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Enhancements to Pricing Concessions

Charlie Gunn
  • Updated

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

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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.

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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.  

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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. 

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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.

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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 mceclip7.png. 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

  1. Log in to oPOS/TPO as Loan Officer 1
  2. Create a new loan application
  3. Search for rates and apply a loan product
  4. Open the loan menu and select Locking & Adjustments
  5. 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”)
  6. VERIFY the “Price Concession – Requested” entry appears in the “Price Concession Status” table and not the “Loan Officer Table of Adjustments” table 
  7. VERIFY the requested concession is not included in the final LO price
  8. Request disclosures
  9. VERIFY the requested concession does not appear on the disclosures
  10. Log out of the loan as loan officer 1
  11. Log in as Approver A and open the loan
  12. Open the loan menu and select Locking & Adjustments
  13. Select the Concession Request from the Price Concession Status table
  14. Click the Approve button
  15. VERIFY the previous “Price Concession – Requested” entry now appears as “Price Concession – Approved”
  16. 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 
  17. VERIFY the approved concession is included in the final LO price
  18. Request disclosures
  19. VERIFY the approved concession does appear on the disclosures
  20. Return to the Locking & Adjustments page
  21. 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
  22. VERIFY the approved concession is not included in the final LO price
  23. Request disclosures
  24. VERIFY the approved concession does not appear on the disclosures
  25. Log out of the loan as Approver A

Use Case #2: Floating, Denied

  1. Log in to oPOS/TPO as Loan Officer 1
  2. Create a new loan application
  3. Search for and select the same loan
  4. Open the loan menu and select Locking & Adjustments
  5. 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”)
  6. VERIFY the “Price Concession – Requested” entry appears in the “Price Concession Status” table and not the “Loan Officer Table of Adjustments” table 
  7. VERIFY the requested concession is not included in the final LO price
  8. Request disclosures
  9. VERIFY the requested concession does not appear on the disclosures
  10. Log out of the loan as loan officer 1
  11. Log in as Approver B and open the loan
  12. Open the loan menu and select Locking & Adjustments
  13. Select the Concession Request from the Price Concession Status table
  14. Click the Decline button
  15. VERIFY the previous “Price Concession – Requested” entry now displays as “Price Concession – Denied”
  16. 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
  17. VERIFY the denied concession is not included in the final LO price
  18. Request disclosures
  19. VERIFY the denied concession does not appear on the disclosures

Use Case #3: Approve & Reassign Button

  1. Log in to oPOS/TPO as Loan Officer 1
  2. Create a new loan application
  3. Search for and select the same loan
  4. Open the loan menu and select Locking & Adjustments
  5. 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”)
  6. VERIFY the “Price Concession – Requested” entry appears in the “Price Concession Status” table and not the “Loan Officer Table of Adjustments” table 
  7. VERIFY the requested concession is not included in the final LO price
  8. Request disclosures
  9. VERIFY the requested concession does not appear on the disclosures
  10. Log out of the loan as loan officer 1
  11. Log in as Approver B and open the loan
  12. Open the loan menu and select Locking & Adjustments
  13. Select the Concession Request from the Price Concession Status table
  14. VERIFY the “Reassign” button appears and is disabled
  15. Select Approver B from the Concession Approver drop down
  16. VERIFY the “Reassign” button is enabled
  17.  Click the “Reassign” button
  18. VERIFY the concession modal closes automatically
  19. VERIFY Approver B receives the Price Concession Requested email
  20. Log out and log in to the loan as Approver A
  21. Return to the price concession request window
  22. VERIFY Approver B appears as the Concession Approver
  23. Select Approve
  24. VERIFY the concession modal closes automatically
  25. Click the concession link again to open the concession modal window
  26. VERIFY Approver A now appears as the “Concession Approver”
  27. VERIFY Approver A received the Price Concession Approved email
  28. VERIFY Loan Officer 1 receives the Price Concession Approved email

Use Case #4: Decline Button

  1. Log in to oPOS/TPO as Loan Officer 1
  2. Create a new loan application
  3. Search for and select the same loan
  4. Open the loan menu and select Locking & Adjustments
  5. 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
  6. VERIFY the “Price Concession – Requested” entry appears in the “Price Concession Status” table and not the “Loan Officer Table of Adjustments” table 
  7. VERIFY the requested concession is not included in the final LO price
  8. Log in as Approver B and open the loan
  9. Open the loan menu and select Locking & Adjustments
  10. Select the Concession Request from the Price Concession Status table
  11. VERIFY the “Approve” and “Decline” buttons appears and are enabled
  12. Click the Decline button
  13. VERIFY concession modal closes automatically
  14. Click the concession link again to open the concession modal window
  15. VERIFY Approver B appears as the “Concession Approver”
  16. VERIFY Approver B receives the Price Concession Declined email
  17. VERIFY Loan Officer 1 receives the Price Concession Declined email

Use Case #5: Concession Request/Approval Limits

  1. Log in to oPOS/TPO as Loan Officer 2
  2. Create a new loan application
  3. Search for and select the same loan
  4. Open the loan menu and select Locking & Adjustments
  5. 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
  6. VERIFY system allows Loan Officer 2 to save the concession that is greater than the Concierge Maximum price concession amount (Level 1) value
  7. Log out and log in as Approver A
  8. Navigate to Locking & Adjustments
  9. Open the Concession Request
  10. VERIFY: the Approve button is disabled
  11. Log out and log in as Approver B
  12. Navigate to Locking & Adjustments
  13. Open the Concession Request
  14. VERIFY the Approve button is enabled
  15. Select the Approve button
  16. VERIFY system automatically closes the modal window
  17. VERIFY concession appears on Locking & Adjustment page as “Price Concession – Approved”
  18. Click the concession link
  19. VERIFY Approver B is listed as the Concession Approver

Use Case #6: Concession Request/Approval Limits

  1. Log in to oPOS/TPO as Loan Officer 2
  2. Create a new loan application
  3. Search for and select the same loan
  4. Open the loan menu and select Locking & Adjustments
  5. 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
  6. VERIFY system allows Loan Officer 2 to save the concession that is a negative value
  7. Log out and log in as Approver A
  8. Navigate to Locking & Adjustments 
  9. Open the Concession Request
  10. In the Concession Request window, enter '0' into the Concession Amount field select Approve
  11. VERIFY system allows Approver to approve the concession request with amended concession amount

Corresponding Feature(s): 483884

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