Updates to the Pricing Flow for Borrowers
Different pricing quotes can be shared based on the borrower's progress in the loan application lifecycle. The latest feature enhancement enables users to link pricing quotes and scenarios to loan application files. This guide will cover the various types of pricing and how to view and manage a borrower's quotes through the loan application. Read here for an overview of the pricing statuses.
- Initial Pricing
- A general estimate of pricing based on current market conditions. It is intended to be a reference and is subject to change. Initial pricing quotes do not need to be linked to a loan application.
- Pre-Approved Pricing
- These quotes are based on a completed analysis and are approved and selected by the Deal Desk. They provide more reliable figures than initial pricing and are used for final review, disclosures, or locking. Originators can only select quotes with the pre-approved status once the Deal Desk scenarios are submitted.
- Ready to Lock
- The Deal Desk team will mark the pre-approved scenario as ready to lock when the borrower has all required documents, including the purchase contract. Once quotes are ready to lock, the borrower or originator can submit a lock request.
Issuing Initial Pricing
You can start a pricing search for initial pricing from the loan pipeline page, the pricing search in the side menu, the loan quotes tab within the loan application details, or the client details page. Clicking "price this loan" from the loan pipeline will automatically open up pricing with the client and the loan linked to the pricing scenario.
Loan Pipeline View: See the option for pricing the loan when you hover over the loan
Loan Quotes Tab: If no quotes are linked to the loan, there is an option to price directly from here
Pricing Search: Linking pricing to a loan file from the top of the pricing search
Once quotes are selected, you can share them with the borrower. At this stage, these quotes are considered "initial pricing" since they occur before the Deal Desk analysis. There is no limit on the number of scenarios that can be shared with a client (though only three quotes per scenario can be shared).
Pricing search > share selected initial pricing quotes with the borrower
Loan Application View > Loan Quotes Tab with new initial pricing quotes shown
Selecting Pre-Approved Quotes
Once the Deal Desk has reviewed the borrower's file and completed the initial analysis, the processing team will create a pre-approved pricing scenario based on what the borrower qualifies for. As the originator, you can choose quotes from the selected and approved programs. Once pre-approved quotes are shared with the borrower and linked to the loan, all initial pricing quotes are automatically archived.
The Loan Quotes tab will show that the Deal Desk analysis is complete, and pre-approved quotes can be selected and shared
The pricing search shows the pre-approved programs and the search parameters cannot be edited since they are set by the Deal Desk.
The pricing search results show the programs shared by the Deal Desk. The originator can only select quotes from these programs.
View of the Loan Quotes tab once the pre-approved pricing has been submitted. All other initial quotes are archived.
Ready to Lock
Once a loan is marked ready to lock (currently only something the processing team can do), the originator or the borrower can request a lock.
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