Standard Operating Procedure for Refinance Process in DealDetails
Objective
This SOP outlines the steps to create a refinance scenario in DealDetails, ensuring a clear comparison between existing and new loan options for clients.
Key Steps
1. Initiate Refinance Deal 0:00
Open DealDetails and select 'Refinance Deal'.
Choose 'Primary Residence' and select 'No Cash Out' option.
2. Confirm Comparison Requirement 0:41
Answer the question regarding whether to compare the client's current situation to new refinance options.
Select 'Yes' for rate and term refinances.
3. Create Property Card 1:06
Search for the property (e.g., 4197 Sky Trace in Roswell).
Pull in mortgage information for the most recently originated mortgage.
4. Verify Property Information 2:01
Check the estimated value, original principal balance, and interest rate.
Confirm tax and insurance details.
5. Build Existing Scenario 3:30
Enter the estimated property value and original principal balance.
Update the current interest rate and term as necessary.
6. Confirm Key Metrics 4:54
Review the existing scenario details and confirm key metrics.
7. Create New Scenarios 5:22
Create a new scenario for both a 30-year fixed and a 20-year fixed loan.
Enter loan details including interest rate, closing date, and loan amount.
8. Adjust Loan Amount 8:28
Adjust the loan amount to meet the client's cash requirements at closing.
Lock the loan-to-value (LTV) ratio after adjustments.
9. Save Scenarios 9:10
Save the completed scenarios for both the 30-year and 20-year loans.
10. Create Loan Comparison 10:21
Create a new comparison for the client, ensuring the existing scenario is in the first position.
11. Review Comparison Results 11:03
Analyze the loan comparison results, including monthly payments and amortization gains.
12. Generate PDF Report 14:29
Print the loan comparison package for client review.