Every IMX Exchange transaction starts by posting a loan. This can be done by entering the information directly into IMXBroker or by exporting the loan directly from your loan origination system (LOS) (see Using an LOS to Post Loans).
Click New Loan. A message appears asking if you want to "overwrite any data you are currently working on."
Click OK. This opens the data entry area of IMXBroker and resets the fields to their default values.
Complete each of the tabbed sections. Fields required for a quote only loan have a yellow background. Fields requried for to post a loan to lock have a yellow or lavender background. Fields that are computed by IMXBroker have a light grey background. Blank fields with a white background are optional. Be sure to scroll down to the lower parts of each section to see all the fields.
Here are few things to look out for when completing the entries:
Automated Underwriting Authorization
Placing a checkmark in the AU Scoring checkbox authorizes IMX Exchange to automatically request a FHLMC Loan Prospector (LP) score for the loan when it is posted. See What is AU Scoring for more information.
Loan Information
The Loan Category must be set to "conventional" for AU scoring. If posting a loan without AU scoring, use "conventional" for FHLMC, FNMA, and non-conforming loans. IMXBroker uses this field and the loan amount to determine whether the loan is conforming or jumbo.
A non-zero Loan Amount is required for all loans.
If the loan is part of a piggyback, place a checkmark in the corresponding checkbox and select the appropriate Lien Position for this part.
Property/Transaction Information
When entering the Property Address, use Ave, Blvd, Ct, Dr, Ln, Rd, and St where applicable. While an entry is required in this field to post the loan for bidding, the information entered is not available to lenders until after a bid is accepted. This field can be left blank if this is a Float Loan and AU Scoring is not desired.
City, Zip, and County can be left blank if this is a Float Loan and AU Scoring is not desired.
A non-zero Sales Price is required for all purchase loans.
A non-zero Other Financing entry is required for piggyback loans.
The Property Comments area is intended for any comments that affect pricing, approvals, or programs. Note that many lenders screen out loans that have property comments when they perform a search. Therefore, property comments should highlight only significant facts about the property that the lender should be aware of such as “Requires approximately $50,000 for termite/dry rot repair.” Entering sales pitch comments such as “Buyer highly motivated” can actually reduce the possibility of getting a bid.
Loan Information
Use the "conventional" Loan Category for FHLMC, FNMA, and non-conforming loans. IMXBroker uses this field and the loan amount to determine whether the loan is conforming or jumbo.
A non-zero Loan Amount is required for all loans.
If the loan is part of a piggyback, place a checkmark in the corresponding checkbox and select the appropriate Lien Position for this part.
Property/Transaction Information
When entering the Property Address, use Ave, Blvd, Ct, Dr, Ln, Rd, and St where applicable. While an entry is required in this field to post the loan for bidding, the information entered is not available to lenders until after a bid is accepted. This field can be left blank if this is a Float Loan.
City, Zip, and County can be left blank if this is a Float Loan.
A non-zero Sales Price is required for all purchase loans.
A non-zero Other Financing entry is required for piggyback loans.
The Property Comments area is intended for any comments that affect pricing, approvals, or programs. Note that many lenders screen out loans that have property comments when they perform a search. Therefore, property comments should highlight only significant facts about the property that the lender should be aware of such as “Requires approximately $50,000 for termite/dry rot repair.” Entering sales pitch comments such as “Buyer highly motivated” can actually reduce the possibility of getting a bid.
Borrower Information
A loan can contain information for any number of borrowers. The individual borrower profiles are controlled by the Add Borrower, Delete Borrower, and Show Borrower buttons. For information on how to add a co-borrowers, see Handling Multiple Borrowers.
A Name and SSN is required for each borrower. The borrower's middle initial is optional and can be left blank.
Credit Information
At least one valid 3-digit credit score is required.
Borrower Monthly Employment Income Information
A non-zero entry is required in one or more of these fields for at least one borrower.
All Borrowers' Debt/income Information
A non-zero Housing Expense entry is required.
A non-zero Gross Cash Out Amount is required for all Refi-Cash-Out loans.
Ask Price Section
The contents of this section change depending on which Loan Type is selected.
A non-zero Lock Period must be specified.
You can specify a maximum desired Rate or maximum desired Points or both. You cannot, however, enter 0.000 in both the rate and points fields.
The Closing Date requires an entry in the following format: MM/DD/YYYY. It must be a date that occurs sometime in the future.
Click Post Loan. IMXBroker checks to see if any required entries are missing. If a problem is found, a message appears indicating what needs to be fixed. If this happens, click OK, make the necessary corrections, and click Post Loan again to re-start the process. If all the required information has been entered, IMXBroker displays a message indicating that "You are about to Post a Loan... Do you wish to proceed?"
Click OK to continue. As part of the posting process, IMX Exchange validates all the information submitted. If any problems are found, a message appears noting the problem. If this happens, click OK, make the necessary corrections, and click Post Loan again to re-start the process.
When the loan has been successfully posted, a message appears noting the name of the primary borrower, the property address, and a Loan ID number that is assigned by IMX Exchange. Make a note of the Loan ID number so that you can use it later to find the loan associated with a bid.