Broker File Setups
Sales Support reviews the Broker Pipeline in Encompass daily to identify new broker files that need to be setup. These steps are for Sales Support team members only.
- See the broker channel for LO/LOA broker instructions on RWM Connect
Broker Pipeline Notes
- Only files that are in the correct broker channel & that have not been disclosed will appear in the Broker Pipeline.
- Any mismatched files (lender name is not RWM but channel is banked) will be identified by the Disclosures Team.
The loan channel cannot be updated manually; if any disclosures have been sent out the channel cannot be changed. The correct loan template set must be applied in order to setup a brokered loan by following these steps:
- Go the "loan" tab in Encompass
- Choose "Apply Loan Template set"
- Choose the appropriate template
- And uncheck the box at the bottom of the screen.
- Then select the template
If a new broker file is identified, a team member will send the loan officer & CC the LOA (if applicable) and the disclosures team the “new broker file” email template can be sent from Fresh Desk.
If the loan officer, or LOA, would like assistance with the file setup & broker registration process the Sales Support Team Member will request the broker loan details to help get the Encompass file setup & registered with the targeted broker. This information will also be verified in the new Broker Intake form in Encompass.
What happens after Sales Support receives the broker information?
- A copy of the email response will be added to Encompass for future reference.
- Sales Support will ensure the Encompass file is setup accurately, the file is registered with the broker & the broker disclosures are uploaded on time. All of our notes are added to the Broker Intake Form.
- The LO is responsible for confirming program eligibility, pricing (discount points or credit), rate and compensation type/amount with the broker rep. Sales Support will assist with file setup based on the information the LO provides.
- The RWM Disclosures team will not push the loan forward without notes that Sales Support completed their review. They will review the disclosures for accurate fees & disclosure completion.
- Victoria, Kristen or Chris can verify the LO compensation. Corporate LO’s should charge their comp. Branch LO’s should also charge an additional 75 BPS so their branch receives compensation. Comp exceptions must be approved by Trevor in writing.
- HELOCs & Fixed 2nds have their own comp plans – See RWM Connect
- Each broker may have certain submission requirements such as submission forms, signed 1003s, and critical borrower documentation depending on the loan program.
- Broker registration requirements may be in Encompass but it is best to direct team members to broker reps/websites directly
- If the required documents are not received before the disclosures due date, RWM will try to send out the full disclosure package to remain compliant but this is not guaranteed (RWM cannot issue disclosures on HELOCs so these will always require broker disclosures).
- The RWM Skinny disclosure package is required to be sent on every loan
What happens after Sales Support registers the loan with the broker?
- Sales Support will continue to follow up until the initial disclosure package is ready. We will obtain the unsigned loan package & upload to the Encompass file so that the “Qualification” milestone can be completed.
- When the Qualification milestone is finished, the Sales Support team member should enter in the Sales Support Review date if they assisted with the broker registration process for the loan officer to receive the file setup fee compensation when the loan funds.
- If there is a dedicated LOA, Sales Support needs to review with the LOA since there is no opportunity receive the file setup fee.
- If the review date is accidentally entered in, all you have to do is check the “remove” box to remove the date and your name from the file.
- The loan then moves into the disclosures queue, and the disclosures team sends out the appropriate disclosure forms.
- Once the Qualification milestone is completed, Sales Support will no longer be involved in the loan process, and the loan will follow the normal workflow.
- As a reminder, only critical documentation will be provided based on each broker registration requirements so we may not have provided all of the borrower documentation such as IDs, assets, income docs etc.
- The processor provides all other documentation for an UW submission & orders appraisals.
- The broker submission process is not necessarily the same as the underwriting submission process – Each broker may require additional documentation before submitting for a loan decision. The underwriting submission process will follow normal processing workflows.
Sales Support Goals:
- The loan must be registered with the broker the same day that Sales Support finishes the Encompass file setup. This will also ensure that the broker has time to prepare the initial disclosure package as many brokers are unable to send them on the same day that they receive our submission.
- Support loan officers or loan officer assistants who are not comfortable with the broker submission process or who do not have current capacity.
- To provide complete & accurate initial file submissions to brokers.