Product Eligibility and Pricing Services. Loan Originator User Guide

Transcription

1 Product Eligibility and Pricing Services Loan Originator User Guide

2 Table of Contents Table of Contents Log In... 1 Enter New Loan Data... 1 Evaluate Products... 6 Analyze Search Results... 6 Update Search Criteria... 7 Review Guideline Documents... 8 Select Product and Pricing... 9 Request a Lock Manage Pipeline Filter and Sort the Pipeline...14 Select/Release Loan...15 Review Loan Status/Add Notes...16 Copy a Loan...17 Cancel a Loan...17 Delete a Loan...18 Download a Fannie 3.2 File...18 Status Definitions...19 Set Rate Alerts Appendix Search Results Tabs Full Product Listing...21 Top Products by Type...23 Top Products...24 Side by Side Comparison...25 Blended Comparison...26 Best Pricing...28 February 14, 2017 Page i Loan Originator User Guide

3 Log In Log In Enter your User Name and Password at the top of the Optimal Blue website, and click Customer Login. If you forget your User Name and/or Password, click the Forgot Password link or contact your internal Optimal Blue administrator. Enter New Loan Data 1. Click the New Search tab. 2. Perform one of the following tasks: To upload a Fannie Mae DU 3.2/Calyx file, click Browse and select the desired file. After the file is selected, click Start New Loan, and verify the information on the product search form. February 14, 2017 Page 1 Loan Originator User Guide

4 Enter New Loan Data To manually enter loan data, populate the fields on the search form. The [ ] red dot indicates a required field. The more information that you provide on this form, the more definitive the results. February 14, 2017 Page 2 Loan Originator User Guide

5 Enter New Loan Data 3. Enter the lien information. Make sure to select the checkbox for the desired lien(s). 4. Enter the borrower information. If more than one box is checked, the system returns products for each lien designation separately. For example, if you select both Search for First and Search for Second, the system searches for products for the first lien. You must select a product and price for the first lien, before the system searches for products for the second lien. The borrower name is not required for an initial search. You can save this loan information to quickly retrieve pricing information for any borrower that meets the scenario criteria. If you enter FICO scores for the borrower and co-borrower, the system selects the lower FICO score as the Representative FICO score. Ensure that the Income Documentation, Assets Documentation, and Employment Documentation fields indicate the documentation status for your borrower. Optimal Blue uses these three documentation type fields to meet the documentation requirements of various investors. 5. Enter the property information. Ensure that the Property Type, Number of Units, and Number of Stories fields indicate the type of property for the loan. To search for programs that support multi-family properties, select Single Family as the Property Type and select the value for the Number of Units. When you set the Property Type to Condo, enter the Number of Stories. February 14, 2017 Page 3 Loan Originator User Guide

6 Enter New Loan Data When you select a state, the page refreshes, and the counties for the selected state display in the County drop-down list. The state that you select becomes the default for the product search screen. 6. Enter the first lien criteria. Check the checkboxes next to the loan types and terms that you want to return in your search. In order to display ARM products in your results, you must select the ARM Amortization checkbox. If you select one or more ARM Fixed Term checkboxes but do not select the ARM Amortization checkbox, ARM products will not display in your results. If you leave the Desired Price, Desired Rate or Desired Lock Period fields blank, the system automatically displays the results in order from the lowest rate, closest to par, on a 30-day lock. If an exact match is not available, the system displays N/A in the Desired Rate, Desired Price, and Desired Lock Period fields in the results. You must select an acceptable value from the price grid. 7. To save the scenario so that you can quickly check eligibility and pricing information for the borrower again in the future, click the Save As Prospect button on the search screen, and click OK on the confirmation screen. The scenario appears on your pipeline with the status set to Prospect. To learn more about your pipeline, see Manage Pipeline. If you do not save a search as a prospect, your internal Optimal Blue administrator cannot answer questions about your search results. February 14, 2017 Page 4 Loan Originator User Guide

7 Enter New Loan Data 8. Click Submit. Upon submission, the system evaluates the loan scenario against the library of products. Though products may return eligible, the system does not return an underwriting approval. 9. Review the search results. The Full product search results displays the eligible, ineligible, and unavailable products, based on the search criteria that you entered when you started the loan. Eligible The products listed in this section meets eligibility requirements. The products display under a green header and are ranked by best rate, closest to par on a 30-day lock period. Cannot Determine Eligibility The system cannot determine eligibility based on your search criteria. These products display under a yellow header. To identify why eligibility cannot be determined, click the product name or the Show link. The reasons display below the product in the Reasons Eligibility cannot be Determined section. Ineligible The products listed in this section have eligibility requirements that are not being met by this loan file and display under a red header. To identify why a product is disqualified, click the product name or the Show link. The disqualifiers display below the product in the Disqualifiers field. 10. For more information on the information provided in the search results, see the Evaluate Products section. February 14, 2017 Page 5 Loan Originator User Guide

8 Evaluate Products Evaluate Products This section describes how to understand the information provided in the search results, including how to view pricing, compare products, update search criteria, and view investor guidelines and overlays. Analyze Search Results Your administrator can configure tabs for you to review product search results. You can use one or more of the search tabs to determine which product best meets your customer s needs. This section describes the Full Product Listing tab in the origination style, which displays fee information for each product by lock period. For information on additional search results tab, see Appendix Search Results Tabs. The Full product listing tab displays the eligible, ineligible, and unavailable products, based on the search criteria that you entered when you started the loan. To display the entire pricing grid (including adjustments), click the Product Name or the Show link. To collapse the pricing grid, click the Hide link. All pricing is fully adjusted to include the adjustments detailed below the grid. You can select a different lock period by choosing a new value from the View Pricing for lock period area above the pricing grid. February 14, 2017 Page 6 Loan Originator User Guide

9 Evaluate Products Update Search Criteria If you need to update the search criteria with missing elements, you can perform one of the following tasks. Method 1 Make quick modifications by entering or changing values in the fields at the top of the result list, and click Re-Submit. Method 2 1. To modify a parameter not available on this list, click the Product Search one-touch icon located beneath the loan status bar. 2. Enter the additional parameters (for example, the DTI Ratio). 3. Click Submit. February 14, 2017 Page 7 Loan Originator User Guide

10 Evaluate Products Review Guideline Documents If available, perform the following to access the complete underwriting guidelines for a specific product. 1. Hover the mouse over the Guideline Documents icon in the Links column, and select the appropriate document from the list. 2. Review the Guidelines that apply to the investor. February 14, 2017 Page 8 Loan Originator User Guide

11 Select Product and Pricing 1. Review the detailed pricing from the pricing grid on any of the search results tabs. Select Product and Pricing 2. If you want to access a mortgage insurance (MI) quote for the loan, select the MI button next to the appropriate product. The Mortgage Insurance (MI) icon appears in the Search Results page when a conforming loan product returns in the search results and the Loan-to-Value ratio (LTV) is greater than or equal to 80%. The MI icon displays on both the Traditional Style search results and Origination Style search results pages. If the MI icon is not in the search results, contact your Admin/Secondary representative to have the MI feature turned on for your branch or corporate entity. Traditional Style February 14, 2017 Page 9 Loan Originator User Guide

12 Select Product and Pricing Origination Style When you click the MI icon at either the product summary or detail level, Optimal Blue displays a pop-up. For more information on requesting a MI quote, see the Mortgage Insurance User Guide. 3. Select the appropriate product, rate, and lock period for your borrower. On the traditional style search tabs, click the price within the grid. On the origination style search tabs, click the Lock icon next to the product that you want to select. February 14, 2017 Page 10 Loan Originator User Guide

13 Select Product and Pricing 4. Click the appropriate option: Printer Friendly Version A printer version of the Lock Form displays. Click Print. To return to the Lock Form screen, click the Back button. Save Loan Save the scenario to your pipeline so that you can quickly check eligibility and pricing information for the borrower again in the future. To learn more about the pipeline, refer to the Manage Pipeline section. Register Loan Choose this option if the user wants to register this loan but is not ready to lock it at this time. Once registered, the status of the loan changes to Registered in the pipeline. To learn more about the pipeline, refer to the Manage Pipeline section. Request Lock Request a lock in the system. For more information on the lock process, see the Request a Lock section. February 14, 2017 Page 11 Loan Originator User Guide

14 Request a Lock Request a Lock Before you can request a rate lock on a borrower file, you must make sure that all required fields [ ] have been completed. 1. From the Lock Form, click Request Lock. 2. The system automatically notifies the secondary lock desk of the request. The loan status changes to Lock Pending. 3. Once the secondary user accepts or rejects the lock request, the system sends a confirmation . The loan status changes in the system to reflect the loan status: Locked or Denied. February 14, 2017 Page 12 Loan Originator User Guide

15 Manage Pipeline Manage Pipeline When you log into Optimal Blue, your pipeline displays with all of the loans and scenarios that you have entered. Use the following sections to work the loans in your pipeline. February 14, 2017 Page 13 Loan Originator User Guide

16 Manage Pipeline Filter and Sort the Pipeline You can display loans that meet specific criteria rather than displaying all of the loans in your pipeline. You can also sort the files in ascending or descending order by any of the columns in the headers. 1. Check Loan Status checkboxes next to the status types that you want to view. 2. Use the Date Range options to select the date range displayed in the pipeline based on the last date the loan was modified(or entered). You can select a time period from the Date Range drop down, such as Last 60 days, or you can select Use Calendar and a range of dates from the From and To fields. 3. Use the Search Text field to quickly find any scenario in the pipeline (even if it is not visible on the screen). Enter a value that appears in any field. For example, entering fixed will return all loans with the word fixed in the product name. Entering smi will return all borrowers with the letters smi in their last name (like Smith). The system searches all of the fields in the pipeline for a match to the text entered. 4. Click Filter Pipeline. The Loans per Page option at the bottom of the screen allows you to select the number of loans to display per page in the pipeline. You can navigate to other pages in the pipeline by clicking the appropriate navigation links. If you entered text in the Search Text field and want to unfilter your pipeline, delete the text, and click Filter Pipeline again. 5. You can sort the pipeline by clicking the appropriate header above the pipeline. Click the header again to change the order from ascending to descending. February 14, 2017 Page 14 Loan Originator User Guide

17 Manage Pipeline Select/Release Loan 1. You can select a loan by choosing the Select link or by using the one-touch icons in the Edit column of your pipeline. The selected loan expands in the pipeline with one-touch icons that allow you to perform tasks such as product searches and adding notes. Information about the selected loan and one-touch icons for the loan display in the Loan Status bar at the top of each screen. Access to that file is restricted to other users (including the Optimal Blue staff) until you release the loan. You must either Release a loan manually or log out of the system at the end of the session in order to release a loan. If you close your browser without logging out of Optimal Blue, the system does not release the selected loan. Failure to release a loan will restrict access to all users for 15 minutes. 2. After you have completed work on a file, click the Release link. February 14, 2017 Page 15 Loan Originator User Guide

18 Manage Pipeline Review Loan Status/Add Notes To review Loan Summary information perform the following task from your pipeline: 1. Click the Loan Summary icon. 2. Review the summary information for this loan, including any Notes associated with the file. 3. To add a note, enter the message in the Note field and click the Add Note button. 4. The system adds the message to the Loan Note Board list. If you check the Secondary checkbox, your secondary user receives a notification of the new loan note. 5. If you are done with the file, you can go back to your pipeline to release the loan. Click the Pipeline tab, and click the Release link next to the loan that you want to release. February 14, 2017 Page 16 Loan Originator User Guide

19 Manage Pipeline Copy a Loan You can copy any loan in your pipeline, even if the loan has been denied or cancelled. 1. Select the loan that you want to copy. 2. Click the Copy icon, and click OK on the confirmation message. The system copies the loan and automatically selects it. The last name of the borrower indicates that it is a copy. 3. To change any aspect of the loan scenario, select the Product Search icon and make changes on the Product Search page. Cancel a Loan You can cancel any loan in Lock or Lock Pending status in your pipeline. 1. Select the loan that you want to cancel. 2. Click the Cancel icon, and click OK on the confirmation message. The cancelled loan remains in your pipeline until you delete it. You cannot resubmit the loan for a lock request once you have cancelled it. However, you can copy the loan if you want to reuse the loan details for a new loan. February 14, 2017 Page 17 Loan Originator User Guide

20 Manage Pipeline Delete a Loan You can delete any loan in your pipeline, except those in Locked or Locked Pending status. 1. Select the loan that you want to delete. 2. Click the Delete icon, and click OK on the confirmation message. The system removes the loan from your pipeline. If you deleted a loan in error, your secondary user can reactive the loan in your pipeline. The loan status remains the same as it was before you deleted the loan. Download a Fannie 3.2 File 1. Select the appropriate loan from your pipeline. 2. Click the Fannie 3.2 File Download button. 3. Save the *.fnm file to your desktop. February 14, 2017 Page 18 Loan Originator User Guide

21 Manage Pipeline Status Definitions The pipeline contains loans with the following statuses: Prospect Files that you entered into the system but that you have not registered or submitted for lock approval. Once a file is in a Prospect status, you can edit the scenario, re-run the product search, and request a lock. Registered Files that you have saved but are not ready to lock. Once a file is in a Registered status, you can edit the scenario, re-run the product search, and request a lock. Lock Pending Files that you submitted for lock approval. The request stays in Lock Pending status while the secondary user reviews it. Once a file is in a Lock Pending status, you cannot edit the scenario or re-run the product search. Locked The secondary user accepted the lock request that you submitted for a loan, and the loan is locked. Once a file is in a Locked status, you cannot edit the scenario or re-run the product search. Denied The secondary user rejected the lock request for this file. Once a file is in a Denied status, you can edit the scenario, re-run the product search, and request a new lock. Cancelled The loan with a Locked Pending or Locked status was cancelled. February 14, 2017 Page 19 Loan Originator User Guide

22 Set Rate Alerts Set Rate Alerts The Rate Alert feature allows you (the originator) to monitor a target rate and price for each individual prospect in your Optimal Blue pipeline. The system checks rates and prices twice daily late morning and mid-afternoon. If the target rate and price becomes available, the system automatically sends an notification to you and to the consumer (if you enter the borrower address). 1. Click the Rate Alert icon for the desired loan. 2. Complete the Rate Alert Configuration settings, including the Signature/Salutation section. The system copies the signature into subsequent alerts. 3. If the alert target rate and price becomes available, the system sends an to you and to the consumer (if you entered the Borrower in the Rate Alert Configuration section). February 14, 2017 Page 20 Loan Originator User Guide

23 Appendix Search Results Tabs Appendix Search Results Tabs Full Product Listing The Full product listing tab displays the eligible, ineligible, and unavailable products, based on the search criteria that you entered when you started the loan. To display the entire pricing grid (including adjustments), click the Product Name or the Show link. To collapse the pricing grid, click the Hide link. All pricing is fully adjusted to include the adjustments detailed below the grid. Traditional Style February 14, 2017 Page 21 Loan Originator User Guide

24 Appendix Search Results Tabs Origination Style You can select a different lock period by choosing a new value from the View Pricing for lock period area above the pricing grid. February 14, 2017 Page 22 Loan Originator User Guide

25 Appendix Search Results Tabs Top Products by Type This tab displays the top products (best rate, closest to par on a 30-day lock) grouped by loan type. Traditional Style Origination Style After you click the Show link next to a product to display the pricing grid, you can select a different lock period by choosing a new value from the View Pricing for lock period area above the pricing grid. February 14, 2017 Page 23 Loan Originator User Guide

26 Appendix Search Results Tabs Top Products This tab displays the top product (best rate, closest to par on a 30-day lock) but does not sort them by loan type. Traditional Style Origination Style After you click the Show link next to a product to display the pricing grid, you can select a different lock period by choosing a new value from the View Pricing for lock period area above the pricing grid. February 14, 2017 Page 24 Loan Originator User Guide

27 Appendix Search Results Tabs Side by Side Comparison This tab allows you to view pricing for up to 6 products. To use this tab, select the products that you want to compare by checking the Compare checkboxes on the Full Product Listing, Top Products, or Top Products by Type tab. Traditional Style The traditional style tab displays the products in a vertical grid. The Investor Guidelines and Investor Overlays display at the top of each column. Origination Style The origination style tab displays the products in a horizontal grid by rate. The Investor Guidelines and Investor Overlays display in the Links column. By default, the side-by-side comparison shows products with a 30-day lock period. If you want to change the lock period, put a new value in the Desired Lock field in the Resubmit Options section, and click the Re-Submit button. February 14, 2017 Page 25 Loan Originator User Guide

28 Appendix Search Results Tabs Blended Comparison This tab allows you to compare up to 6 products in a single grid. You select products that you want to view in the blended comparison by checking the Compare checkboxes on the Full Product Listing, Top Products, or Top Products by Type tab. Traditional Style The best priced product for each rate and lock period displays in the grid. You can view product details by hovering over a price. February 14, 2017 Page 26 Loan Originator User Guide

29 Appendix Search Results Tabs Origination Style The best priced product for each rate and specific lock period displays in the grid. By default, the blended comparison shows products with a 30-day lock period. If you want to change the lock period, put a new value in the Desired Lock field in the Re-Submit Options section, and click the Re-Submit button. February 14, 2017 Page 27 Loan Originator User Guide

30 Appendix Search Results Tabs Best Pricing This tab displays a list of all eligible products combined by type. Traditional Style By clicking the product name or Show link, you can view one blended best pricing grid for that product type. When you hover over a price, the name of the product displays at the top of the grid, and the details and adjustments display at the bottom. Origination Style By clicking the product name or Show link, you can view one blended best pricing grid for that product type. This tab only displays information for one lock period. If you want to change the lock period, put a new value in the Desired Lock field, and click the Re-Submit button. February 14, 2017 Page 28 Loan Originator User Guide