Loan Assignment Service in Encompass 360 – Part II

Freddie Mac Loan Assignment (FMLA) Service in Encompass 360 enables correspondents to share data and documents across the loan manufacturing process – from underwriting through loan delivery – with aggregators. Lenders assign a loan or loans to a specified aggregator to share loan data and documents. The aggregator can then retrieve data and documents specific to that loan directly from Freddie Mac.

This is the second part of the series blog detailing about Loan Assignment Service in Encompass 360. To read the first part click below:

Loan Assignment Service in Encompass 360

Personas

Use the Personas setting to enable access to the Freddie Mac Loan Assignment option in the Pipeline Tasks menu so that users with the persona can:

• Submit loan files to Freddie Mac Loan Assignment Service and
• Access the Release Loan button in the Freddie Mac’s Loan Product Advisor Request window

Enable Freddie Mac Loan Assignment and Release

1. On the menu bar, click Encompass, and then click Settings.
2. On the left panel, click Company/User Setup, and then click Personas.
3. In the Create a persona panel, select a
4. In the Define access . panel, click the Pipeline tab.
5. In the Pipeline Tasks panel, select the Freddie Mac Loan Assignment and Release check box.

6. Click the Save

Assign Loans to Aggregators Using Freddie Mac Loan Assignment

After the settings are configured, authorized users can assign one loan file at a time to an aggregator using the Freddie Mac Loan Assignment option in Pipeline> GSE Services.

Assign Selected Loan to an Aggregator

1. Close your loan
2. From the Pipeline, select your
3. From the Pipeline menu, point to GSE Services, and then click Freddie Mac Loan Assignment to launch the Freddie Mac Loan Assignment window.

Freddie Mac Loan Assignment Window

1. Select values from the following drop-down fields:
   • Assigner Party Role Type
   • Aggregator
   • Recipient Party Role Type
2. Click the Order

Updated Fields

For successful FMLA results, the following fields in the Freddie Mac Additional Data input form are updated:

• Correspondent Assignment Name (field ID X35) with Aggregator Name
• Correspondent Assignment ID (field ID X203) with Aggregator ID

The aggregator will now be able to retrieve select datasets and documents associated with the assigned loan files directly from Freddie Mac.

NOTE: No data or files are sent from Encompass to the aggregator.

Release Loan

After a loan is assigned, and upon review, determined that it can be released, use the Release Loan button in the Freddie Mac’s Loan Product Advisor Request window to release the loan within Encompass and reassign edit capabilities on the loan.

1. Open the assigned loan you want to
2. From the Services tab, click Request Underwriting.
3. In the Underwriting window:
4. Select Freddie Mac’s Loan Product Advisor System to System
5. Click the Submit button
6. In the Freddie Mac’s Loan Product Advisor Request window, click the Release Loan
7. Click the Release Loan

The Release Loan button activates only if:

• The following fields in the Release Loan tab are pre-populated:
  • LPA Key Number (populated from previous submission to LPA)
  • Aggregator Name (field ID X35)
  • Aggregator ID (field ID X203)]
• And after you have selected a value from the Party Role Type drop-down field

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