Loan Assumptions

In this article learn How To Handle loan Assumptions

When the Primary Borrower is changed on the core system, it will create a new (duplicate) loan  in AccuAccount. You can copy the Loan and Collateral document to the assumed loan. 

Copying the Loan Documents

To copy the loan documents from the original loan to the assumed loan.

  1. From the primary borrower page on the original loan, Select the Edit Customer Icon
  2. Find the loan on the right side of the Customer Maintenance page and Select the Copy Loan Documents icon
  3. Select one of the following:
    • Copy Loan Documents to a Loan owned by the current Customer, or
    • Copy Loan Documents into a Loan owned by a different Customer. For an assumption, you would select this Option and enter the Name, Customer Number, or Tax Id of the Assumer
  4. Select Next, a dialog box showing the search result will be displayed. When searching, you may get multiple search results. Choose the radio button for the borrower you are copying the loan documents and Select Next
  5. All existing loans tied to that borrower will display. Select the correct Loan to copy the document to, and select Next
  6. A confirmation screen will show the Source and Target customer and loan. Review to ensure the correct target has been selected and click Next. (On this screen, you also have the option of selecting different tabs for document placement, if desired).

The loan documents will now exist on both the Original loan, and the Assumed loan. You can delete any document that you do not want included in the assumed loan file.

Copying the Collateral Documents

To copy the collateral documents from the Original loan to the Assumed loan, you much cross and uncross the collateral addenda.

  1. From the customers page, Select the Edit Collateral icon (from the Assumed collateral addendum)
  2. Select the Convert Collateral to a Cross Collateral link
  3. Select the second radio button Select a collateral from a loan owned by a different customer, and enter the name of the Original Borrower, select Next
  4. Identify the correct loan and corresponding collateral addendum. (Be sure to select the radio button of the collateral, and not the loan radio button) select Next. You will receive a Confirmation page. Select Next

You will now see all collateral documents displayed on your collateral addendum, including expiration dates and comments. You will also notice that the collateral banner is displayed in green, indicating that is a crossed collateral. 

Now that the images have been copied, take the following steps to uncross the collateral

  1. From the customers page, Select the Edit Collateral icon
  2. Select the Convert Cross Collateral to a Regular Collateral link

Uncrossing the collateral will break the link to the other collateral addenda, but all documents, comments, and expiration dates will remain.

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