Overview
Release 6.0.4000 includes the following changes to Locking & Adjustments in oPOS:
- two new configurations have been added to Vendor Manager that allow admins to enable automated processing of price concession requests. Previously, when a concession was approved the system would send an email to the lock desk mailbox, which is configured through "General Lock Deck Mailbox for Approved Concession". With this enhancement, the system will no longer send the approved concession data through email, but rather it is sent directly through the API, based on the following new configurations.
- "Activate Send Approved Concession to Pricing Engine" - when enabled, this configuration allows the "approved" concession request to be sent to the lock desk vendor via the API, instead of email.
- As a result, it is no longer necessary for the system to send a notification email to the "General Lock Deck Mailbox for Approved Concession". Therefore, iMP System Admin > Locking Configuration > "Send Concession Email Notifications" must be set to "No"
- "Activate Send Requested Concession to Pricing Engine" - when enabled, this configuration attempts to deliver requested concessions by the loan team to the locking desk via an API.
- NOTE: When this configuration is utilized the auto decision making process will be processed according to the preset concession limits set forth within the pricing engine. In short, there are configurations that need to happen within the pricing engine, not just oPOS.
- "Activate Send Approved Concession to Pricing Engine" - when enabled, this configuration allows the "approved" concession request to be sent to the lock desk vendor via the API, instead of email.
- the Add Item button has been replaced with the Add Concession button, which now opens a separate concession request window
- users will now be prompted to indicate whether they want to keep or remove any existing concessions when the market price of the selected loan product has changed
What is the advantage of utilizing this enhancement?
When "Activate Send Approved Concession to Pricing Engine" is enabled the API does the legwork of applying the concession decision within the pricing engine. When disabled a member of the lock desk team must manually apply the concession within the pricing engine after being alerted by email.
When "Activate Send Requested Concession to Pricing Engine" is enabled the loan teams request is sent directly to the pricing engine where it is either approved or denied based on preconfigured tolerances, set within that application. In short, this automation allows the lock desk decision maker to offload this menial task.
Note: This feature only affects pricing concessions. Updates to rate concessions will be addressed in a subsequent release.
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Configure Automated Pricing Concessions
Users with oPOS Admin credentials now have the ability to configure the system to automate part or all of the processing of pricing concessions. Use the following steps to set up the new configurations:
- Access Vendor Manager: Admin > Vendor Manager
- Open the Pricing section
- Open Vendor Product Settings for Optimal Blue
- Enable the desired configuration:
- Enable "Activate Send Approved Concession to Pricing Engine"
- When enabled, this configuration allows the "approved" concession request to be sent to the lock desk vendor via the API, instead of email.
- As a result, it is no longer necessary for the system to send a notification email to the "General Lock Deck Mailbox for Approved Concession". Therefore, iMP System Admin > Locking Configuration > "Send Concession Email Notifications" must be set to "No"
- When enabled, this configuration allows the "approved" concession request to be sent to the lock desk vendor via the API, instead of email.
- Enable "Activate Send Requested Concession to Pricing Engine"
- When enabled, this configuration will bypass the request/approval process within oPOS and instead will send the request to the pricing engine for review via the API.
- NOTE: When this configuration is utilized the auto decision making process will be processed according to the preset concession limits set forth within the pricing engine. In short, there are configurations that need to happen within the pricing engine, not just oPOS.
- If neither configuration is enabled, then "approved" concessions will be sent via email and not directly through the API. The workflow for the requested concessions will remain within oPOS.
- Enable "Activate Send Approved Concession to Pricing Engine"
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Add New Pricing Concession
To add a pricing concession, click the new Add Concession button on the "Locking & Adjustments" page, which opens the "Adjustments - Concession Request" window.
NOTE: new pricing concessions cannot be added if a pending concession request already exists. Additionally, pricing concessions may only be applied in two scenarios:
- At Lock - meaning the concession has been approved in oPOS and will be sent with the lock request to the pricing engine. In this scenario, the locking request will be processed first, followed by the concession within the pricing engine. "Activate Send Requested Concession to Pricing Engine" must be disabled because the pricing engine cannot make a concession decision prior to a locking decision.
- Post Lock - meaning the lock status in oPOS is marked as "Locked". In this case either of the enhanced automated concession configurations may be utilized.
The Concession Request window contains the following fields:
- Concession Type - price or rate concession. The options that appear here are dependent on the privileges held by the user
- Current Price - the price of the loan product obtained by the pricing engine (calculated automatically)
- Price Concession - the numerical value of the concession. Use the radio buttons to select the correct unit ($ or %)
- Requested Price - represents the projected price after the requested concession (calculated automatically)
- Concession Reason - cause for the concession request
- Concession Paid By - the entity that will pay the cost of the concession
- Concession Approver - the name of the user that needs to approve the concession. The options that appear here are those users who have been assigned to the relevant role in iMP System Admin (Rate Concession Approver/Price Concession Approver)
- NOTE: The Concession Approver line will not appear if the "Activate Send Requested Concession to Pricing Engine" configuration is enable, since the decisioning process will move to the pricing engine via the API.
- Requestor Comments - any additional information provided by the user
Once these fields are completed, click Submit Request. Upon submission, the current status of the concession will appear in the top right corner of the window and the fields will become disabled. The request will be processed according to the approval configurations outlined above. If the request needs to be approved, a will be sent to the concession approver.
You can continue to check on the status of a submitted concession request within the Price Concession Status table
The user may need to apply the "Approved" concession depending on whether or not the concession was delivered to the pricing engine. For concessions that have not been delivered to the pricing engine, the concession may be moved between Loan Officer Table of Adjustments and the Concession Status table using the blue arrow icon.
NOTE:
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Decisioning a Concession in oPOS
Precondition: "Activate Send Requested Concession to Pricing Engine" must be disabled.
Concession Approvers will receive an email notification when a concession request has been submitted for their review. Following the link in the email will direct them to the Concession Request modal window that was completed by the Loan Officer.
All but the following fields in this window will be disabled:
- Concession Amount - use this field to enter an alternative amount for the concession
- Concession Approver - allows the approver to re-assign the request to a different approver
- An approver is able to select a different approver from additional approvers found within the Concession Approver dropdown list (if additional approvers are not available the approver may only see their name).
- Approver Comments - use this text field to provide comments to the requestor
- Approver Comments are dated and time-stamped. A decision action must be made in order for a comment to be added to the conversation log history.
Use the following buttons to take action on the request:
- Close - close the window and return to this request later
- Reassign - reassign the request to a different approver selected in the "Concession Approver" field; sends an email notification to the requestor and the re-assigned approver
- Decline - do not approve the submitted request; sends an email notification to the requestor with an update
- Approve - approve the submitted request; sends an email notification to the requestor with an update
NOTE: The Adjustment Status indicator in the upper right corner of the modal will change to reflect either an "Approved" or "Declined" status depending on the decision button selected by the approver.
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Keep or Remove Concessions When the Market Changes
When a concession has successfully been applied to a loan and the market price of the selected loan product changes, the user will be prompted with a modal window that asks them to indicate whether they want to remove or keep the concession. This window displays an updated price for the product if the concession remains.
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Acceptance Criteria
Use Case #1: Price Concession Request/Review by Approver
Prerequisites:
- Purchase loan is created in oPOS; loan product is applied
- Test Loan Officer has the following privileges enabled:
- Request Price Concession
- Request Rate Concession
- Two other test users are created in company hierarchy:
- users are assigned to test LO
- users have the following privileges enabled:
- Approve Price Concession
- Approve Rate Concession
Testing Process:
- Log in to oPOS
- Open test purchase loan
- Navigate to Locking & Adjustments: Menu > Locking & Adjustments
- VERIFY: Add Concession button appears below the "Loan Officer Table of Adjustments" (Add Item button no longer appears here)
- Click Add Concession button
- VERIFY: modal window titled "Adjustments - Concession Request" appears with the following fields:
- Concession Type
- Current Price
- Concession Amount
- Requested Price
- Concession Reason
- Concession Approver
- Concession Paid By
- Requestor Comments
- VERIFY: modal window titled "Adjustments - Concession Request" appears with the following fields:
- Open the "Concession Type" drop-down menu
- VERIFY: the following options appear in the menu:
- Price Concession
- Rate Concession
- VERIFY: the following options appear in the menu:
- Enter a numerical value in the "Concession Amount" field
- VERIFY: the % radial button for "Concession Amount" is selected by default
- VERIFY: Requested Price is re-calculated automatically
- Open the "Concession Approver" drop-down menu
- VERIFY: user with concession approver role appears in menu
- Click Cancel
- VERIFY: window is closed and request is not submitted
- Click Add Concession
- VERIFY: "Submit Request" button is disabled while required fields ("Concession Type," "Concession Approver," "Concession Reason") are not completed
- Complete required fields ("Concession Type" = Price Concession, "Concession Approver" = test user "Concession Reason" = any)
- VERIFY: "Submit Request" button is enabled
- Click "Submit Request" button
- VERIFY: loan is saved
- VERIFY: email notification is sent to concession approver
- VERIFY: field "Adjustment Status" appears in the top right corner of the modal window
- VERIFY: the field "Requestor Comments" is changed to disabled message with user and datetime stamp
- VERIFY: the footer section is changed as follows:
- "Cancel" button is replaced with button "Close"
- "Submit Request" button is hidden/removed
- Click Close
- VERIFY: modal window is closed
- VERIFY: user is directed to "Locking & Adjustments" page
- VERIFY: price concession and status now appears in the Loan Officer Table of Adjustments
- VERIFY: "Add Concession" button is disabled
- Log out of oPOS
- Check the email inbox of the assigned approver
- Follow the instructions in the email to log in to oPOS and access the Concession Request window
- VERIFY: the following buttons appear in the bottom of the window as described:
- Cancel (Enabled)
- Reassign (Disabled)
- Decline (Enabled)
- Approve (Enabled)
- VERIFY: the following fields are disabled:
- Concession Type
- Concession Reason
- Concession Paid By
- Requestor Comments
- VERIFY: the following fields are enabled:
- Concession Amount
- Concession Approver
- VERIFY: the following buttons appear in the bottom of the window as described:
- Use the "Concession Approver" drop-down menu to select another approver
- VERIFY: Reassign button is now enabled
- VERIFY: Decline and Approve buttons are now disabled
- Click Cancel
- VERIFY; modal window is closed
- Re-open the Concession Request window
- VERIFY: info from the initial request has not been edited
- Use the "Concession Approver" drop-down menu to select another approver
- Click Reassign
- VERIFY: request is saved and email notification is sent to other approver
- Repeat steps #14-15 for the re-assigned approver
- Enter a short comment in the Approver Comments fields
- Click Decline
- VERIFY: request status is updated to "Decline," which appears in red font
- VERIFY: Cancel button is replaced with Close button
- VERIFY: Reassign button is removed
- VERIFY: Decline button is removed
- VERIFY: Approve button is removed
- VERIFY: fields in window are disabled
- Repeat steps #1-12 to make another concession request
- Access Concession Request window for new request as approver
- Click Approve
- VERIFY: request status is updated to "Approve," which appears in green font
- VERIFY: Cancel button is replaced with Close button
- VERIFY: Reassign button is removed
- VERIFY: Decline button is removed
- VERIFY: Approve button is removed
- VERIFY: fields in window are disabled
- Log out of oPOS
- Log in to oPOS as Loan Officer that requested price concession
- Navigate to Locking & Adjustments: Menu > Locking & Adjustments
- VERIFY: Add Concession button is enabled
Use Case #2: Vendor Manager Configurations
Prerequisites:
- Purchase loan is created in oPOS; loan product is applied
- Test Loan Officer has the following privileges enabled:
- Request Price Concession
- Request Rate Concession
- Another test user is created in company hierarchy:
- user is assigned to test LO
- user has the following privilege enabled:
- Approve Price Concession
- Approve Rate Concession
- valid email address is added for Lock Desk Approved Concessions (iMP System Admin > General Settings > Locking Configuration > General Lock Desk Mailbox for Approved Concessions)
Testing Process:
- Log in to oPOS as a user with Administrator privileges
- Open Vendor Manager: Admin > Vendor Manager
- Open the Pricing tab
- Open Vendor Product Settings
- VERIFY: the following configurations appear in the product settings window:
- Activate Send Approved Concessions to Pricing Engine
- Activate Send Requested Concessions to Pricing Engine
- VERIFY: the following configurations appear in the product settings window:
- As test Loan Officer, send a price concession request (see Use Case #1, steps #1-11)
- As concession approver, approve the request (see Use Case #1, steps #14-26)
- Check the email inbox for the lock desk added in prerequisites
- VERIFY: email notification for approved request has been sent to lock desk
- Return to Vendor Manager
- Set Activate Send Approved Concessions to Pricing Engine to "Yes"
- As test Loan Officer, send another price concession request
- As concession approver, approve the request
- Check the email inbox for the lock desk
- VERIFY: lock desk has not received email notification for approved request
- Return to Vendor Manager
- Set Activate Send Approved Concessions to Pricing Engine to "No"
- Set Activate Send Requested Concessions to Pricing Engine to "Yes"
- As test Loan Officer, send another price concession request
- VERIFY: concession approver does not receive an email notification
- VERIFY: lock desk does not receive an email notification
Corresponding Feature(s): 419665
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