Finmo has added a new beta feature whereby you can submit deals directly to a lender. Only brokers who have been invited to participate in the beta group have access to submit direct at this time. After testing it will be available to all Finmo users. Submit direct will eventually allow mortgage professionals to bypass pushing to Filogix/Expert and submit your deals to every available lender. We've enabled 105 lenders for you to submit deals directly to within Finmo (in other words, there's no need to push deals to Expert first, then send them to the lender).
The list of lenders includes Scotia bank, TD, MCAP Prime, MCAP Eclipse, CMLS Financial, Manulife Bank of Canada and more. The full list can be found on the "Submit" tab for any deal.
Click below to watch a video.
How to Submit a deal to a lender
1. Click on the deal that you want to submit.
2. Ensure that the deal is in your control as any changes made by the borrower won't be reflected on your lender submission.
3. Review and complete anything in the application that the lender will require, including the "Subject Property" section.
TIP: Make sure you pull credit before you submit your deal.
4. Next click the Submit tab (top right). Scroll down to the "Where do you want to submit" section and click the "lenders" list to get a drop down menu of the available lenders.
5. Select the lender you wish to submit to and click on "Choose lender"
This will open up the "Submit" page. A draft of your lender submission will open and you will see the GDS/TDS information and Mortgage request details displayed on this page.
Please note: Downpayment info and "GDS/TDS cannot be edited in the Submission form itself. Click on "GDS/TDS at the top of the page, then choose the "gear icon" to open settings and edit.
Go through and clear up any validation issues that may have been flagged and enter the mortgage information and additional details in the submission. To learn more about validation click below.
How to enter mortgage information
TIP: please note that the "Additional Details" section is only available when submitting to MIC lenders.
Can I submit docs to a lender from Finmo?
At this time you are unable to submit documents directly to a lender. You can however submit docs to one of the Mic's on Finmo. Click here to learn how.
Adding "Submission agent" and the "Agent on the deal"
If the agent on the deal needs to be someone else on your team, click here to see how to add that team member to the deal.
Enter your Notes for the Lender and click "Save changes".
Finally, scroll down to "Submit" and click on "Submit to lender". If you receive an error message, go back and make the recommended adjustments and submit again.
Once submitted you will see that submission noted on your deal portal as well as on the submission page.
Should you have questions please click on the chat button or email firstname.lastname@example.org