Understanding Cash Out and the Purpose of Refinance Fields

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The Purpose of Refinance will be an added field within the Shop for Rates page. The field will be conditionally based on the value selected within the Cash Out indicator section. The Cash Out indicator will be defaulted to ‘No’ unless the user selects otherwise. The Purpose of Refinance can be found on the following pages for Refinance Loans ONLY:

  1. Shop for Rates
  2. Property tab
  3. Loan Details – Edit Section VII – Details of Transaction
  4. New Prospect

The Purpose of Refinance will synchronize across all the different sections of the application no matter what page it is updated from.

  • When the Cash Out indicator = Yes, Purpose of Refinance will filter choices to Select One and all Cash-Out options.  
    • Select One
    • Cash-Out Debt Consolidation
    • Cash-Out Home Improvement
    • Cash-Out Limited
    • Cash-Out Other
    • Cash-Out Tuition Expenses
    • Cash-Out Purchase Home

  • When the Cash Out indicator = No, Purpose of Refinance will filter choices to Select One and all No Cash-Out options. 
    • Select One
    • No Cash-Out Rate/Term
    • No Cash-Out Other

 

 

 

 

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