Depending on the channel, renewals typically happen on an annual basis. In the warehouse channel, we've seen annual renewals along with monthly or quarterly recertifications. Warehouse lines have more risk associated with them so this makes sense.
Manual PDF In this process, Account Executives are typically responsible for reaching out to clients and following up to ensure documents are submitted for renewals. Documents are being exchanged over email.
Comergence The advantage of Comergence is that it automatically reminds the originator about upcoming renewals. However, Account Executives often still need to get involved to help collect the necessary documents. One challenge we’ve observed is that if the TPO isn’t renewed on time, the investor incurs an additional fee to reinstate the originator as an active client.
Loanscape With Loanscape, we send multiple reminders to the originator, and our cadence has proven effective in getting documents submitted on time. Additionally, we don’t automatically expire the relationship or charge extra fees if the originator takes longer than expected to submit their documents.
Conclusion After collecting documents for renewals, this process flows back to the Document Review process and starts again. There's still a lot here that could be improved and we have plans to improve.
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We encourage you to schedule a demo and check out our platform just so you know what's out there. We won't pressure you to sign up if you're not ready yet!
