This reference guide provides details and instructions on accessing the Loan Product Configuration (LPC) menu for Administrators. This feature allows ADMIN users to access, edit, and manage the Investor List and Product List.
Requirements: Users must first be granted access to this Role privilege by their Administrator. The role privilege can be granted to utilize all functionality of the LPC section by checking the “Loan Product Configurator” role. Once the user marks this role all privileges for the configurator will be checked and granted.
Admin users may navigate to either the Investor List or the Product List screen by clicking the ADMIN menu and locating it under the Product Admin section.
Configurators should first navigate to the Investor List to establish the Investor Name of the loan product they wish to create. The Investor Name is essential in pairing a loan product to an investor group. Configurators can create an Investor Name by clicking on the Add Investor button, which will trigger the Investor Setup flyout page to open.
Once the flyout is open the Investor Information can be entered by filling in the following:
- Investor Name – the configurator should ensure this name is unique
- Status – setting the status here will determine if the loan products that are paired with the investor group will be active or inactive as a whole on the Product List This ultimately determines if the products will be available to price.
It is important to note that deleting an investor will cause all associated/child loan products of that investor to be deleted as well. However, the system will not present the option to delete an investor when in active status with associated loan products, only inactive or active investors with no associated loan products may be deleted.
Changing the name of the investor within Investor Setup will also change the name of the investor to all connected loan products.
Within the Product List configurators are able to set Loan Product Guidelines by adding new products, editing existing products, or removing inactive products. If a configurator choose the following options the Product Setup flyout will appear:
- Edit pencil icon
- Add Product
- Duplicate product
- Clicking on the Product Name of the product
Configurators are able to define a multitude of guidelines and details that will ultimately dictate when that product will be displayed to the end-user. The configurator should define 6 main conditional tabs within the Product Setup flyout: Product Info, Guidelines, Loan Terms, Processing/Underwriting, Secondary and Delivery.
The Status, Comments/Notes and Product Configuration for fields are set within the header line of the Product Setup flyout and are displayed across all tabs.
- Status - the user may choose to make the product status either active or inactive within this dropdown.
- Comments/Notes – the user may choose to add in any notes presented with the loan product.
- Product Configuration for – is set by conditions defined with the Product Info >> General
Under the Product Info tab configurators are able to define conditions within the General and Product Detail sections.
Under the General section configurators are able to set the following, which define the Product Configuration for line:
- Investor Name – this dropdown menu is populated by all the available investors within the Investor List
- Investor Product ID – is used to store ‘Investor Unique ID’s’ identified by an external source
- Product Name – is used to describe the product
Under the Product Detail section configurators are able to set the following:
- Loan Channel – configurators can set the loan channel to options such as retail – banked, retail – brokered, etc.
- Loan Type - Used to identify the loan type: Conventional, FHA, VA, USDA,
- Loan Balance Type – configurators are able to define High, Low Balance and Non-Conforming types.
- Disclose in iMP - used to control the “Create Initial Disclosures” button. If ‘Yes’ – then the button is selectable, if ‘No’ then the button is not selectable on the Loan Details
Under the Guidelines tab configurators are able to define conditions within the Documentation and Guideline Attributes sections.
The Documentation section allows configurators to enter a Public URL. This entry field provides an outlet for configurators to place URLs that may provide additional details surrounding the loan product they are creating.
Under the Guideline Attributes section configurators are able to set the following:
- Lien Position – users can define the lien position as either 1st, 2nd, etc.
- Assumable – this is used for Disclosures; someone can assume the Loan if the Borrower walks away
- Demand Features - this is used for Disclosures; the Lender can demand full payment of the Loan if the Borrower re-titled Loan (in/out Trust)/ Refi / add/remove Title
- Partial Payments – this is used for Disclosures; the Servicing company allows Partial Payment or Bimonthly
- Escrow Account – this is used for Disclosures; it decides if an Escrow Account is required or not
Under the Loan Terms tab configurators are able to define conditions within the General, Interest Only, and/or ARM sections.
The General section allows configurators to define the following:
- Amortization Type – users may define the amortization type here. IF the user chooses ANY type with ARM in the description it will activate the ARM
- Fixed Rate Term – this defines the fixed rate term in years.
- Amortization Term – user may define the amortization term used for the loan term.
The Interest Only section allows configurators to define the following:
- Interest Only – users may decide if the loan term is Interest Only by selecting ‘yes’ or ‘no’ if it includes principal within the payment.
- Interest Only Months – if Interest Only field is set to ‘yes’ the user is able to define the number of Interest Only Months.
The ARM section allows configurators to define the following:
- ARM Index Type – used to identify the Index Type: 1st Year LIBOR, 1st Year Treasury, etc.
- Margin – used to define the margin percentage.
- Qualifying Rate/Factor – user may define the Qualifying Rate and Factor
- 1st Adj Cap – user may define the percentage for 1st Adjustment 1st Cap Rate.
- Period Adj Cap - user may define the percentage for Period Adjustment Cap
- Lifetime Adj Cap - user may define the percentage for Lifetime Adjustment Cap
- DU ARM Identifier – Fannie Mae ARM identifier
- LD ARM Identifier – Freddie Mac ARM identifier
- LP ARM Identifier – Freddie Mac ARM identifier
- FRE Offering Identifier – Freddie Mac FRE Offering identifier
Under the Processing/Underwriting tab configurators are able to define conditions within the Mortgage Insurance and Underwriting Options sections.
The Mortgage Insurance section allows configurators to define the following:
- Exclude MI for LTV under - used to identify if LTV is below a certain percentage then exclude Mortgage Insurance.
- MI Transferrable – user may define if MI is transferrable if the loan is Assumable.
- PMI Termination Method – users may choose to set this as a Freddie Mac or Fannie Mae termination method which should coincide with the AUS Options.
The Underwriting Options section allows configurators to define the AUS Options. Under these options users may choose which AUS Options they would like to be available with that particular loan product. User may choose from DU, LP, Investor AUS, Manual/Traditional, GUS, etc.
Under the Secondary tab configurators are able to define conditions within the General, Lock, and Hedge and Delivery sections.
The General section allows configurator to define the Product Classification from the dropdown menu list such as: Non-Agency, Agency High Balance, Fixed Second, FHA Standard, FHA Streamline, VA, USDA, etc.
The Lock section is currently non-functional and under development for a future release.
The Hedge and Delivery section allows configurators to set the following:
- Hedge Flag – users are able to set the flag to ‘yes’ or ‘no’
- Delivery Type – users may identify the type as either Mandatory or Best Efforts.
This section will be enhanced in a future release.