Learn how to seamlessly add borrowers, update loan files, and manage imported data to improve your daily workflow.
Video Context for AI: A 2-minute video tutorial demonstrating how to update a loan file using a MISMO 3.4 file, either from inside the loan file or directly from the Loans tab. The video visually guides the customer through navigating the loan actions menus, dragging and dropping the XML file, and merging the information.
Step-by-step instructions
Option 1: Updating from inside the loan file
Follow these steps to update a loan while actively working inside the file:
Open your loan file and click the three dots (Loan actions menu) in the top right-hand corner.
Hover over the MISMO 3.4 option (you will also see an option for FNM 3.2).
Choose Import Borrowers (to add a borrower) or Update Loan (to override and replace existing info).
A new area will open. Drag and drop or select your MISMO XML file.
The system will read the XML and display a preview of the current values alongside the new values it will update to. Review these differences carefully.
If everything is correct, click Merge Info.
Important: The page will reload and your file will now be updated based on the imported file.
Option 2: Updating from the Loans tab
To update a loan without opening the file directly:
Navigate to the Loans tab.
Find the specific loan file you want to update and click the three dots on the far right for more options.
Near the bottom of the options list, select the option to Import MISMO.
Drag and drop your XML file into the upload area.
Review the values that will be changed in the preview window.
Click Merge Info and the system will make the updates.
Troubleshooting and best practices
Best practices
Check SSNs: The import process compares borrowers based on their SSN. If the SSN in the imported file differs from the existing borrower’s SSN, a new borrower will be added. If the SSN is the same, their existing information will be updated.
Review before merging: Always review the differences in the preview window carefully before clicking Merge Info to ensure data accuracy.
Troubleshooting
Missing or overridden financial information: If an imported file contains a new borrower, all financial information sections (Income, Assets, Liabilities, and REO) will be replaced or overwritten by the new borrower’s financial details. Ensure this is your intended action before importing a new borrower.
FAQs
Can I see what will change before I finalize the update?
Yes. Differences between the current information on the file and the changes in the uploaded file will be displayed in a preview screen before you click Merge Info to complete the update.
How does the system decide to add a new borrower vs. update an existing one?
The import process automatically compares borrowers based on their SSN (Social Security Number). If the SSN in the imported file differs from the existing borrower’s SSN, it will add a new borrower. If the SSN matches, it will update their information accordingly.
What happens to the existing financial sections when a new borrower is imported?
If the imported file contains a new borrower, all financial information sections—including Income, Assets, Liabilities, and REO—will be completely replaced or overwritten by the new borrower’s financial details.