Overview
Release 6.0.5000 provides the following changes to concessions in oPOS/TPO:
- Concessions can now be approved, denied, or re-assigned by any user with concession approval privileges who has access to the respective loan. These actions are no longer restricted only to the currently-assigned approver for the respective concession request, making it possible for any authorized user to decision a concession.
- There are no longer limits on the concession amount that can be requested by a user. (Existing limits remain in place for the amount that Concession Approvers can approve)
- The system has been updated to ensure that pricing concessions that have been approved within the CV system prior to locking are included in the initial disclosure package. This fixes a previous issue where approved concessions on floating loans were not included in the Loan Officer Table of Adjustments (and thus were not included in disclosures).
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Configurations
This feature does not introduce any changes to existing concession configurations.
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Expanded Access to Concession Action Buttons
Previously, only the assigned concession approver had the ability to approve, decline, or re-assign a concession. However, this release gives all users with an 'Approve Price Concession' privilege the ability to perform these actions on any loan that they have access to.
Concession approvers can access the Concession Request window by selecting the Price Concession link in the Price Concession Status table
In this window, users will be able to use the Approve or Decline buttons to complete the concession request. When either of these buttons are selected, the current user will automatically be reassigned as the concession approver.
To re-assign the concession approver in this window, first use the Concession Approver drop-down menu to select a new concession approver to whom the request should be assigned. The Reassign button will then be enabled. Select this button to reassign the concession request. The new approver will then receive an email notification.
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Concession Request Limits
The Concession Amount field in the "Concession Request" window has been updated to remove any limits on the concession amount that users can request.
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Include Approved Concessions in Disclosures
Previously, when the existing Vendor Manager configuration 'Activate Send Approved Concession to Pricing Engine' was enabled, approved price concessions on floating-rate loans were not added to the Loan Officer Table of Adjustments and were thus excluded from the disclosure package.
In order to ensure that all concessions approved in the CV Platform on floating loans are included in the initial disclosures package, this feature updates the system logic to include these approved price concessions within the Loan Officer Table of Adjustments. All pending or unapproved concessions will appear within the Price Concession Status table and will not be included in the disclosure package.
Which concessions are included in the Loan Officer Table of Adjustments?
When a requested price concession is approved in the CV platform by a user with an 'Approve Price Concession' privilege, the concession will now appear in the Loan Officer Table of Adjustments and will be reflected in disclosures and the final LO Price.
After the concession is approved in the pricing engine, it is moved to the Price Concession Status table and is replaced in the Loan Officer Table of Adjustments as an LLPA.
Users can also manually move price concessions from the Loan Officer Table of Adjustments to the Price Concession Status table by selecting . Removing a concession from the Table of Adjustments will cause the respective concession not to be included in the disclosure package.
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Acceptance Criteria
Prerequisites:
-
In iMP System Admin, navigate to General Settings -> Locking Configurations -> Rules for Price Concession
- make a note of Maximum price concession amount (Level 1) value
- make a note of Maximum price concession amount (Level 2) value
- The following user profiles/credentials are set up in iMP System Admin
- Loan Officer 1 - user with privilege 'Request Price Concessions' and no 'Approve Price Concessions' privileges
- Loan Officer 2 - user with privileges 'Request Price Concessions' and 'Approve Price Concessions 1'
- Approver A - user with privilege 'Approve Price Concessions 1'
- Approver B - user with privilege 'Approve Price Concessions 2'
Use Case #1: Floating, Approved
- Log in to oPOS/TPO as Loan Officer 1
- Create a new loan application
- Search for rates and apply a loan product
- Open the loan menu and select Locking & Adjustments
- Click Add Concession link at the bottom right of page and complete the form to request a concession (Select Approver A as the “Concession Approver”)
- VERIFY the “Price Concession – Requested” entry appears in the “Price Concession Status” table and not the “Loan Officer Table of Adjustments” table
- VERIFY the requested concession is not included in the final LO price
- Request disclosures
- VERIFY the requested concession does not appear on the disclosures
- Log out of the loan as loan officer 1
- Log in as Approver A and open the loan
- Open the loan menu and select Locking & Adjustments
- Select the Concession Request from the Price Concession Status table
- Click the Approve button
- VERIFY the previous “Price Concession – Requested” entry now appears as “Price Concession – Approved”
- VERIFY the “Price Concession – Approved” entry now displays in the “Loan Officer Table of Adjustments” (top) table and not the “Price Concession Status” (bottom) table
- VERIFY the approved concession is included in the final LO price
- Request disclosures
- VERIFY the approved concession does appear on the disclosures
- Return to the Locking & Adjustments page
- Click the blue down arrow to move the approved concession from the “Loan Officer Table of Adjustments” (top) table to the “Price Concession Status” (bottom) table
- VERIFY the approved concession is not included in the final LO price
- Request disclosures
- VERIFY the approved concession does not appear on the disclosures
- Log out of the loan as Approver A
Use Case #2: Floating, Denied
- Log in to oPOS/TPO as Loan Officer 1
- Create a new loan application
- Search for and select the same loan
- Open the loan menu and select Locking & Adjustments
- Click Add Concession link at the bottom right of page and complete the form to request a concession (Select Approver B as the “Concession Approver”)
- VERIFY the “Price Concession – Requested” entry appears in the “Price Concession Status” table and not the “Loan Officer Table of Adjustments” table
- VERIFY the requested concession is not included in the final LO price
- Request disclosures
- VERIFY the requested concession does not appear on the disclosures
- Log out of the loan as loan officer 1
- Log in as Approver B and open the loan
- Open the loan menu and select Locking & Adjustments
- Select the Concession Request from the Price Concession Status table
- Click the Decline button
- VERIFY the previous “Price Concession – Requested” entry now displays as “Price Concession – Denied”
- VERIFY the “Price Concession – Denied” entry displays in the “Price Concession Status” (bottom) table and not the “Loan Officer Table of Adjustments” (top) table on the Menu -> Pricing & Fees -> Locking & Adjustments page
- VERIFY the denied concession is not included in the final LO price
- Request disclosures
- VERIFY the denied concession does not appear on the disclosures
Use Case #3: Approve & Reassign Button
- Log in to oPOS/TPO as Loan Officer 1
- Create a new loan application
- Search for and select the same loan
- Open the loan menu and select Locking & Adjustments
- Click Add Concession link at the bottom right of page and complete the form to request a concession (Select Approver A as the “Concession Approver”)
- VERIFY the “Price Concession – Requested” entry appears in the “Price Concession Status” table and not the “Loan Officer Table of Adjustments” table
- VERIFY the requested concession is not included in the final LO price
- Request disclosures
- VERIFY the requested concession does not appear on the disclosures
- Log out of the loan as loan officer 1
- Log in as Approver B and open the loan
- Open the loan menu and select Locking & Adjustments
- Select the Concession Request from the Price Concession Status table
- VERIFY the “Reassign” button appears and is disabled
- Select Approver B from the Concession Approver drop down
- VERIFY the “Reassign” button is enabled
- Click the “Reassign” button
- VERIFY the concession modal closes automatically
- VERIFY Approver B receives the Price Concession Requested email
- Log out and log in to the loan as Approver A
- Return to the price concession request window
- VERIFY Approver B appears as the Concession Approver
- Select Approve
- VERIFY the concession modal closes automatically
- Click the concession link again to open the concession modal window
- VERIFY Approver A now appears as the “Concession Approver”
- VERIFY Approver A received the Price Concession Approved email
- VERIFY Loan Officer 1 receives the Price Concession Approved email
Use Case #4: Decline Button
- Log in to oPOS/TPO as Loan Officer 1
- Create a new loan application
- Search for and select the same loan
- Open the loan menu and select Locking & Adjustments
- Click Add Concession link at the bottom right of page and complete the form to request a concession (Select Approver A as the “Concession Approver”)
- Enter concession amount which is greater than the Level 1 amount set in iMP System Admin, but less than the Level 2 amount
- VERIFY the “Price Concession – Requested” entry appears in the “Price Concession Status” table and not the “Loan Officer Table of Adjustments” table
- VERIFY the requested concession is not included in the final LO price
- Log in as Approver B and open the loan
- Open the loan menu and select Locking & Adjustments
- Select the Concession Request from the Price Concession Status table
- VERIFY the “Approve” and “Decline” buttons appears and are enabled
- Click the Decline button
- VERIFY concession modal closes automatically
- Click the concession link again to open the concession modal window
- VERIFY Approver B appears as the “Concession Approver”
- VERIFY Approver B receives the Price Concession Declined email
- VERIFY Loan Officer 1 receives the Price Concession Declined email
Use Case #5: Concession Request/Approval Limits
- Log in to oPOS/TPO as Loan Officer 2
- Create a new loan application
- Search for and select the same loan
- Open the loan menu and select Locking & Adjustments
- Click Add Concession link at the bottom right of page and complete the form to request a concession
- Select Approver A as the "Concession Approver"
- Enter concession price amount which is greater than the Maximum price concession amount set in concierge (as noted in prerequisites), but less than the Level 2 Maximum price concession amount
- VERIFY system allows Loan Officer 2 to save the concession that is greater than the Concierge Maximum price concession amount (Level 1) value
- Log out and log in as Approver A
- Navigate to Locking & Adjustments
- Open the Concession Request
- VERIFY: the Approve button is disabled
- Log out and log in as Approver B
- Navigate to Locking & Adjustments
- Open the Concession Request
- VERIFY the Approve button is enabled
- Select the Approve button
- VERIFY system automatically closes the modal window
- VERIFY concession appears on Locking & Adjustment page as “Price Concession – Approved”
- Click the concession link
- VERIFY Approver B is listed as the Concession Approver
Use Case #6: Concession Request/Approval Limits
- Log in to oPOS/TPO as Loan Officer 2
- Create a new loan application
- Search for and select the same loan
- Open the loan menu and select Locking & Adjustments
- Click Add Concession link at the bottom right of page and complete the form to request a concession
- Select Approver A as the "Concession Approver"
- Enter a concession amount that is a negative value
- VERIFY system allows Loan Officer 2 to save the concession that is a negative value
- Log out and log in as Approver A
- Navigate to Locking & Adjustments
- Open the Concession Request
- In the Concession Request window, enter '0' into the Concession Amount field select Approve
- VERIFY system allows Approver to approve the concession request with amended concession amount
Corresponding Feature(s): 483884
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