The Loan Cycle follows the loan acquisition process.
1. Create a new borrower record in the Borrowers database.
2. Use the Assign Contacts feature to create a related parties group. In other words, you will be assigning all contacts involved with the loan. If a Realtor is both the listing and the selling agent, assign that person as the selling agent. Everyone in the related parties group will receive letters, except those assigned as “Other.”
Note: The Selling Agent is sometimes called the buyer's agent.
3. Select Add to Loan Cycle from the Loan Cycle list to add the borrower to the Loan Cycle. This automatically sets the Loan Status to Open and enters an Open Date.
4. Click the Print Monitor icon. Select Loan Cycle item in the list and click Print. Open letters are printed to everyone in the related parties group.
5. Update the Loan Cycle if the letters printed correctly. Then print labels for the Loan Cycle.
6. After you print the Open Letter, Status Letters are due to print 7 days later. Everyone in the related parties group will receive status letters. The days between status letters can be changed. See Customizing Mortgage Quest for information.
7. As you work with the borrower to collect the needed information for the loan, you can track items needed. Go to the Borrowers database and click Loan Status tab. Click the checkboxes next to the items needed. This information is merged into the Status Letters when printed.
8. When the loan is approved, set the Loan Status field to Approved. This skips the loan status letters due to print.
9. When the loan closes, set the borrower Loan Status field to Close. Today’s date is automatically entered into the borrower Close Date field on the Loan Details screen. A Close Letter is immediately due to print for the borrower and the related parties group.
10. The date entered in the Close Date field is used to determine when the 3, 6, 12 month letters become due to print for the borrower and related parties group.
11. After the 12-month letter is printed, the borrower is transferred to the After Loan Cycle campaign that schedules home ownership letters to the borrower quarterly for the next 3 years.