (instead of clicking) OR re-send a new invitation. To do this, click into Edit Loan Flow and under the borrower’s info, click Sends Needs List email.

 

Need Help?

We can help at Floify@vandykmortgage.com. Check out the attached Quick Start Guide for all our Floify how-to guides in one spot. Or you can try one of these other resources:

• Concierge@floify.com also has evening and weekend hours if you have a borrower in need of assistance!
• Check the Floify Help Center for a lot of how-to docs and videos.
• In Seafile, visit the Production Support > Floify Resources folder for training recordings and how-tos.

Haven’t Logged In Yet?

If you didn’t receive a welcome email from Floify, go to https://app.floify.com/login and click Forgot Password or use the “Log in with Microsoft” option to utilize single sign-on. If you have any trouble, email Floify@vandykmortgage.com.

 

Loan Notifications – By LO or By Loan

Do you want to get notifications on all of a loan officer’s loans? Do you NOT want notifications on all loans? Both of these options are possible! Check out the attached “Follow an LO or Specific Loans” PDF to find out how.

 

SimpleNexus or Floify? Which Do I Use?

If your loan was not already disclosed in SimpleNexus, it should be moved to Floify.  Loans disclosed in SimpleNexus with an ECD of 10/15 or sooner can stay in SN.  See the attached guide on flipping a loan from SN to Floify for more details. We will cover this piece in live training on Wednesday as well (invitation attached).

Floify Profiles

Take the time to check your Floify account details to make sure they are accurate. Click on your email, then scroll down to click the Edit Profile button to make changes.  This is especially important if you were on Floify from 2019-2022 – you may have information listed.)

 

 

Need Help?

We can help at Floify@vandykmortgage.com. Check out the attached Quick Start Guide for all our Floify how-to guides in one spot. Or you can try one of these other resources:

• Concierge@floify.com also has evening and weekend hours if you have a borrower in need of assistance!
• Check the Floify Help Center for a lot of how-to docs and videos.
• In Seafile, visit the Production Support > Floify Resources folder for training recordings and how-tos.

Haven’t Logged In Yet?

If you didn’t receive a welcome email from Floify, go to https://app.floify.com/login and click Forgot Password or use the “Log in with Microsoft” option to utilize single sign-on. If you have any trouble, email Floify@vandykmortgage.com.

Floify + Disclosures

Reminder: ALL disclosure requests for Floify applications need to be submitted with a request for a “second review” as well as “Floify” selected as the requested Disclosure Method on Borrower Summary VDMC Page 2.

Mobile Mailbox? Nope!

Floify does not utilize the Mobile Mailbox. All new applications submitted by the borrower automatically import into Encompass. You’ll see the Encompass loan number in your Floify loan pipeline. You can also add the Loan Source column to your Pipeline view if you want to see how a loan was created. Don’t forget to apply a loan template set to your Floify loans – they don’t automatically apply (yet… coming soon, though!)

eConsent in Floify

Floify eConsent is requested as soon as a loan is created in Floify – automatically. This happens whether the loan was created and submitted by a borrower or started within Encompass and then linked to Floify. No more requesting eConsent through the eFolder!

Floify will also re-request eConsent if needed – for example, if a borrower updates their name. Those changes will automatically trigger an updated request for eConsent.

You can monitor the eConsent status in Floify by clicking on Edit Loan Flow in the loan pipeline:

Scroll to the borrower(s) info. If the eConsent box is checked – you are all set. If it is unchecked, it will automatically request from the borrower when they log in – there is no request to send.

You can also check for eConsent in the Encompass eFolder, but do NOT send a request for eConsent here – otherwise you will end up with confused borrowers.

 

Pre-Approval Letters

If you receive a message that you cannot make a pre-approval letter, that means you haven’t yet set the parameters for that loan. Each loan needs to have the max purchase price, min down payment, etc. configured prior to sending the letter. See Pre-Approval Letters for a how-to on setting up the letter – then you can send.

 

Emails/Texts Sent to Borrowers

Take the time to check your Floify settings for the Email/Text message templates – you can customize the messaging that your borrower receives from Floify. (This is especially important if you were on Floify from 2019-2022 – you may have old team members’ names/phone numbers in your messages!) Go to Settings to review those message templates and edit as needed.

 

Customize Notifications

Floify lets you customize the notifications you receive – if you click your email address in the upper right, it’ll bring you to your account details (you can edit these if needed, too!)

Scroll down to Notifications – you can turn these three off/on, or click Manage to further customize how you receive notifications of borrower uploads – including how often you receive emails (you can receive one every 30 minutes, all the way up to one email per day). BONUS if you’re a processor/TC – you can choose to receive a single digest email for all of the LOs you work with, or you can receive one email per LO.

 

Need Help?

We can help at Floify@vandykmortgage.com. Or you can try one of these other resources:

• Concierge@floify.com also has evening and weekend hours if you have a borrower in need of assistance!
• Check the Floify Help Center for a lot of how-to docs and videos.
• In Seafile, visit the Production Support > Floify Resources folder for training recordings and how-tos.

 

Part 2 coming next Monday!

With Floify launching, Production Support has been working on helpful how-to guides and videos. Find all of these in the Floify Resources folder in Seafile.

Locking a Brokered Loan – Lender vs Borrower Paid

VanDyk has contractual compensatory agreements with the lenders we broker loans to.  When locking your loans, you will need to ensure the minimum compensation is met.  This document will help you understand the difference between Lender and Borrower paid compensation, the two options given by the lenders in their various pricing engines.

Borrower- Paid:

The compensation to the broker (VanDyk) is paid at closing on the CD by the borrower.  The fee (usually between 2-2.75%) is collected as a broker compensation fee on the Closing Disclosure in addition to the Lender’s fees.

In this example from A&D, the interest rate quoted is 7.49% with the borrower paying the broker’s compensation.  The borrower will be charged 2% on the CD for this transaction.

Lender- Paid:

Using the same scenario, we change the compensation to Lender Paid.  This means the 2% compensation paid to VanDyk is built into the interest rate and paid by the Lender (A&D) to the broker (VanDyk) and not collected on the CD.  The interest rate is 8.25% instead of 7.49%.

It is important to understand that the total compensation being locked in is not the end LO compensation amount, but the amount the lender will deliver to VanDyk Mortgage from which all the expenses will be deducted from (Branch Comp, LO Comp, Processing fee, etc.).

When you submit the Brokered Loan Request in Encompass, you will need to ensure to enter the compensation type and amount (%) are entered:

If you have questions or need help locking in a brokered loan, please contact ProductionSupport@vandykmortgage.com

DYK? For FHA – whenever the 4000.1 Handbook doesn’t specify a time frame, it can be assumed that it’s from the case number assignment date.

DYK – For FHA, when you have a Gift of Equity, there is an automatic identity of interest as only “family” may give a Gift of Equity. You will need to document the identity of interest appropriately or your LTV will be limited to 85%.