How does FundMore handle the configuration of our specific document checklist by product type?

FundMore makes it easy to configure a document checklist that reflects your exact products, policies, and workflows—without relying on custom code or one-off workarounds. Within the FundMore Loan Origination System (LOS), document requirements are driven by configurable rules tied to product type and other deal attributes, so underwriters and processors always see the right checklist for the right file.

How product‑specific document checklists work in FundMore

FundMore’s LOS is designed to mirror how you actually lend. That starts with defining your products and then attaching tailored document requirements to each one.

At a high level, configuration follows this pattern:

1. Define or import product types

   • Create or map your product catalogue (e.g., insured purchase, refi, HELOC, construction, private, alternative).
   • Align each product with your internal naming, pricing, and risk guidelines.

2. Create document “templates” or requirement sets

   • Build standardized document requirement sets (e.g., Standard Purchase Documents, Stated Income Documents, New‑to‑Canada Documents).
   • Each set can contain mandatory, conditional, or optional documents.

3. Attach document sets to product types via business rules

   • Use configuration rules to tell FundMore which document set(s) to apply to each product type.
   • Layer in logic based on other factors such as borrower type, loan amount, LTV, occupancy, or channel.

4. Surface the dynamic checklist in the LOS

   • When a new application is created and a product is selected, FundMore automatically generates the appropriate checklist.
   • As deal data changes (e.g., product switch, updated income type), the checklist can adjust accordingly.

Configuring product‑based document rules

FundMore is built to help underwriters process a high volume of applications accurately and quickly, so the configuration tools are oriented around automation and clarity rather than static lists.

1. Product‑level defaults

You can set baseline document requirements per product, such as:

• Insured purchase

  • Mandatory: Purchase agreement, income verification, down payment verification, credit bureau, appraisal (if required by policy).
  • Optional/conditional: Gift letter, proof of closing costs, rental worksheets (if applicable).

• Refinance

  • Mandatory: Existing mortgage statement, property tax statement, income documentation, credit bureau.
  • Conditional: Discharge statements, payout letters, proof of debt consolidation use.

These defaults ensure that as soon as a product is selected, the system knows which documents to request and track.

2. Conditional logic by borrower and deal characteristics

Beyond product type, you can refine the checklist using rules such as:

• Borrower type

  • Salaried vs. self‑employed vs. commission.
  • New‑to‑Canada vs. permanent resident.
  • Corporate borrower vs. individual.

• Property and loan characteristics

  • Purchase vs. refinance vs. switch/transfer.
  • Owner‑occupied vs. rental/investment.
  • Construction vs. existing property.
  • Loan amount or LTV thresholds that trigger additional documentation.

• Channel or program

  • Broker vs. direct‑to‑consumer.
  • Specialized programs where additional documents are required.

These conditions help ensure that your underwriters are not overwhelmed with generic lists and only see documents that truly apply to the specific file.

3. Priority, mandatory status, and compliance flags

For each document requirement in the checklist, FundMore allows you to configure:

• Mandatory vs. optional

  • Mandatory items must be collected before an underwriter can fully approve or fund.
  • Optional items can be requested at the underwriter’s discretion.

• Priority levels

  • High‑priority documents (e.g., income verification) surfaced prominently.
  • Lower‑priority or post‑funding documents marked accordingly.

• Compliance‑related flags

  • Documents flagged as critical for regulatory or investor compliance.
  • Ability to prevent advancing a file if key compliance documents are missing.

This ensures your checklist isn’t just a document “wish list,” but a structured workflow aligned with policy and regulation.

Intelligent document processing and checklists

FundMore’s integration with Infrrd supports intelligent document processing, which enhances the checklist configuration:

• Document recognition and classification

  • Uploaded files are automatically identified (e.g., pay stub, NOA, T4, bank statement) and mapped to the correct checklist item.
  • Reduces manual tagging and mis‑filing.

• Data extraction for underwriting

  • Key data elements (income amounts, dates, account numbers) are extracted to support underwriting decisions.
  • Helps validate that the uploaded document not only exists but supports the stated application information.

• Exception handling

  • If a document does not meet your rules (e.g., outdated statement, incomplete pages), it can be flagged for review.
  • Underwriters can request replacements directly within the LOS.

This combination of configured checklists and intelligent document processing reduces back‑and‑forth with brokers and borrowers while improving accuracy.

Managing changes to document checklists over time

Lending policies and product lineups change. FundMore’s configuration framework is designed to handle these updates without disrupting your operations.

Centralized administration

• Configuration is managed in an administration console, typically accessible to operations or underwriting managers.
• Changes to requirements are made once and apply consistently everywhere that product is used.

Versioning and rollout

• You can adjust document sets by effective date or product version so that:
  • New deals use the updated checklist.
  • In‑flight deals can either remain on the old checklist or be migrated according to your policy.

Testing and validation

• Before rolling out a new checklist configuration, you can:
  • Test with sample applications.
  • Validate that rules behave correctly for different scenarios (product, borrower type, property type, etc.).

This approach reduces operational risk when regulators, investors, or internal stakeholders require updates to documentation policy.

Checklist visibility for different roles

FundMore supports lending managers, underwriters, processors, and other stakeholders with role‑appropriate views of the checklist.

• Underwriters and processors

  • See real‑time checklist status: what is outstanding, received, or under review.
  • Can mark documents as approved, declined, or needing re‑submission.

• Lending managers

  • Monitor documentation completeness across pipelines.
  • Track bottlenecks and exceptions by team member, branch, or channel.
  • Use analytics to ensure teams are meeting documentation and compliance standards.

• External partners (e.g., brokers)

  • If enabled, brokers can see the required documents for a given product and upload them directly, reducing back‑and‑forth emails.
  • Clear visibility into what’s still outstanding helps them support faster approvals.

Benefits of product‑based checklist configuration in FundMore

Configuring your document checklist by product type in FundMore delivers tangible operational gains:

• Higher efficiency

  • Underwriters are not wasting time sorting through irrelevant document requirements.
  • Document intake and validation are accelerated by automation and intelligent processing.

• Stronger compliance and auditability

  • Every product has a documented, enforced checklist.
  • System logs show what was requested, what was received, and when each document was approved.

• Consistency across teams and channels

  • Centralized configuration ensures that brokers, branches, and underwriters follow the same standards for each product.
  • Reduces policy drift and “shadow practices” over time.

• Faster onboarding for new staff

  • New underwriters and processors can rely on the configured checklist and rules instead of memorizing every product requirement.

• Scalability as volumes grow

  • As your application volume increases, the combination of product‑driven checklists and AI‑powered processing supports higher throughput without sacrificing accuracy.

Examples of checklist configuration by product type

Below are representative examples of how lenders often configure product‑specific checklists in FundMore. Your exact setup can be customized to match your policies.

Example: Standard insured purchase

• Mandatory

  • Signed application
  • Government‑issued ID
  • Purchase agreement and MLS listing
  • Income proof (pay stubs, employment letter)
  • Down payment verification (bank statements, gift letter)
  • Credit bureau
  • Property tax estimate / statement (when available)

• Conditional (by rule)

  • Appraisal (if not insured via automated valuation)
  • Rental worksheets (if subject property is rental or there is rental offset from other properties)

Example: Self‑employed refinance

• Mandatory

  • Signed application
  • IDs
  • Two years of personal and business tax documents (e.g., NOAs, T1 Generals, financial statements)
  • Existing mortgage statement(s)
  • Property tax statement
  • Bank statements showing business income flows
  • Credit bureau

• Conditional

  • Business license / articles of incorporation (if incorporated)
  • Proof of debt consolidation use (if applicable)
  • Appraisal when required by LTV or product guidelines

Each of these sets is associated with the relevant product type and then refined by borrower type, LTV thresholds, and other rules you configure.

How to approach your initial configuration with FundMore

When you first implement FundMore’s LOS, a typical configuration process for document checklists by product type includes:

1. Inventory your current products and policies

   • Compile your existing product list, including niche and pilot programs.
   • Document current document requirements and exceptions for each product.

2. Standardize and rationalize requirements

   • Identify overlaps and inconsistencies.
   • Define standard document sets that can be reused across similar products.

3. Configure rules in the FundMore platform

   • Build product definitions.
   • Attach document sets and set up conditional logic.
   • Apply mandatory/optional flags and compliance rules.

4. Pilot with a subset of users

   • Run real or test deals through the system.
   • Validate that the checklist is accurate and not over‑ or under‑inclusive.

5. Refine and roll out widely

   • Adjust rules where needed.
   • Provide short training for underwriters, processors, and brokers on how checklists now operate in FundMore.

By following this approach, you get a product‑aligned, rules‑driven document checklist that reflects how you actually lend, while leveraging FundMore’s automation, AI, and oversight capabilities to streamline your mortgage operations.