Enhancements to Loan Application - "Credit" Page

Note: The following options are dependent upon the oPOS user's various privileges and override options. To learn more about these configurations, check out this article: (oPOS Credit Configurations)

The following changes have been made to the Loan App - Credit Section within the 6.0.1000 release:

Removing a Borrower from the Loan - Action Options

• When the oPOS user attempts to remove a borrower from the loan app, a modal will appear and provide the following options:
  • Run Credit Report: this will automatically run a credit report update for the remaining borrower on the loan.
  • Contact Credit Vendor:  this will NOT run an automatic credit report update. The user must manually contact the credit vendor and request the borrower be removed from the credit report.
    
    

When the Contact Credit Vendor and Proceed buttons are clicked, the following red message bar appears right above the ‘Detailed Credit Information’ Table.

 
When this message bar is displayed the oPOS user can have it removed either by reissuing a credit report after contacting the credit vendor to remove the borrower from the credit report OR running a new credit report for the borrower remaining on the loan.

Reissuing a Credit Report

If the OPOS user then tries to Reissue a Credit report, the following popup will appear:

The user needs to check the ‘Yes, the Credit Vendor has removed the borrower’ checkbox and click Proceed.

The Reissued Credit Report will then be attached to the loan without the removed borrower.

‘Keep {Borrower Name’s} personal information and liabilities as a Non-Borrowing Spouse/Partner’ checkbox

Selecting this checkbox will keep the borrower’s information on the 1003 as a ‘Non-Borrowing Spouse/Partner’. If the spouse/partner is removed, their Real Estate Owned (REOs) and Liabilities will be merged to the Primary Borrower.  

The records being merged will have their Comment = ‘Non-Borrowing Spouse’ and Information Icon/Attn = ‘Non-Borrowing Spouse Liability’ (see picture below).

One of the two radio buttons must be selected for the Proceed and Cancel Buttons to be enabled. Click Proceed to execute the ‘Remove Borrower’ action.

Removing a Borrower from the Loan - Must Contact Credit Vendor

If any of the ‘Remove {Borrower Name}’ values in the contextual button are selected AND the Remove {Borrower Name} button is clicked AND either ‘Remove Borrower by contacting Credit Vendor Only’ Configuration in ‘Vendor Manager\Environmen’t Settings for the credit provider of the existing credit report on the Loan = ‘Yes’ OR LC User has User Privilege ‘Run Credit Button - Enable Remove Borrower/Co-Borrower by contacting Credit Vendor’, then the following modal will be displayed:

Note: oPOS user must contact the credit vendor to remove the borrower from the credit report. Then, the oPOS user must perform a Reissue, which will return just the borrower that remains on the loan.

The Proceed and Cancel buttons will be enabled on this modal by default.  

Checking the optional checkbox ‘Keep {Borrower Name’s} personal information and liabilities as a Non-Borrowing Spouse/Partner’ will keep the borrower’s information on the 1003 as a Non-Borrowing Spouse/ Partner.

Click Proceed to execute the ‘Remove Borrower’ action.

Removing a Borrower from the Loan - Must Run Report Update 

If any of the ‘Remove {Borrower Name}’ values in the contextual button are selected AND the Remove {Borrower Name} button is clicked AND the LC User has User Privilege ‘Run Credit Button - Enable Remove Borrower/Co-Borrower’ but does not have User Privilege ‘Run Credit Button - Enable Remove Borrower/Co-Borrower by contacting Credit Vendor’ AND ‘Remove Borrower by contacting Credit Vendor Only’ Configuration in Vendor Manager\Environment Settings for the Credit Provider of the existing Credit Report on the Loan = ‘NO’, then the following modal will be displayed:

  

Click Proceed to execute the ‘Remove Borrower’ action.

 To close the modal and take no actions, click Cancel or the X in the upper right corner.

Action Definitions:

• When the ‘Run Report Update’ option is selected and Proceed is clicked, a Mega Save is performed, and a ‘Remove Borrower’ request is sent to the credit vendor to get an updated credit report without the removed borrower’s information.

• When the ‘Contact Credit Vendor’ option is selected and Proceed is clicked, Mega Save is not performed and ‘Remove Borrower’ request is not sent to the credit vendor.

Acceptance Criteria

• American Reporting Company, LLC
• Credit Link, LLC 
• Information Searching Company
• MCB
• SARMA
• SettlementOne
• United One
• Service First
• Data Facts
• KCB Credit

Use Case 8 - Verify Reissue Credit - 1 borrower

1. Create a loan in IME [Purchase/Refi Transaction]
2. Navigate to Personal Page
3. Add details for Borrower 1 - Use a Test Borrower who has REOS and Liabilities]
4. Complete loan application
5. Navigate to the Credit page
6. Do not Run Credit
1. Add Manual REO's and complete REO flyout with required fields
2. Add Manual Liabilities and complete the liability with all fields
7. Save the loan
8. Run Credit on the loan
9. Wait for a successful report
10. Once the data is populated from the credit report
11. Save the loan
12. Complete the REO flyout for records that came from the credit report
13. Complete the liabilities which came from the credit report
1. Complete the information Icon details
2. Update the 3 Liabilities "Comment" to Agree, Non-Borrowing Spouse, and Not My Account.
14. Save the loan
15. Click Reissue Credit
16. Wait for a successful response
17. Verify: REO flyout data in Point 12 is the same - data should not change
18. Verify: Liabilities data in point 13 is the same for Information Icon and Comment - should not change

*(Corresponding Feature number(s) - 399461)