Third Party Contacts

Over the last week, I’ve fielded three calls related to Third Party Contact information.

Here’s some helpful hints when adding Third Party Contact information. Over the last week, I’ve fielded three calls related to Third Party Contact information.

Here’s some helpful hints when adding Third Party Contact information.

  • When adding a new record, always begin in the row with an asterisk (*).
  • After entering information in the fields associated to these areas (Edit Third Party Contact Name / Edit Third Party Organization), make sure to arrow out of the field or use the enter key of the keyboard after completing data entry.
  • If you receive a prompt stating “You must have a Contact Name or Organization selected for each Contact record.” when working in the Select / Edit Third Party contact dialog box, it simply means that one or more of your Third Party Contact records is incomplete.
  • In order to resolve the issue, you can either update the blank third party records, select any Third Party Contact, or delete the blank records from the form.
  • Please be advised, if you choose to delete any record(s) from the Select / Edit Third Party Contact form, the links to associated documentation tracking items will no longer exist.

By entering Third Party contacts, you can use this information to run a report by Third Party and also send letters to Third Party Contacts regarding the customer’s exceptions.

-Kevin Linsner

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FAQs

How does a loan origination system work?

An LOS is defined as a system that automates and manages the end-to-end steps in the loan process – from the application, through underwriting, approval, documentation, pricing, funding, and administration.

What is the difference between loan origination and underwriting?

A loan officer is someone who works for a bank or credit union or other financial institution and offers loans to borrowers, while an underwriter is someone who analyzes documents from potential borrowers to determine if they are eligible for a loan.

What are the benefits of loan origination software?

By now, lenders are well versed in the benefits of a digital loan origination system, such as: Providing borrowers with easy, streamlined, and digital applications. Providing bankers with automating spreading and financial analysis tools.