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Change Borrower Name on a Loan

How and when to change the name of the borrower attached to a loan. When to use Merge Organizations, When to use SPA; When to send a ticket to developers

Primary Department Supported: Servicing 

 Super Powers Needed? - NO 

Developer Support? - YES 

Common Situations:  

Product Support is often asked to "Assign" a borrower name to a loan

A borrower name must be changed from one name to another, and the existing name is not a placeholder or duplicate.  

Important Considerations & Best Practices

  • Pay attention to the Loan Phase of the Loan where this is requested – Borrower Names should not be changed for Loans that are already in Servicing.  
  • Review the existing name attached to a loan – Borrower Names that are TBD values or are suspected to be duplicates should be fixed by merging. Merge Organizations
  • Most Borrower names can be updated by LMS users in SPA
    • Attempt to make the change in the SPA first: Most loans in Production will allow users to make this change directly in SPA
    • If changes in SPA are locked out: A developer ticket must be submitted to complete this update.

Instructions 

1.Attempt the Change in SPA

  1. Proxy into the ticket requester

  2. From LMS Menu 

  3. Select SPA 

  4. Search for the loan number and click to open details 

  5. Select the Borrowing Entity Details Tab 

  6. Click on The Borrowing Entity Name Name field: 

    • If this field allows you to type and make changes: Stop and advise the ticket requester to change the name in SPA.

    • If this field is greyed out and does not allow changes to be made: Remove the proxy and attempt the change under your personal profile

2. If SPA does not allow the changes (is greyed out/locked): Change the name of the HubSpot ticket as needed and Submit Task to the Developers.  

    Asana Task Guidelines:

    1. Task Name (should match the name of the HS Ticket): Task Names should be an easy way to name the ticket for understanding and identification (include loan number or numbers when applicable)

    2. Developer Description:  Specific instructions to ask the developer for exactly what is needed( always include screenshots and URL's of exactly what items you are referring to)

    3. REPRO: Reproducing Steps and links: Step by step instructions with URL links and screenshots for the developers to get to the section in LMS where the changes are to be completed

    Dev Ticket: Template 

    Task Name:  [Loan #] – Update Borrower Name – Loan Level & Entities Tab 

    Developer Description: 

    Please see below for the changes required on this loan: 

    1. Main Loan Level: Update the Primary Borrower to: [Borrower Name] 
    2. Entities Tab: Add the borrower name: [Borrower Name] 
    3. Entities Tab: Remove the borrower name: [Borrower Name]
     

    (Provide a Screenshot of Loan Details highlighting the Borrower Name)

    (Provide a Screenshot of Entities Tab, highlighting the borrower being removed)

    REPRO:  

    Main Loan Level: (add URL to Loan Details) 

    1. Loan
    2.  Loan Details 

    Include: Screenshot of Loan Details

    To Entities Tab: (add URL to Entities Tab) 

    1. Loans 
    2. Loan Details  
    3. Entities Tab
     

    ADD BORROWER NAME

    1. Click Add 
    2. Search for [Borrower Name] 
    3. Select the checkbox next to the borrower's name 
    4. Click “Add Related Entity” 

    Include: Screenshots of Entity Tab

    DELETE BORROWER NAME

    1. Select / highlight the borrower to be removed 
    2. Click Delete 

    Include: Screenshot of Entity Tab with the removal steps highlighted