Utilizing the Explain Items Letter is a great tool to request that the applicant(s) provide additional clarity on various derogatory trades, inquiries, etc. XpertOnline has enhanced the Explain Items Letter to allow your clients to customize precisely what items need to be explained by the applicant(s), as opposed to sending every line item in its entirety to the applicant(s). Additionally, once the Explain Items Letter has been generated, XpertOnline has created this document as an editable PDF! When the borrower receives the document, they can open up the Explain Items Letter, enter their explanations directly within the PDF, and send the completed document back to the lender.
Creating an Explain Items Letter PDF
After you login to XpertOnline and open a file, select the Explain Items Letter link on the right-hand side, under the Other Updates section.
The Explain Items Letter page will display new, individual checkboxes that can be selected per line item to create the document. This will look similar to how the Mortgage Rating currently functions. Please Note: at least one checkbox must be selected to successfully create the Explain Items Letter.
Each account will be listed under the appropriate category, where the selections can be made. Choose the checkboxes that are appropriate for the items letter, and click on Create Explain Items Letter at the bottom of the screen.
After selecting Create Explain Items Letter, an overlay will display with the applicant's name, reference number, and a message that the report will be available momentarily.
When the report is ready, the overlay will take you directly into an editable Explain Items Letter PDF. The document will follow the outline of the Explain Items Letter page. Clients can send the letter to the applicant(s) just like they currently perform today.
Within the file, the created Explain Items Letter will be available under the Reports section.
Choosing the PDF Explanation Items Letter link will direct you to the created report.
How the Editable Explain Items Letter Functions
The Explain Items Letter will need to be downloaded locally and emailed to the applicant, as your clients currently perform today. Once the client provides the letter to the applicant, the applicant can open the PDF in their preferred PDF viewer, type in their explanations directly in the PDF and mark Yes/No boxes. Important: at this time, the borrower will need to perform a wet signature on the document for acknowledgement. Below is an example of what an applicant would see when they access the editable Explain Items Letter PDF.
There is an accessible toolbar along the top the applicant can utilize, but simply clicking into a Reason or Explanation field will permit the borrower to type their response, keeping the document itself easily legible and uniform. Below is an example of what the borrower encounters when Yes or No boxes are available.
Once the applicant has returned the Explain Items Letter document to the lender via email, fax, or another means of delivery, any edits the applicant made are visible within the document itself. Please see the following example of what the lender can see on an edited Explain Items Letter.
The lender can upload the returned letter to the appropriate file, as is currently performed today within XpertOnline, or provide the document to their CRA to upload on the client's behalf.