FNMA 3.2 Overview
When a file falls out of compliance, it may need to be restarted. This means a new loan file will need to be created, and any/all applicable disclosures will need to be resent to the borrower(s) under the new file/loan number. To make this process easier, a duplication tool (FNMA 3.2) has been added to encompass which will allow for an existing file to be duplicated with the click of a button. Please note, when utilizing the FNMA 3.2 tool, most data from the original (old) loan file will carry over to the new loan file that is being created; however, some items will not. For example, the itemization screen and any credits will not carry over.
Please see detailed instruction below on how to duplicate a file utilizing the FNMA 3.2 tool:
- Log into Encompass and open the loan file for which FNMA 3.2 will be utilized. Please note, to use this tool user(s) MUST be working within an actual loan file (under the Loan tab). Once in the file, locate the FNMA 3.2 button found in the top right corner, as shown below.
- Click on the FNMA 3.2 button.
- After clicking on the FNMA 3.2 button (shown above), the following message will display informing the user that a new duplicate loan will be created in 5 to 10 minutes and they will be receiving an email with the new loan number soon. Click the OK button.
- After waiting the allotted time, the following email will be sent to the user’s Gold Star email address. The message will indicate the import was processed for the borrower(s) with the new loan file’s loan number.
- In addition to the email, notification of the new loan number will also display on the user’s ConnectGS dashboard under their Daily Feed section, as shown below.
- To Import the new file, the user must save it to their PC and return to Encompass. From there, click the Pipeline tab located at the top of the encompass window. Under the Pipeline tab, a fly out menu will open, as shown below. Select Import or click ALT-I.
- After clicking Import, a pop-up window will open. Be sure to click the Fannie Mae 3.0/3.2 option under the Select Import File Source A loan officer also needs to be selected for the full import to take place; that said, click the Assign the following Loan Officer option under the Loan Officer Assignment section. From the drop-down menu, select the desired Loan Officer contact for the new loan file. Click Continue to proceed.
- The window below will display. Select the folder in which the import was stored (shown below on the left). The saved import itself should reflect in the window to the right (as shown below). To pull the import into encompass, select Prospects from the Loan Folder drop-down menu. Next, click the Browse button to select a Loan Template for the new encompass file. Be sure to select the Start a New Loan! template. Once the steps above have been completed, click the Import button.
- After receiving the new loan number and completing necessary steps, user(s) can search for the new encompass loan file. Type the loan number in the Loan Number search field across the top of Encompass, as shown below.
- The new loan file/loan number should display, as shown below. Double click on the corresponding file to open it for any necessary updating.
- The new loan file should now be duplicated with details from the existing (old) file and available for any additional data input that is needed.
Please Note: After duplicating the existing file and completing all steps to create/import the new loan file, be sure to email firstname.lastname@example.org to withdraw the existing (old) file.