Skip to main content

Enhancements to Loan Amount Calculator - Single-Premium Mortgage Insurance

Michael Ferri
  • Updated

The following changes have been made to the defaulting of Single Premium MI within the 6.0.1000 release:

  1. Single Premium MI will not be added to the loan amount by default.
  2. UFMIP and VAFF will not be added to the loan amount by default.
  3. The Default values for adding amounts to the base loan amount will be:
    • Conventional: Add SPMI to Loan Amount = False
    • FHA: Add UFMIP to Loan Amount? = False
    • VA: Add VA Funding Fee to Loan Amount? = False
    • USDA: Add USDA Guarantee Fee to Loan Amount = None
  4. The field label in 'Mortgage Insurance Financing Details' modal window on the "Loan Details" page has changed from 'Single Premium Upfront MI' to 'Single Premium MI'.

    Feature_370069_CORE__Mortgage_Insurance_-_Single_Premium_MI_-_Default_to_Not_Financed_-_ZD_20627.png

Acceptance Criteria

USE CASES
Use Case 1: Conventional - Single Premium MI - MI Rates
  1. Log in to oPOS
  2. Begin entering a new loan
  3. Structure the data so that the LTV > 80%
  4. Shop for Rates
  5. Apply a Conventional loan product
  6. Navigate to the Loan Details page
  7. Open the MI Rates modal window
    • Click on the blue MI link in Housing Expenses Breakdown to open
  8. Change the Type field to one of the Single Premium options
  9. Click Done to close the modal window
  10. Review the Financed MI row (under line i.) in Section L4 – Required Funds or Cash Back
  11. VERIFY: The Single Premium MI was not defaulted to Financed
    • The Financed MI should be $0.00
    • The (Total Loan Amount) should equal the Base Loan Amount
  12. Open the Mortgage Insurance Financing Details modal window
    • Click on the blue dollar amount for Financed MI to open
  13. VERIFY: Add to Loan Amount is unchecked
  14. VERIFY: The label for the Mortgage Insurance is correct
  15. Shop for Rates
  16. Review the Conventional options on the Pricing Results page
  17. VERIFY: The Single Premium MI is not defaulted to Financed
 
Use Case 2: Conventional - Single Premium MI - Impound Calculator
  1. Complete Use Case 1 steps 1-6
  2. Open the Impound Calculator
    • Click on the Calculator icon in the New column header in the Housing Expenses Breakdown
  3. Change the Mortgage Insurance field to one of the Single Premium options
  4. VERIFY: The Period field defaults to In Cash
    • i.e., not Financed
  5. Complete Use Case 1 steps 9-17
 
Use Case 3: FHA - UFMIP
  1. Log in to oPOS
  2. Begin entering a new loan
  3. Shop for Rates
  4. On the Shop for Rates page, check the FHA box for Government Loans in the Search Criteria
  5. VERIFY: Add UFMIP to Loan Amount = False (box unchecked)
  6. Shop for Rates
  7. Review the FHA options on the Pricing Results page
  8. VERIFY: The UFMIP is not defaulted to Financed
  9. Apply an FHA loan product
  10. Navigate to the Loan Details page
  11. Review the Financed MI row (under line i.) in Section L4 – Required Funds or Cash Back
  12. VERIFY: The UFMIP was not defaulted to Financed
    • The Financed MI should be $0.00
    • The (Total Loan Amount) should equal the Base Loan Amount
  13. Open the Mortgage Insurance Financing Details modal window
    • Click on the blue dollar amount for Financed MI to open
  14. VERIFY: Add to Loan Amount is unchecked
Use Case 4: VA - VA Funding Fee
  1. Repeat Use Case 3 with a VA loan
    • FHA with VA
    • UFMIP with VA Funding Fee 
 
Use Case 5: USDA - USDA Guarantee Fee
  1. Repeat Use Case 3 with a USDA loan
    • FHA with USDA
    • UFMIP with USDA Guarantee Fee
    • Add to Loan Amount checkbox with dropdown value of None
 

To learn more, check out the following article:

Mortgage Insurance – Single Premium MI - Default MI is Not Automatically Financed

*(Corresponding Feature number(s) - 370069, 440486)

 

Related articles

Comments

0 comments

Please sign in to leave a comment.