Making Concessions or Adjustments
Users with certain privileges can request price concessions for the selected loan product on the "Locking and Adjustments" page.
|This article provides instructions for submitting a concession request. For more information on how concession requests are approved and processed, refer to this article.|
The Loan Officer Table of Adjustments contains any concessions that have been made by the loan officer/broker, while any pending price concessions appear in the Price Concession Status table.
What Privileges Are Required to Make Adjustments?
In order to request price concessions, users must be granted the 'Request Price Concessions' privilege in iMP System Admin:
- Request Price Concessions
Adding a New Concession
When the above privileges have been enabled, +Add Concession will appear above the Price Concession Status table. Click this button to make a new concession request.
In the following window, users are asked to provide the following pieces of information:
- Concession Type - select Price concession
- Concession Amount - enter the concession amount as a percentage or dollar amount
- Concession Reason - indicate the reason for making the concession
- Concession Paid By - select the party to make the concession
- Concession Approver - select the person who the concession request should be sent to
- Requestor Comments - add any additional comments to the request here
Click Submit Request to submit the concession for approval