Steps to Mark a Loan as Sold
Loans can be marked as sold either from the Pipeline view or directly from Loans within the loan details page during servicing. Here's how:
Navigate to the Loan
Access the Pipeline or the Loans section.
Select the loan you wish to mark as sold by clicking on it.
Access the Action Menu
In the upper section of the loan details page, locate the action menu indicated by three dots (
...).Click the three dots to open the dropdown menu.
Select "Mark as Sold"
From the dropdown menu, select the "Mark as Sold" option (usually the second option of the actions).
Provide Sale Details
A pop-up window will appear. Fill in the following details:
Sale Date: Specify the date when the loan was sold.
Realized Gains/Losses: Record the total amount received for the loan to capture financial outcomes.
Sold To: Select the entity (investor or vendor) to whom the loan was sold from the available options.
Notes: Optionally, you can add any notes for reference, such as portfolio identification or additional context.
Confirm the Sale
After entering the details, confirm the action by clicking "Mark as Sold".
Outcome
The loan's status changes to "Sold".
The loan is removed from active servicing and added to the Sold Loans Report.
Viewing Sold Loans
Navigate to the Reports section.
Access the Sold Loans Report to view all loans marked as sold, including details such as sale dates, amounts, and buyers.
Editing Sold Loan Details
If you need to update the sale details:
Go to the Sold Loans Report.
Locate the loan in question and click on it.
Use the Edit option to adjust:
Sale Date
Sale Amount
Buyer/Vendor
Associated notes.
Reversing a Sale
If a loan was marked as sold in error or requires further servicing:
Access the loan details.
Use the action menu to revert its status:
To return the loan to servicing:
Access the Action MenuIn the upper section of the loan details page, locate the action menu indicated by three dots (
...).Click the three dots to open the dropdown menu.
Select Move to Servicing
Change the status into a pipeline status:
Navigate to the Loan,
Click the Status Sold to select the stage in the pipeline to send the loan.
