Loan Comparison allows the user to compare three different loan scenarios. Users can access and edit the Loan Comparison screen before and after the loan has been finaled with the applicable user rights (noted below) by clicking Loan Comparison from the left-side navigation under Forms & Docs.
The Loan Comparison > Saved Scenarios screen displays a listing of the saved loan scenarios. The list includes the Scenario Name and Created/Last Saved/Last Quote date and time. Mark the Compare check box to include up to three loan scenarios in the loan comparison. Click Edit Scenario hyperlink to return to the Scenario Detail screen to modify the loan scenario. Click Set as Current Scenario hyperlink to assign the loan scenario as the current scenario. Click Refresh Quote to update the Product Search details in the Income, Housing and Liabilities section on the Scenario Detail screen. Click Copy Scenario hyperlink to create a copy of the loan scenario. Click Delete Scenario to delete the loan scenario from the list of Saved Scenarios.
Click Add New Scenario to create a new Loan Comparison scenario.
Click Cancel to discard all changes made to this screen and return to the Loan Dashboard.
Click Compare after marking the Compare check box for up to three loan scenarios.
When you click Add New Scenario, the Scenario Detail screen opens. The Scenario Detail screen is divided into the following four sections:
· Borrower Information
· Loan Information
· Construction/Construction Permanent Only
· Income, Housing and Liabilities
Borrower Information section is divided into the following two subsections.
· Borrower subsection has the following editable fields: First Name, Middle Initial, Last Name, Generation, SSN, Date of Birth, Credit Score, Email Address, Home Phone, Work Phone, Cell/Alt Phone, Fax, Present Address (Street, City, State, Zip), and Mailing Address (Street, City, State, Zip). Click Add Co-Borrower to add co-borrower information.
· Aggregate Borrower Information subsection has the following editable fields: Bankruptcy, Representative Credit Score, Foreclosure, and First Time Homebuyer.
Loan Information section is divided into the following four subsections.
· Mortgage Basics subsection has the following editable fields: Name, Product, Lien Type, Mortgage Type, Term, Interest Rate, Employee Loan, Purpose of Loan, Purpose of Refinance, Estimated Balance on Home, and Approx Monthly Mtg Payment.
· Property Information subsections has the following editable fields: Property Type, Occupancy Type, State, County, Stories, Units, HUD Repo, New Construction, and Warrantable.
· Financials subsection has the following editable fields: Sales Price, Appraised Value, Base Loan Amount, Financed PMI/MIP/VAFF, Cash Out, Subordinate Financing LIAB, Subordinate Financing DOT, Closing Costs from 2nd Lien, and New First Mortgage Amount. Total Loan Amount, LTV, CLTV, Down Payment %, and Down Payment $ calculate and display automatically in the Financials subsection.
· Loan Options subsection has the following editable fields: Underwriting Method, LPMI, Escrow Waiver, Doc Type, Interest Only, MI, Escrow Waiver Type, Interest Only Period, and MI Coverage.
Construction/Construction Permanent Only section can be expanded and has the following editable fields: Construction Type, Renovation, Present Value of Lot, Cost of Improvements/ Construction Costs, Date Lot Acquired, Initial Construction Close Date, and Application Date.
Income, Housing and Liabilities section displays product and rate information. Click Product Search to see a list of products and rates that qualify.
Tip: Fields marked in red are required; all others are optional.
Tip: Some fields are disabled and not editable and become editable when certain selections are made based on the loan scenario parameters.
Click Save/Close to save the information entered on this screen and return to the Loan Comparison > Saved Scenarios screen.
Click Cancel to discard all changes made to this screen and return to the Loan Comparison > Saved Scenarios screen.
Click Import from Lead/Loan to import the data from the Lead/Loan application.
When you click Compare, the Scenario Comparison screen opens. The Scenario Comparison screen displays General Loan information that includes the Loan Originator Name, Borrower First Name, and Borrower Last Name. The next section displays the Scenario Name below the headings for Scenario 1, Scenario 2, and Scenario 3 depending on the number of loan scenarios included in the loan comparison. The remaining sections include the Borrower Information, Loan Information, Property Information, Financials, Loan Options, Product, Pricing, and Closing Costs, and Closing Costs Summary with fields that automatically populate based on the information entered for each of the loan scenarios included in the Loan Comparison.
Click Return to return to the Loan Comparison > Saved Scenarios screen.
Click Print to open a printable version of the Scenario Comparison.