In Better MLO, managing mortgage stage is a crucial aspect of your workflow. Mortgage stages represent the different phases a mortgage application goes through, from initial application to completion. This guide will walk you through how to access, configure, and utilize mortgage stage in settings effectively.

Start by clicking on "Settings" in Better MLO.

Under "Settings," select "Mortgage Stages."

Mortgage stages play a pivotal role in Better MLO as they enable you to monitor and manage the advancement of mortgage applications efficiently. These stages essentially offer a structured roadmap of the various phases that a mortgage application goes through during its processing journey. 

Mortgage stages are of paramount importance because they serve as a tracking mechanism for your mortgage applications. They help you keep tabs on the status of each mortgage, ensuring that nothing falls through the cracks. Think of them as signposts along the way, guiding you through the intricate process of mortgage processing.

One of the fundamental aspects of mortgage stages is their sequential nature. In Better MLO, we follow a predefined order of stages that correspond to the typical progression of a mortgage application. These stages include:

1. App Intake: This marks the initial stage where the mortgage application is received and entered into the system.
2. Qualification: At this stage, the applicant's financial qualifications and eligibility are assessed.
3. Pre-Approval: Once qualified, the applicant may receive pre-approval for a mortgage, indicating they meet the initial criteria.
4. Loan Setup: This stage involves setting up the details and terms of the mortgage, preparing it for finalization.
5. Loan Finalized: The last stage signifies the completion of the mortgage process, indicating that the loan is ready for funding and closure.

These stages provide a clear and logical sequence for handling mortgage applications, making it easier to ensure that each step is completed before moving to the next.

While the primary stages follow a logical progression, Better MLO also accommodates additional stages that are non-sequential. These include:

Adverse: This stage is used when there are negative developments in the application, such as credit issues or other challenges.

Suspended: Applications can be suspended temporarily for various reasons, and this stage allows you to track them.

Archive: When an application is completed but needs to be stored for record-keeping purposes, it can be archived.

Lost: If an application is no longer viable or relevant, it can be moved to the "Lost" stage.

These non-sequential stages offer flexibility in managing special cases or situations that don't conform to the typical progression.

In summary, mortgage stages in Better MLO serve as a comprehensive framework for systematically managing mortgage applications. They ensure that you navigate the complex mortgage processing journey efficiently, from initial intake to finalization. While the primary stages follow a logical order, the inclusion of non-sequential stages allows for adaptability in handling unique scenarios, providing a robust toolset for effective mortgage management.

Here's an overview of the key functionalities within Mortgage Stage Settings:

Use the search bar to quickly find specific mortgage stages by name.

 You can edit or delete existing mortgage stages as required using “Edit” or “Delete” icons.

Mortgage stages can be sorted in your preferred order. Here's how:

1. Drag and drop stages to rearrange them.

2. To save the new order, click the "Save Order" button.

Note: Saving the order is essential; otherwise, the changes won't persist.

Creating a new mortgage stage is straightforward:

1. Click "Add New" to initiate the creation of a new stage.

2. Provide a name for the stage.

3. Click "Save" to add the new stage to the list.

When a mortgage stage is no longer needed, you can delete it:

1. Locate the stage you want to remove.

2. Click the "Delete" option.

3. Confirm the deletion. Keep in mind that stages you've used on mortgages will be soft deleted to maintain data integrity. However, unused stages are permanently deleted.

The "In Pipeline" switch helps you identify which mortgages are actively under contract or in the pipeline. When enabled, it indicates that a mortgage is in an active phase. This can be a useful filter for distinguishing between mortgages under contract and those that are not.

The "In Pipeline" filter allows you to quickly sort and view mortgages based on whether they are actively under contract or not. You can toggle this filter on or off to focus on specific groups of mortgages as needed.

Understanding and managing mortgage stages in Better MLO is essential for efficient mortgage processing. These stages provide a structured framework for tracking and organizing mortgage applications from start to finish. Use the sorting, editing, and deletion functionalities to tailor the stages to your specific workflow. Additionally, the "In Pipeline" indicator helps you differentiate between active and non-active mortgages, streamlining your mortgage management process.