Issuing a denial in Broker Plus

Introduction

This tutorial provides a comprehensive guide on issuing a denial in Broker Plus, a platform used in the mortgage industry for processing loan applications. Understanding how to issue a denial is crucial for loan officers and brokers, as it helps maintain compliance and ensures clear communication with clients.

Step 1: Accessing the Broker Plus System

• Log in to Broker Plus: Use your credentials to access the platform.
• Locate the Application: Navigate to the dashboard and find the specific loan application you wish to deny.

Step 2: Reviewing Application Details

• Check Application Status: Ensure that you are reviewing the correct application and that it is in a state that allows for denial.
• Gather Necessary Documentation: Verify that you have all supporting documents and reasons for denial ready for reference.

Step 3: Issuing the Denial

• Select Denial Option: In the application overview, look for the option to issue a denial. This is typically found under the ‘Actions’ or ‘Status’ menu.
• Provide Reason for Denial:
  • Choose from predefined reasons provided by the system, or
  • Enter a custom reason if applicable. Make sure it's clear and justifiable.

Step 4: Finalizing the Denial

• Review Denial Information: Double-check all entered information for accuracy.
• Confirm Denial: Click the confirm button to finalize the denial. This action may prompt a confirmation dialog; ensure you confirm the denial here as well.

Step 5: Communicating the Denial

• Notify the Applicant:
  • Prepare a denial letter using the templates available in Broker Plus.
  • Customize the letter with specific reasons for denial and next steps for the applicant.
• Send the Notification: Use the system's emailing feature to send the denial letter directly to the applicant.

Common Pitfalls to Avoid

• Incomplete Documentation: Ensure that all documents supporting the denial are complete and attached as necessary.
• Vague Reasons: Avoid using vague terms in the denial. Be specific to minimize confusion and potential disputes.
• Failing to Follow Up: Always follow up with the applicant after issuing a denial to ensure they understand their options moving forward.

Conclusion

Issuing a denial in Broker Plus involves careful review and clear communication. By following these steps, you can ensure that the process is efficient and compliant. Remember to document everything thoroughly and communicate openly with applicants to maintain trust and clarity.

For further assistance, consider exploring additional training resources or tutorials related to Broker Plus.