Navigating Locking and Adjustments - Applying an Approved Concession

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A user with Concession Level rights will have the ability to “approve” a concession amount (based on their level rights) prior to disclosing so that concession will be reflected on their LE.

Note:  This does not replace the need for the user to request the lock OUTSIDE of iMP. This feature is meant to allow that approved concession amount to reflect on the floating LE prior to the lock itself being applied.

Approving a Concession Prior to Disclosing

Shop for Rates and Update Pricing.  Hover over LOAN tab and click Locking & Adjustments

 

Click Add Item under Loan Officer Table of Adjustments.

Complete the “Paid By” dropdown and enter the concession amount under “Price”.  Click Save Only

 

 After saving, navigate away from Locking and Adjustment screen.  Then navigate back.   Click on the comment Requested by {User Name} under “Description”

 

This field will now be editable.  Select “Approved” from the dropdown.  Click Save Only.

 

After saving, the Description will be updated to Approved by {User Name} and the price will now reflected the added concession

NOTE:  You will see the rebate appear on Loan Details after the approval is saved.  However, you will need to update pricing prior to the concession being added to your Closing Costs Details Screen

 

Shop for Rates and Update Pricing.  After Repricing, you’ll see the concession reflected in both Loan Details and Closing Costs Details screens as well as on the Loan Estimate.

 

An Approved concession will also appear with the Pricing page when the user attempts to Shop for Rates

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