Cloudvirga's Intelligent Mortgage Platform (iMP) is designed to integrate with two of the leading commercially-available pricing engines - Optimal Blue and Lender Price - to provide the most up-to-date price and rate information directly within the TPO interface. This article guides users through the process of shopping for and selecting a loan product.
Table of Contents
Overview
Cloudvirga’s pricing integrations allow users to quickly shop the market for rates and generate a quote for a prospective borrower or apply a loan product to a new loan application.
There are a variety of ways to begin shopping for rates:
- To shop for rates and generate a quote for a prospective borrower, select + New > Price Quote
- If a loan application has already been created for the borrower, open the Pricing tab in the navigation bar (the borrower's name must be provided on the loan application to enable this tab)
Both of these links will direct users to the "Shop for Rates" page, where they will be prompted to provide information about the borrower and the kind of loan they are looking for.
Note: the "Shop for Rates" page can also be accessed in the following ways on an active loan
| Loan Mega Menu > Shop for Rates |  |
| Loan Details > Shop for Rates |  |
| Loan Details > Select a Loan Product |
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Shop for Rates
The “Shop for Rates” page is divided into two primary sections: the Loan Information section, where users provide details about the borrower and their loan, and the Search Criteria for Get Rates section, where users indicate what kinds of loans they want to include in the search results.
Note: The fields on this page are populated automatically when the corresponding information has already been provided within the loan application. Users can modify pre-populated information for pricing purposes, but this will not change the respective field(s) in the loan application
Loan Information
Use the following fields to provide information about the borrower’s loan (required fields are marked with a red asterisk*):
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Current Loan (Refi Only)
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Subject Property
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New Loan
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Qualifying Information
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Search Criteria for Get Rates
The Search Criteria for Get Rates section is used to refine the search results that are returned from the pricing engine. In this section, you can select the kinds of loan types that should be included in the search results and apply specific search filters.
Search Filters
- Desired Rate/Price - this field allows users to filter loan products for a desired rate or desired price
- Price Includes Broker Compensation - this field is used to indicate whether the Broker Compensation fee will be included in the pricing returned (Lender Paid) or if it will be excluded from the pricing returned and provided as part of the closing costs (Borrower Paid)
- Price Includes Administration Fee - this field is used to indicate whether the Administration fee will be included in the pricing returned (Lender Paid) or if it will be excluded from the pricing returned and provided as part of the closing costs (Borrower Paid)
- Income Verification Type - this field is used to filter for loan products that allow for a particular income verification type to be used (when Non-QM is selected as a search criteria, this menu will contain additional verification methods)
- Mortgage Insurance - when the LTV ratio is greater than 80%, this field is used to filter for loan products that include borrower-paid MI, lender-paid MI, or either.
- Prepayment Penalty - this field filters loan products for a desired prepayment penalty period
- Interest Only - this field is used to filter for interest-only loans
- AUS - this field can be used to select the AUS type that will be used on the loan, if known
- eVOA - this field is used to filter for loan products that are eligible for electronic verification of assets (eVOA)
Loan Type
These checkboxes can be used to search for specific loan programs, including:
- Conventional Loans
- Conforming
- Non-Conforming
- Non-QM
- Government Loans
- FHA
- VA
- USDA
At least one of the above loan types must be selected to shop for rates.
When a Non-QM or government loan program is selected, additional fields will appear:
| Loan Program - Additional Information | |
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FHA Information (Purchase)
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FHA Information (Refinance)
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VA Information
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USDA Information
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Expanded Guidelines (non-QM selected)
For more information on expanded guidelines, refer to this article |
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Terms
These fields are used to filter loan products for specific terms for both Fixed and ARM products.
Once you have completed the loan information and search criteria on the "Shop for Rates" page, select Shop for Rates to run pricing and navigate to the "Pricing Results" page.
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Pricing Results
The “Pricing Results” page displays a list of eligible loan products based upon the information provided on the "Shop for Rates" page. Here, users can compare rates, generate a quote, and apply a loan product to the borrower’s application. By default, loan products on this page are grouped by amortization type and term, although the page can be configured to group products by loan program instead.
Pricing Results - Purchase Loans
For purchase loans, the "Pricing Results" page displays the following information about each loan product:
- Product Name - this label represents the name that was entered when the product was added and configured in the <Product List>. If the product is eligible for electronic asset verification, 'eVOA' will appear in parentheses before the product name. If the loan product is expired, 'Exp' will appear in parentheses in red.
- Product Code - this code represents the code that was entered when the product was added and configured in the <Product List>.
- PITI - this figure represents the borrower's projected monthly payment with the loan product, including principal, Interest, taxes, and insurance. "MI" will appear next to this figure if it includes mortgage insurance.
- Rate - this figure represents the interest rate for the product
- Days - this number represents the eligible lock period for the product
- Points - this figure represents the number of discount points
- Price $ - this figure represents the discount points converted to a dollar amount
- Broker Comp - when the broker compensation is set to borrower paid, this column contains the dollar amount for the broker fees.
- Closing Costs - this figure represents the total amount the borrower is projected to pay in closing costs for the corresponding loan product. Click on this number to view the Detailed Cost Summary.
- Cash to(from) - this column contains the total amount it will cost the borrower to close on their loan for the corresponding loan product, including the down payment. Click on this number to view the line items from Section L4.
- New DTI - this column displays the borrower's projected debt-to-income ratio with the product's monthly payment for the corresponding loan product.
Pricing Results - Refinance Loans
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For refinance loans, the borrower's current PITI and Rate appear at the top of the product list for quick comparison. This information is pulled from the mortgage liabilities connected to the subject property on the REO section of the "Credit" page in the loan application.
For refinance loans, each row on this page contains the following information about the respective loan product:
- Product Name - if the product is eligible for electronic verification of assets, 'eVOA' will appear in parentheses before the product name. If the loan product is expired, 'Exp' will appear in parentheses in red.
- Product Code
- PITI - this figure represents the borrower's projected monthly payment, including principal, Interest, taxes, and insurance
- Rate - this figure represents the interest rate for the product
- Days - this number represents the eligible lock period for the product
- Price% - this figure represents the number of discount points for the product (users have the ability to adjust price and points before applying a loan product or generating a quote)
- Price $ - this figure represents the discount points converted to a dollar amount
- Closing Costs - this figure represents the total amount the borrower will pay in closing costs for the corresponding loan product. Click on this number to view the Detailed Cost Summary.
- Cash to (from) - this column contains the total amount it will cost the borrower to close on their loan for the corresponding loan product, including the down payment. Click on this number to view the line items from Section L4.
- Monthly Savings - this figure represents the amount the borrower will save monthly with the new loan product
- Payment Difference: Monthly - this figure represents the difference between the borrower's current monthly payment and their new monthly payment with the respective loan product
- Payment Difference: Annual - this figure represents the difference between the borrower's current and new payments on an annual scale
- Payment Difference: this figure represents the difference between the borrower's current and new payments on a three year scale
- New DTI - this column displays the borrower's projected debt-to-income ratio with the product's monthly payment for the corresponding loan product.
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You can view the rate sheet for any of the listed loan products by clicking the grey arrow icon (
) next to the name of the product. This view also contains the list of product adjustments on the right.
To choose a loan product and apply it to the borrower's application, select the Apply button in the corresponding row. Applying a product on a prospective quote will create a new loan.
The Apply button will add the respective loan product to to the loan. If you created a new quote, this button will create a new loan with the selected product.
The Update button appears on the "Pricing Results" page instead of the Apply button when a loan product has already been applied to the current loan. Clicking this button will replace the selected product with the product terms listed in the corresponding row.
Creating Quotes
To generate a quote for a particular loan product on the "Pricing Results" page, select the checkbox to the right of each product that you want to receive a quote for and click Create Quote.
Learn more about creating a quote
A summary of the generated quote will appear in the following window. Click the document icon (
) to download a pdf copy of the comparison report.
Submit Lock/Forward Lock
Users can also place a lock on a desired rate or desired price directly on the “Pricing Results” page by using the Submit Lock or Forward Lock buttons.
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The Submit Lock button can be used to submit a standard lock request.
The Forward Lock button is a streamlined version of the standard lock that allows users to take advantage of a particular loan product before completing standard locking pre-validation checks such as running AUS/Credit or requiring a street address for the subject property.
Individual users must be granted the following privileges to access these locking options on the "Pricing Results" page.
Submit Lock: "Pricing - Enable button Submit Lock on Pricing Results"
Forward Lock: "Pricing - Enable button Forward Lock on Pricing Results"
For more information on locking, refer to this article.
Impounds
Select Impounds at the top of the "Shop for Rates" page to open the Impound Calculator and manage impounded taxes and insurance. To learn more about the Impound Calculator, refer to this article.
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