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Feature 386109: Pricing - Add Arch, MGIC, Radian to Superset (EGN)

Ashley Bor
  • Updated

OVERVIEW

  • Currently, when the user requests MI rate quote to the individual MI providers, the system generates the request using an “Superset” (EGN) xlst for MI providers (“Essent”, “Genworth”, “National MI”), however for MI providers (“Arch”, “MGIC”, “Radian”), the system generates the request using a separate xlst. With this Feature, the system will discard the separate xlst used for MI providers (“Arch”, “MGIC”, “Radian”), and instead use the one “superset” (AEGMNR) xslt for all MI providers.

 

Description

  • When the user clicks button “Request All” or button “Request” for any MI provider row on modal “MI Rates”, then system will generate MI request to the MI provider(s) using the “superset” (AEGMNR) xlst which standardizes the data passed so that the MI providers can return MI rate quotes on like terms and user can compare the MI factors fairly. By having the one “Superset” (AEGMNR) xlst generate the MI requests, then it means the MI providers (“Arch”, “MGIC”, “Radian”) will gain the benefit of having “Submitting Party” data among other new elements be included which is a specific request by the MI providers. Also, the one “Superset” (AEGMNR) xslt is modified by including additional elements (the employment data, Subordinate financing data, borrower residency data, and other key indicators) that are not minimally required for the MI rate quotes schema, according to the implementation guides for the MI providers.

 

Detailed Functionality

  • The system will generate the MI rate quote requests using the one “Superset” (AEGMNR) xlst whenever the user clicks button “Request All” or button “request” for any MI provider row on modal “MI Rates”. The one “Superset” (AEGMNR) xlst has been modified to include additional elements for employment data (“EmploymentBorrowerSelfEmployedIndicator”, “EmploymentClassificationType”), subordinate financing data (“CurrentHELOCMaximumBalanceAmount”, “HELOCBalanceAmount”, “HELOCMaximumBalanceAmount”), borrower residency data (“AddressAdditionalLineText”, “AddressLineText”, “BorrowerResidencyType”, “BorrowerResidencyDurationMonthsCount”, “BorrowerResidencyDurationYearsCount”, “CityName”, “PostalCode”, “StateCode”), and other key indicators (“BorrowerFirstTimeHomeBuyerIndicator”, “CitizenshipResidencyType”, “RefinanceCashOutDeterminationType”, “TwoToFourUnitCondominiumProjectIndicator”, “IndexSourceType”, “InterestOnlyTermsMonthsCount”, “BorrowerCount”, “NegativeAmortizationIndicator”, “PropertyInspectionWaiver”, “CreditReferenceType”, “LienPriorityType”, “LoanForeclosureOrJudgmentIndicator”, “PropertyForeclosedPastSevenYearsIndicator”).

Configuration & Prerequisite Information

  • This feature does not introduce any configuration keys nor any prerequisites for these changes to be available.

 

Acceptance Criteria

Use Case # 1:

  1. PREPARATION: Construct test loan scenario as follows:
    1. Field “Employment Type” as “Self Employed”
    2. Field “Concurrent 2nd Mortgage” dropdown as “HELOC”, with “Concurrent 2nd Mortgage” amount as non-zero value, and “Credit Line Cap” as non-zero value
    3. Fields “Borrower Current Address & Info”, “Borrower Previous Address & Info” (1, 2, 3, 4)
    4. Fields “Loan Purpose” as “Purchase”, “First time homebuyer” indicator
    5. Field “Citizenship” as “U.S. Citizen” or “Permanent Resident Alien”
    6. Field “Property Type” as “2-4 Units”
    7. Field “ARM Term (Years)” as non “Select One or More” value, “Interest Only” as “Yes”
    8. Field “j. Have you conveyed title to any property in lieu of foreclosure in the past 7 years?”, “k. within the past 7 years, have you completed a pre-foreclosure sale or short sale, whereby the property was sold to a third party and the Lender agreed to accept less than the oustanding mortgage balance due?”, “l. Have you had property foreclosed upon in the last 7 years”?, “m. Have you declared bankruptcy within the past 7 years?”
  2. TRIGGER: User clicks button “Request ALL” or button “Request” for any MI provider row on modal “MI Rates” and wait for system to load MI factors returned from MI service call(s) or to load red exclamation point icon if the MI service call(s) do not return MI factor(s).
  3. REVIEW: Access the MI request file(s) from the “MI..” categories in the Integration Services screen and review for the following elements
    1. Elements “EmploymentBorrowerSelfEmployedIndicator”, “EmploymentClassificationType”
    2. Elements “HELOCBalanceAmount”, “HELOCMaximumBalanceAmount”
    3. Elements “AddressLineText”, “AddressAdditionalLineText”, “CityName”, “PostalCode”, “StateCode”, “BorrowerResidencyType”, “BorrowerResidencyDurationMonthsCount”, “BorrowerResidencyDurationYearsCount”
    4. Element “BorrowerFirstTimeHomeBuyerIndicator”
    5. Element “CitizenshipResidencyType”
    6. Element “TwoToFourUnitCondominiumProjectIndicator”
    7. Elements “IndexSourceType”, “InterestOnlyTermsMonthsCount”
    8. Elements “LoanForeclosureOrJudgmentIndicator”, “PropertyForeclosedPastSevenYearsIndicator”

 

Use Case # 2:

  1. PREPARATION: Construct test loan scenario as follows:
    1. Field “Loan Purpose” as “Refinance”, “Loan Type” on Real Estate Information flyout as “HELOC”, “Comment” on Real Estate Information flyout as “Do not payoff” or “Payoff at closing and don’t close account”
    2. Fields “Borrower Current Address & Info”, “Borrower Previous Address & Info” (1, 2, 3, 4), with “Mailing address different?” checkbox
    3. Fields “Loan Purpose” as “Refinance”, “Purpose of Refinance” as non “Select One” value
    4. Fields “Property Inspection Waiver” as “Yes”
  2. TRIGGER: User clicks button “Request ALL” or button “Request” for any MI provider row on modal “MI Rates” and wait for system to load MI factors returned from MI service call(s) or to load red exclamation point icon if the MI service call(s) do not return MI factor(s).
  3. REVIEW: Access the MI request file(s) from the “MI..” categories in the Integration Services screen and review for the following elements
    1. Elements “CurrentHELOCMaximumBalanceAmount”, “HELOCBalanceAmount”, “HELOCMaximumBalanceAmount”
    2. Elements “AddressLineText”, “AddressAdditionalLineText”, “CityName”, “PostalCode”, “StateCode”, “BorrowerResidencyType”, “BorrowerResidencyDurationMonthsCount”, “BorrowerResidencyDurationYearsCount”
    3. Elements “RefinanceCashOutDeterminationType”
    4. Elements “PropertyInspectionWaiver”

 

Use Case # 3:

  1. PREPARATION: Construct test loan scenario
  2. TRIGGER: User clicks button “Request ALL” or button “Request” for any MI provider row on modal “MI Rates” and wait for system to load MI factors returned from MI service call(s) or to load red exclamation point icon if the MI service call(s) do not return MI factor(s).
  3. REVIEW: Access the MI request file(s) from the “MI..” categories in the Integration Services screen and review for the following
    1. MI rate quote request files for each MI provider are identical or similar in content, with the exception being possible MISMO extensions for lender credentials and/or reference ids (eg, internal account id #)

 

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