Here at SimpleNexus, we are always excited about new tools, and enhancements to current tools that are part of our mobile platform. We got some feedback that you’d like some more instructive notes on our new features and updates. We will do that in our weekly updates going forward.
This week, we’d like to backtrack a little and give you some pointers on our recently implemented co-borrower features. If you haven’t heard, we now support loans having multiple app users so that co-borrowers can have their own separate user credentials. Here are a few points you should know about this update:
- This may seem intuitive, but we just want to be clear that when a borrower registers the app, they’ll be the borrower. Business as usual there. When a co-borrower registers the app, they’ll be the co-borrower.
- Here’s what we’re really excited about with this update: both borrower and co-borrower will see the same views in the mobile app. For example, if the borrower uploads a document, when the co-borrower checks the My Loan page of their app, they’ll see that document checked off.
- When you are working on a loan with co-borrowers, both borrowers will receive push notifications when documents are accepted, rejected, or new documents are requested.
- You may ask: “How does SimpleNexus match the co-borrower with the loan?” Good question! This is a key to making sure that the co-borrower features function properly for you. We use the same methods we have traditionally used to match a borrower to a loan. In case you don’t know, that is done by finding their name AND either their phone number or email address.
- Pro Tip: We’ve noticed that many loan officers don’t enter co-borrower information on their loans. This makes it difficult to match co-borrowers using the app with the correct loan. To successfully take advantage of the co-borrower features, be sure to enter a unique phone number and email address for your co-borrowers.
Here are a few places you’ll notice that you can use the co-borrower features on your online dashboard:
- When you go to your Loans page on your dashboard, you should now see co-borrowers in your list of loans. Co-borrowers will appear beneath the borrower.
- On your Loans page you should also notice a some new icons on your connected loans. The “+” icon lets you add a co-borrower to a loan. So if the co-borrower has the app and you they didn’t automatically connect, you can manually do that here. For companies using Encompass or an integrated LOS, this typically won’t be used. The “person” or silhouette icon is how you can manage assigning app users to the loan. This will be helpful if the co-borrower registers the app but isn’t properly connected to the loan.
- When you click on the “person” icon, the below screen will appear, where you can assign one of your app users to the loan as a co-borrower.
Our support team is working just as hard as our developers. They are experienced and are here to help you. If you have any questions, always feel free to check with us at firstname.lastname@example.org or call us at 855-684-2777. And remember that you can always check out all our updates on our Change Log.