The Copy button in the loan "Overview" section will save you time when you have a borrower with an existing application in Finmo who would like to purchase, renew or refinance again. Instead of re-entering their borrower details into a new loan, simply select which information you want to copy over.
How to copy a loan?
1. Open the borrower's existing loan in Finmo
2. Select the "Overview" tab from the left navigation menu
3. Click on "Copy loan"
4. Select which details you want to copy into the new loan
Note: “Account & personal details” are greyed out because they will always copy over into a new loan.
5. Select a new goal
6. Choose if you would like to archive the original loan
7. Click on “Create copied loan”
After you have copied the loan, go into the new loan and invite the borrower using the “Update borrower(s)” button in the top navigation bar so they can upload documents, and review and complete the new application. You will need to grant access back to the borrower.
How does the borrower switch between the different applications?
A copied loan uses the same email addresses for borrowers to log in. Borrowers can easily switch between applications.
Credit consent on the copied loan
If you have credit consent PDF enabled in your Finmo account, you will also receive an updated credit consent agreement when the borrower submits their new application.
Documents on the copied loan
If you have Documents enabled in your Finmo account, please note that documents do not carry over from the previous application. You will need to select which documents you need the borrower to upload or upload the existing documents from the original loan that are still valid.
Should you need further help please click the chat button in Finmo or send an email to supportus@lendesk.com