Once the 1003 has been completed and saved, you can perform loan actions such as ordering a credit report, ordering automated underwrite (Freddie Mac Loan Product Advisor (LPA)), submitting the loan, or notifying the lender of a change of circumstance.
To perform an action, select the action from the Loan Actions menu at the left side of the loan application page.
Import Additional Data
If you originated a loan in LaunchPad by importing the file and data changes have since been made to the loan in your Loan Origination Software, use the IMPORT ADDITIONAL DATA action to import the changes to the loan file in LaunchPad.
To Import Additional Data:
- On the Loan Actions menu, click Import Additional Data.
- Select which fields to import and how to manage existing lists (e.g. liabilities).
- Click the Browse for file button and select the file you want to import.
- Click import.
- Confirmation message displays when the import is completed.
Order Credit Report
Using the Order Credit action, you can order or reissue your credit report and import the credit report into LaunchPad. If the loan includes more than one borrower pair, you must use the same credit provider to order credit for each borrower pair.
To Order / Reissue the Credit Report
- On the Loan Actions menu, click Order Credit.
- On the Order Credit page, confirm that the order information is correct, then click Order Credit button to submit the order.
- A confirmation message displays upon the receipt of credit report.
- Click the Import Liabilities button to import liabilities.
Note: If a credit report was previously ordered for the loan file, the Order Credit button will be replaced with Reissue Credit.
Order Loan Product Advisor (LPA)
Upon completion of the 1002 in LaunchPad, you can submit the loan for automated underwriting through Freddie Mac Loan Product Advisor (LPA). Note that you must order or reissue a credit report via LaunchPad prior to submitting the loan for underwriting to LPA.
To Submit the Loan for Automated Underwriting through LPA
- On the Loan Actions menu, click Order LPA.
- Enter the required information, and then click Order LPA Underwriting. (Note the credit information is pre-populated).
- After reviewing the results on the LPA Results page, click one of the following:
- Go to Loan Summary–Closes the LPA results window and opens the Loan Summary page.
- Go to Documents–Closes the LPA results window and opens the Documents page.
- Close–Closed the LPA results window and returns to the Order LPA page.
Note: The LPA documents are viewable under the Underwriting category on the Documents page in LaunchPad.
Disclosures(Requirement Status –Loan Submitted)
Using the Disclosures loan action to indicate on the loan file that the loan is ready for the Lender to disclose to borrower. The Lender can report or write rules around this data to identify loans that are ready for disclosures.
To Indicate to the Lender that the Loan is Ready to Disclose
- On the Loan Actions menu, click Disclosures.
- Review the information on the Disclosure page. This form is read-only. If you need to change any of the data on the page you can do so from the 1003 pages located in the menu on the left.
- Click the Ready to Disclose button.
Once the loan processing is completed use the Submit Loan action to notify the lender that the loan submission is complete and ready for their review.
To Submit the Loan to the Underwriter
- Click Submit Loan in the menu on the left
- When confirmation window is prompted, click Continue.
Change of Circumstances
After submitting the loan, you may need to change loan information. When certain loan information changes, such as loan type or loan program, a new disclosure is required. Use the Change of Circumstance action to be re-submit the updated loan to the underwriter.
To Re-Submit the Loan to the Underwriter Due to a Changed Circumstance
- Click the Change of Circumstance button in the Loan Action section on the left menu.
- On the Change of Circumstance page, select a description of the circumstance from the Changed Circumstance drop-down list.
- Ensure that all the required information has been entered and the required documents have been attached, then click the Change of Circumstance button. (Required fields are marked with a red asterisk).