After a loan product has been applied to a borrower’s application, users will need to Update Pricing & Fees when changes are made to the loan application that may affect pricing to ensure that the borrower is still eligible for the selected loan product. Updates can be performed on any loan that is not currently locked and for which initial disclosures have not been requested (pre line-of-demarcation).
To begin a price or fee update, open the contextual menu on the Shop for Rates button that is located on both the "Loan Details" and "Locking and Adjustments" page. This menu contains the following update options:
- Update Fees - selecting this option will automatically update the fees that appear on the "Closing Costs Details" page with the most recent info from the fee engine.
- Update Price - selecting this option will check the pricing engine to confirm that the selected loan product is still eligible and prompts users either to shop for a new loan product or to apply any changes that require re-pricing.
- Update Price & Fees - this option will perform both of the above update procedures simultaneously.
- Shop for Rates - this option can be used to return to the "Shop for Rates" page to begin searching for a different loan product.
The system will also prompt users to update pricing and fees before requesting initial disclosures.
Update Price - Changes Have Occurred That Require Re-Pricing
After Update Price or Update Price & Fees is selected, it may take several moments for the pricing engine to retrieve the latest information from the pricing engine. The information displayed in this window and the options available to the user differ depending on the data that is received.
If the borrower remains eligible for the selected loan product, the top portion of this window will display any any price/rate changes that have occurred in the market that require re-pricing. The bottom portion of the window contains a list of changes to the loan application that have occurred since the product was initially selected. The system checks for changes to the following fields:
To accept the updated pricing information, select Apply Changes. To search for a new loan product, select Shop for Rates
If the pricing engine determines that the selected loan product is no longer eligible, this window will display the reason for the borrower's ineligibility. Select Cancel to return to the loan and fix the issue (if applicable) or select Shop for Rates to search for a new loan product.
Update Fees - Questions
When updating fees, the system will display a list of questions about relevant fees that are determined necessary by the fee engine. Complete the questions in this window to proceed with the fee update.