Create > Scenario Pricer
Forms and Docs > Scenario Pricer (Lead and Loan level)
Scenario Pricer allows users to enter basic information about a borrower and run a search for all the products that the borrower qualifies and disqualifies for.
When accessing Scenario Pricer through the Create menu (top navigation), a blank template will appear to manually enter scenario parameters. If Scenario Pricer is accessed on a lead/loan level, data will transfer from existing information to populate the correlating fields.
Scenario Pricer contains 7 sections to input information. The Expand All button will open every section in Scenario Pricer. The Collapse All button will collapse the seven sections, allowing one section at a time to be selected for expansion.
The top left corner will display the Originator’s name when logged in as an Originator and Institution name, ID, address and telephone number. Located within the title bar of each section will be the option to expand and retract the information within.
A note to the far right of the page will notify users that “Fields marked in red are required; all others are optional.”
Borrower Information:
This section will contain pertinent Borrower and Co-Borrower Information such as first and last name, borrower generation, and credit score.
The Borrower Credit Score will auto populate if a credit report has been pulled. The Borrower No Credit Score field will display No if there is a credit score and Yes should be chosen from the drop-down list if there is not a credit score. If Yes is selected the Borrower Credit Score field will close.
Add the additional Co-Borrower information, if applicable. This section is not required.
The Representative Credit Score field identifies whether the Borrower or Co-Borrower credit score is being used.
Select the Citizenship Status via the dropdown.
Note: Citizenship status choices may vary depending on set-up.
Property Information:
Select the state from the drop down menu.
To choose a county click the blue Choose County hyperlink located in the County field. The counties will be based on the selected state.
Property Type, Occupancy Type, and Units are chosen via the drop-down menu.
Loan Information:
If Refinance is selected in the Purpose of Loan field, the Purpose of Refinance field will open, allowing users to select the purpose as well as the Purchase Price will no longer be required.
Marking the Buydown field as Yes will enable the Buydown Plan field and Contributor field allowing for user selection.
If Interest Only is selected as Yes, the Interest Only Period field will be required for completion.
If the MI field is selected as Yes, the MI Coverage field will become enabled, allowing for coverage selection from the drop menu to be selected.
The LTV, CLTV and HCLTV fields will auto populate based on the input loan details.
Originator Compensation can also be selected (Lender or Borrower Paid) however is not a required field.
The Underwriting Method field contains a drop-down list of administration dictated choices.
Tip: Although not highlighted in red, the Underwriting Method field can be a required field depending on the eligibility grids created.
Construction/Construction Permanent Only
If the Purpose of Loan field is marked as Construction
or Construction-Permanent, the Construction/Construction Permanent Only
section will be enabled. This section allows for additional information
when filtering the products offered.
Other Lock Information
This section allows for additional lock information to be input. By entering an amount into the Origination Fee % field and/or the Origination Fee $ field the Origination Fee auto-calculates.
Credit Information
When expanded, some fields will show as required. This section allows for information about Mortgage/Rental history, whether a borrower has been foreclosed upon, whether the borrower has declared bankruptcy as well as a credit grade selection.
Search Filters:
Allows for additional filtering of available products based on Loan type (Government, Conforming, Non-Conforming), Lien Type, Amortization Term and Type, Lock Period, and so on.
If any filters are selected and a product does not match that criteria, the product will not display.
The Loan Type field allows for specifications of loan types and products associated.
The Lien Type field allows for specification of lien types.
The option to filter using the Amortization Term and Amortization type are available as well as specifying a Lock Period.
When the Filter 1 Type field has a choice selected from the dropdown list, the Filter 1 Value becomes a required field. Enter the value that matches the criteria specified in the Filter 1 Type field.
If the Filter 1 Type field has a choice selected from the dropdown list, the Filter 2 Type field will be enabled. When the Filter 2 Type field has a choice selected from the dropdown list, the Filter 2 Value becomes a required field. Enter the value that matches the criteria specified in the Filter 2 Type field.
Tip: If the Filter Types are being utilized, the Lock Period field will be required.
After populating all required fields click the Product Selection button located at the bottom right side of the page. To cancel newly input information click Cancel at the bottom of the page.
Clicking Product Selection will display nine expandable tabs. The information within the tabs will be in a read only format. To update any of the information click Modify and Resubmit at either the top or bottom of the screen. This will go back to the editable fields screen of Scenario Pricer.
Qualified Products
Products listed in this section are products that meet the criteria of the borrower. Program is the grouping or category of the product. Product Code is an abbreviated version of the product. Product Name is the name of the product. Guide is a hyperlink that will open a new browser window and display the attached URL.
Note: Guides are created on the administration site.
To view pricing for a qualified product click the blue hyperlink that displays the Product Code. When clicked the product name will display at the top of the screen. Below that the daily rates for that product will appear. Listed will be the Note Rate as well as the Lock Period Days. Adjustments are also seen from this page.
Tip: Fly outs can be utilized by having the correlating user permissions. Fly outs display the monthly payment when hovering over the Note Rate as well as the Base Price Gain/Loss and Net Price Gain/Loss when hovering over the Lock Period days.
Listed below the pricing will be additional options:
· Save/Close will save the information but take the user to the Loan Dashboard.
· Lock will open the Lock screen (See Lock for further details).
· Return will display the previous page where another product can be selected.
· Proceed to App will open the 1003.
· Register will open the Register screen (See Register for further details).
· Cancel will remove input information and display the Loan Dashboard.
Disqualified Products
Products listed in this section are products the borrower did not qualify for. Program is the grouping or category of the product. Product Code is an abbreviated version of the product. Product Name is the name of the product. Guide is a hyperlink that will open a new browser window and display the attached URL.
To view why the borrower did not qualify for a product, click the Product Code. The reason behind the disqualification will be written in red.
Listed below the disqualification reason are additional options:
· Lock will open the Lock screen (See Lock for further details).
· Return will display the previous page where another product can be selected.
· Register will open the Register screen (See Register for further details).
· Cancel will remove input information and display the Loan Dashboard.