Finmo lets you lock or unlock an application, depending on who you want to have edit access. We built this so a borrower couldn't change details after you've reviewed the deal, and also so two people wouldn't be editing the application at the same time.
How Application Locking Works
- When you create a deal in Finmo, the default status is "locked" for the borrower. This means your team has control over the application.
- When you click to "Invite" a borrower, the status changes to "unlocked" giving the borrower control. When the borrower creates their account, they're able to start filling out the application. You also have the ability to edit the application when the borrower has control.
- When the borrower submits the application, the status changes to "locked". The mortgage professional now has full control over the application for review.
- If the application needs extra work, or you need to give the control back to the borrower for some reason, unlock the application (below).
After unlocking the application manually, click on the Update borrower(s) button at the top to let the borrower(s) know that they have access back to edit their application and what they need to update.
When you send this, it will have your message plus a link to log back into their portal. See the example below.
If you have any questions about application locking, chat with us or email us at email@example.com