Feature 404063: Pricing - Credit Report Fee - Add Config Key "FEES - Credit Report fee amount based on Number of Applications"

OVERVIEW

• Currently the system calculates the amount for “Credit Report” fee using logic that multiplies the initial charge by the number of Borrowers on the loan, however this is an issue for at least one Client who would like to replace the logic to multiply by the number of applications (1003s). With this Feature, the system will calculate the amount for “Credit Report” fee based on new environment configuration key “Fees – Credit Report fee Type” with options (“0”, “1”, or “2”) for logic as “no multiplier”, “multiply by number of Applications (1003s)”, or “multiply by number of Applicants (Borrowers and Co-Borrowers)”, respectively.

Description

• A new environment configuration key “Fees – Credit Report fee Type” has been added to all client/environments with the default value as “1” which provides logic to calculate “Credit Report” fee based on initial charge setup in Fee manager and multiply by the number of applications (1003s) on the loan. A Client administrator can change this setting to “0” if they would like to have the logic calculate the “Credit Report” fee based on initial charge setup in fee manager an no multiplier. Alternatively, a Client administrator can change this setting to “2” if they would like to have the logic calculate the “Credit Report” fee based on initial charge setup in fee manager and multiply by the number of applicants (Borrowers and Co-Borrowers) on the loan.

Detailed Functionality

• When the system calculates the “Credit Report” fee through “Shop for Rates” functionality, or re-calculates with “Update Fees” functionality ( or with “Update Pricing & Fees” functionality), then the new environment configuration key “Fees – Credit Report fee Type” will be used to determine the multiplier type that will be used.

Configuration & Prerequisite Information

• The new environment configuration key “Fees – Credit Report fee Type” will have options (“0”, “1”, “2”) with the default as “1”. The options are defined as follows:
  • “0” – will apply fee amount from setting “Amount” on fee manager setup and no multiplier.
  • “1” – will apply fee amount from setting “Amount” on fee manager setup and multiply based on number of applications (1003s).
  • “2” – will apply fee amount from setting “Amount” on fee manager setup and multiply based on number of applicants (Borrowers and Co-Borrowers).

Acceptance Criteria

Use Case # 1:

1. PREPARATION: With new environment configuration key “Fees – Credit Report fee Type” set as “1”, construct test loan scenario as follows:
   1. One application (1003)
2. TRIGGER: user clicks button “Shop for Rates” and wait for system to load “Pricing Results” page that has eligible loan products
3. REVIEW: Access the column “Closing Costs” which loads modal “Detailed Cost Summary” and displays the “Credit Report” fee.
   1. Verify The amount for “Credit Report” fee is calculated with multiplier “x1’ since the loan was constructed as one application (1003).
      
4. Update loan scenario as follows:
   1. Add another Borrower on a second application
5. TRIGGER: User clicks button “Shop for Rates” and wait for system to load “Pricing Results” page that has eligible loan products
6. REVIEW: Access the column “Closing Costs” which loads modal “Detailed Cost Summary” and displays the “Credit Report” fee.
   1. Verify The amount for “Credit Report” fee is calculated with multiplier “x2’ since the loan was constructed as two applications (1003s).
7. Update loan scenario as follows:
   1. Add another borrower on a third application
8. TRIGGER: User clicks button “Shop for Rates” and wait for system to load “Pricing Results” page that has eligible loan products
9. REVIEW: Access the column “Closing Costs” which loads modal “Detailed Cost Summary” and displays the “Credit Report” fee.
   1. Verify The amount for “Credit Report” fee is calculated with multiplier “x3’ since the loan was constructed as three applications (1003s).

Use Case # 2:

1. PREPARATION: With new environment configuration key “Fees – Credit Report fee Type” set as “0”, construct test loan scenario as follows:
   1. One application (1003)
2. TRIGGER: User clicks button “Shop for Rates” and wait for system to load “Pricing Results” page that has eligible loan products
3. REVIEW: Access the column “Closing Costs” which loads modal “Detailed Cost Summary” and displays the “Credit Report” fee.
   1. Verify The amount for “Credit Report” fee is calculated with no multiplier since the configuration key is set to “0”.
4. Update loan scenario as follows:
   1. Add another Borrower on a second application
5. TRIGGER: User clicks button “Shop for Rates” and wait for system to load “Pricing Results” page that has eligible loan products
6. REVIEW: Access the column “Closing Costs” which loads modal “Detailed Cost Summary” and displays the “Credit Report” fee.
   1. Verify The amount for “Credit Report” fee is calculated with no multiplier since the configuration key is set to “0”.
7. Update loan scenario as follows:
   1. Add another borrower on a third application
8. TRIGGER: User clicks button “Shop for Rates” and wait for system to load “Pricing Results” page that has eligible loan products
9. REVIEW: Access the column “Closing Costs” which loads modal “Detailed Cost Summary” and displays the “Credit Report” fee.
   1. Verify The amount for “Credit Report” fee is calculated with no multiplier since the configuration key is set to “0”.

Use Case # 3:

1. PREPARATION: With new environment configuration key “Fees – Credit Report fee Type” set as “2”, construct test loan scenario as follows:
   1. One Borrower
2. TRIGGER: User clicks button “Shop for Rates” and wait for system to load “Pricing Results” page that has eligible loan products
3. REVIEW: Access the column “Closing Costs” which loads modal “Detailed Cost Summary” and displays the “Credit Report” fee.
   1. Verify The amount for “Credit Report” fee is calculated with multiplier “x1’ since the loan was constructed as one Borrower.
4. Update loan scenario as follows:
   1. Add another Borrower, regardless of application (1003s).
5. TRIGGER: User clicks button “Shop for Rates” and wait for system to load “Pricing Results” page that has eligible loan products
6. REVIEW: Access the column “Closing Costs” which loads modal “Detailed Cost Summary” and displays the “Credit Report” fee.
   1. Verify The amount for “Credit Report” fee is calculated with multiplier “x2’ since the loan was constructed as two Borrowers, regardless of applications (1003s).
7. Update loan scenario as follows:
   1. Add another Borrower, regardless of applications (1003s)
8. TRIGGER: User clicks button “Shop for Rates” and wait for system to load “Pricing Results” page that has eligible loan products
9. REVIEW: Access the column “Closing Costs” which loads modal “Detailed Cost Summary” and displays the “Credit Report” fee.
   1. Verify The amount for “Credit Report” fee is calculated with multiplier “x3’ since the loan was constructed as three Borrowers