Your first loan

Your first loan

What the loan officer sees, step by step. A loan in Arive runs the same way.

The loan is created

The loan officer creates the loan in Encompass as usual. Proxara starts on it within seconds, as the loan officer Encompass names on it, and takes the loan file as Encompass holds it. Nothing else is asked up front.

A loan can also start on Proxara's own screen: New loan, then Your files, and drop the loan file (the MISMO 3.4 export) with its documents in any order. Sample loan, beside it, opens one of the sample loans that ship with the install, each a whole loan with its documents and its AUS answers.

The documents arrive

Each document filed in the loan's eFolder is read as it lands, in whatever order it comes, about fifteen seconds a page. So is whatever the borrower sends from the page on their phone, and anything an officer forwards to Proxara's mailbox. The loan file and a findings report in DU's or LP's published layout are read by code at once. If another loan is being read ahead of this one, Proxara's screen says where it is in line and about when it starts.

A file that is not a loan document, or that cannot be opened, is named with the reason, and the rest of the loan reads on.

What it asks

When the loan cannot go on without the officer, Proxara asks with one task in the loan. The task opens Proxara at the question, one thing per screen, even while the rest of the loan is still being read. What the loan file already says (the program, the income, the employers' dates) is shown once: Looks right, or change one line. A document only the borrower has is asked of the borrower directly, by text or email in the officer's name, with a page on their phone to send it. Questions has every kind.

The income

Proxara writes each job's documented income into the loan's income fields in Encompass. On Proxara's screen, the Income step heads with the qualifying monthly figure and the mark of the agency whose rules it followed. Under it stands each income line: what it is, how it was worked out and its monthly amount. A line's page opens the page itself, the words boxed, with the arithmetic and the rule.

The checks

Before anything is submitted, the loan's terms are held against every published limit: DTI, LTV and CLTV, the county loan limit, funds to close, reserves and the term. The headline names what fails and by how much: "Debt-to-income is 52%, over the 50% maximum." When nothing fails and nothing is asked, Proxara sends the loan to DU as it stands.

The options

When a limit fails, Proxara works out the changes that clear every check, the least extra cash from the borrower first, then the fewest changes. Where several limits fail, one change clears them all. The loan officer gets one task, Choose the structure, naming the option Proxara would choose with the cash at closing, the payment, DTI and LTV after it. Completing the task takes it. The other options are in Proxara, under Tools, to go through with the borrower first.

The AUS run

Proxara enters the chosen change in the loan and orders DU or LP through Encompass. The findings land in the eFolder, and Proxara reads them. If the AUS names something only it can judge, Proxara works the next change from its answer. A change to what the borrower borrows or pays comes back to the officer as a new task; the rest it runs by itself.

The result

When DU or LP approves the loan, Proxara's screen says which one, the round and the loan amount, then the rounds that led there and what the AUS asks for. The result PDF is filed in the loan's eFolder and kept under Loan file. If every option was tried or ruled out first, the result says no legitimate change is left.