On occasion, borrowers submit individual applications to brokers instead of adding other borrowers to one deal. Finmo allows you to add that information from the "extra" deal so all the information can be put into one for submission. For example, a husband and wife each used the application link given to them and each decided to send in the application instead of adding the other spouse to that existing application so the broker receives two separate applications for the same deal. The broker would typically then have to manually enter one application into the other in order to get them both on that application. However, Finmo offers a way for you to be able to merge those deals into one by adding a borrower from an existing deal.
Additionally, Finmo does not support merging two existing applications into one deal. Consolidation must be done manually by adding borrowers to a single deal and archiving duplicates.
Note: this can only be done in Finmo by the broker on the deal, not by borrowers in the application.
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How to add a borrower from an existing application and prevent duplication
Open one of the duplicate deals, then select "Add borrower" on the left menu. Then click on "add borrower from existing application at the top of the screen"
You will then see an option to "Select borrower" with a drop down menu displaying all borrowers from deals you have on Finmo and the deal number. You can search by name, email or deal number (if a borrower has more than one deal with you, make sure you select the correct one) Then select them to be added to the current deal.
Once you've selected the borrower you wish to add the following will display asking you what details from that existing deal for that borrower you wish to copy:
The default is to include all of the details but you can unselect anything that you don't need or may be already on the current deal you're working on.
Then choose whether or not you want to archive that original deal from which you are copying that information from. In most cases choose "yes" to remove that duplicate deal from your active dashboard. You can find that deal again should you need it by filtering on "archived" from your dashboard.
Important: Documents can also be moved into the new deal so if you want the documents to move over, please make sure that checkbox is filled
How to prevent duplication issues
To avoid the need for merging applications in the future, consider these best practices:
Create a Single Application Yourself: As the broker, create one application or deal and invite all borrower(s) to that application. This ensures that all borrowers complete their sections within the same deal.
Encourage the Primary Borrower to Add Co-Borrowers: Have the primary borrower create one application and add any co-borrower(s) within that same application.
By following these approaches, you can keep all borrower information consolidated in a single deal from the start, reducing the risk of duplication.
Should you have any questions, please click on the chat bubble or email support@finmo.ca.