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Enhancements to Shop for Rates Page

Charlie Gunn
  • Updated

Overview

Release 6.1.1000 provides updates to the way that the system organizes loan data collected on the "Shop for Rates" page in order to ensure that all pricing updates and locking services are performed using definitive information from the actual loan record. To that end, loan data entered on the Shop for Rates page will no longer affect the corresponding fields in the loan application. This will also prevent unintentional changes to the loan record when users modify information on the "Shop for Rates" page.

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Configurations

This feature does not require any configurations.

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Why is this update important?

Previously, a number of fields throughout the loan application were linked to corresponding fields on the “Shop for Rates” page, which meant that changing any of this information on “Shop for Rates” would change the information in the official loan record. This could cause the loan record to be modified unintentionally when users make changes on “Shop for Rates” while exploring alternative pricing scenarios. This update helps to ensure that the correct loan information is used when running pricing updates or placing a lock.

 

The following table contains a comprehensive list of the fields on the "Shop for Rates" page that no longer affect the loan data (required fields are marked with an asterisk*):

  • Purchase Price*
  • Zip
  • Base Loan Amount*
  • Military Branch*
  • Property Type*
  • County
  • Concurrent 2nd Mortgage
  • Service Status*
  • In a PUD*
  • Estimated Value*
  • Credit Line Cap
  • Used your VA eligibility in the past?
  • Attachment
  • Original Purchase Date
  • Employment Type*
  • Is your loan already paid off?
  • Occupancy Type*
  • Original Purchase Price
  • Citizenship*
  • Currently receiving VA Disability Benefits or Active Duty and awarded the Purple Heart?
  • Buying Stage
  • 1st Balance | payment
  • Decision Score*
  • Entitled to VA Disability Benefits, but for the receipt of retired pay?
  • Street Address Line
  • 2nd Mortgage? 
  • First Time Homebuyer
  • Unmarried surviving spouse of veteran who passed from military related injury or disability?
  • Unit#
  • 2nd Balance | Payment [When Fixed or HELOC]
  • Are you purchasing a HUD owned property?
  • Ever received or plan to file for VA Disability Benefits?
  • City
  • Payoff 2nd Mortgage? [When Fixed or HELOC]
  • Add UFMIP to Loan Amount?
  • Add VA Funding Fee to Loan Amount?
  • State Code
  • Credit Line Cap* [HELOC]
  • Military Service*
  

 

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Acceptance Criteria

Use Case #1: Shop For Rates Page UI vs. Loan Data 

  1. Log in to oPOS/TPO
  2. Create a new loan application
  3. Complete loan application to receive green checkmarks in each section
  4. Navigate to the "Shop For Rates" page
  5. Set Document Verification Type = Full Doc
  6. VERIFY: loan data fields on the "Shop For Rates" page match what was entered in the loan application. 
  7. On the "Shop for Rates" page, modify the loan amount and the borrower's employment status
  8. Return to the loan application and verify that the information modified in step #7 has not been affected in the loan itself
  9. Return to Shop for Rates" page
  10. In Search Criteria for Get Rates section, select multiple loan type checkboxes, including FHA
  11. Select Shop for Rates button
  12. On the "Pricing Results" page, apply an FHA product
  13. VERIFY: you are directed to the "Loan Details" page 
  14. Navigate to Shop For Rates page: 
  15. VERIFY: FHA is the only loan type checkbox selected
  16. Change Document Verification Type (i.e. not Full Documentation)
  17. Do not click Shop For Rates button
  18. Save the loan
  19. Navigate to the "Loan Details" page
  20. Select Update Pricing
  21. After pricing update is complete, navigate to "Shop for Rates" page
  22. VERIFY: Document Verification Type = "Full Document" (i.e. not modified value from step #16)
  23. Return to the "Loan Details" page
  24. VERIFY: Document verification Type = "Full Document"

 

Corresponding Feature(s): 452847

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