Vendor Management
(Choosing the Vendors for Your Loan)
Every Appraiser, Title Company, Escrow Company, Insurance Company, and any other vendor associated with a loan being submitted to Direct Mortgage MUST BE APPROVED PRIOR TO DOCS! There are thousands of vendors already in the system and your vendor may already be there. You can search for a vendor after you have submitted a loan, or you may search for vendors ahead of time and request approval for any that may not yet be included in our approved list.
1. Selecting or Adding Vendors Using the Submission Ready Wizard
When you open the loan, if you are asked if you would like to complete the submission ready wizard, click “Yes”. If you are not asked this question, then click the menu item “2 Submission Ready Wizard” >> Within the green section on the upper right of the Wizard screen it says “Vendors”. Click on the red “X” under the word “Vendors” >>
Now you can choose to have Direct Mortgage order services for you; find and select vendors; or “key in” (type in) vendor details for vendors who are not already approved. Do this by clicking the dropdown arrow next to each vendor category (e.g., “Appraiser”) and selecting your desired option or vendor.
If you select “Order Appraisal for me” then you will also need to select whether the appraisal fee is paid by the broker, borrower, or paid outside of closing.
If you select “Find the Vendor” (e.g, “Find the Title Agent", "Find the Appraiser", etc.), then the Vendor Search screen will open. Key in the information you know, then click “Find Vendor”. If you find the desired vendor, click on the vendor’s name and on the appropriate agent. The information will be automatically brought into the submission ready wizard.
If you select “Key in new vendor details”, then new fields will appear. Key in the requested information. Direct Mortgage will need to approve the new vendor.
OR
You can select a vendor from the dropdown list. You can set up this list of favorites ahead of time.
When you have finished entering the information for each vendor (appraiser, hazard insurance, title, escrow, ), click “Commit Vendor Selection to Loan”, then click “Close”. If you are only entering or selecting information for some of the vendors, select “Save”, then “Close”.
2. Alternative method of Selecting and Adding Vendors
Vendor Search and Selection
Login to DirectWare®>> Department >> Loan Choices™ >> Processing >> Vendor Search. A window will open. Enter the information you know, then click “Find Vendor”.
If the Vendor is there and you have your loan open, simply click on your vendor and then on the desired agent and the information will automatically be associated with your loan.
If you are verifying ahead of time that your vendors are in the system, and they show up in the vendor search, then you don’t need to do anything more at this time. After you have submitted your loan, you will be able to select the vendors either by following the process above or from step “B View Completion Status” at the top of the Loan Choices™ screen. In the latter case you can either select the vendor from the dropdown list (this is a list of your preferred vendors – selected in Step “B View Completion Status”) or you can select “Find Other Vendor”, which will open up the same search screen as mentioned above.
Request New Vendor
If after doing a vendor search you do not find your vendor, you can request that it be added. Do this by clicking the “Request New Vendor” button at the bottom left of the Vendor Search Screen >> Enter the requested information. It is IMPERATIVE to make sure that you have the EMAIL address of the company representative otherwise the Vendor will not be approved and your loan closing may be delayed.
If the vendor is a title or escrow company, please include the funds recipient information/wiring instructions (click the "Add Funds Recipient Account" button to add the fields for this). If the vendor is an appraiser, please have a copy of the license emailed to vendorservices@directcorp.com (this is not required, but helpful). If you wish to add more than one agent for the vendor, then click the "Add New Agent/Contact" button >> When you are finished entering the information, click the "Submit Request" button.
A new Vendor is typically approved within 24 hours. If a Vendor is not approved by Direct Mortgage, you will receive an email stating the reasons why the approval was denied.
If you use 1Processing.com, Direct Mortgage’s approved preferred processing solution, 1Processing.com will order the services on your behalf (appraisal, title, etc.)
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