There are two ways to add pricing to a loan:
Optimal Blue pricing engine
Optimal Blue is a pricing engine, it stores all loan rates offered by the lender. Loan officers can search the database of fees based on the criteria of the application. Optimal Blue is only available to customers who have Optimal Blue.
Pricing - Optimal Blue
1. Click Select Product from the Toolbar on the Application page.
2. The following fields will pre-populate from the application page, if information is entered:
- Property value
- Loan amount
- Mortgage type
- Citizenship status
- Property type
- Property usage type
- Number of units
- FICO score
DTI is entered with the initial DTI value if it is available. Fill out any remaining information.
3. Click Search. Pricing screen will display search results.
- DTI will not auto-populate for customers without POS
- FICO score pre-fills with the median score of the "primary borrower" if credit is already pulled
- If any required information is missing, the system will prompt you
- If you do not have Optimal Blue, please proceed to the Manually entered pricing section
a. Product name: Rates are sorted into products.
b. Credit/Costs (%): This represents points. 0 means par rate.
c. Credit/Costs ($): A negative amount means the borrower is paying this amount. The positive amount means the lender is paying.
d. Monthly payment: When monthly payment is selected, it will be surfaced in the toolbar on the application page.
e. View details: Click to see details of the loan and pricing.
4. Select the desirable product to expand search results for that product.
5. Select the desired product.
6. Click Select.
Note: You can re-run the search and select different pricing at any time.
Pricing details after product selection
After product selection through Optimal Blue, the pricing details surface back on the Application page. You will see the following:
a. Product details are automatically updated and displayed in the Toolbar. You can re-run the search and select different pricing at any time.
Loan Product section
b. After running Optimal Blue, the manual pricing section is locked. The only way to edit this section is to re-run pricing and select a different product.
c. DTI updates to reflect the new pricing.
d. Monthly payment is updated with the pricing selected from Optimal Blue.
Manually entered pricing
Manually entered pricing is available without needing any pricing integrations. Loan Officers can just fill in the desired information on the application, under the Loan product section.
LOs have access to multiple loan products, which they can fine tune to match their borrower’s goals, needs, and situation. When a new product is selected in the Optimal Blue Pricing engine, it will show up here.
Loan Scenarios can be created two ways.
Scenario Tab - within a loan application
1. Click Scenarios tab.
2. Click Add a new scenario. Once scenario is created, you'll be able to edit and compare different loan scenarios. You will also have an option to share the loan scenarios with your borrowers.
Pipeline view - Check rates
1. Click Check rates on the Pipeline view.
2. Make your selection from Purchase or Refinance in the dropdown menu
Note: This option is for applications not yet created. It can be used for potential leads as well.
Conduct a pricing search to reach an updated pricing page. To select a different rate for the product, click on the interest rate link.
Clicking “Create New Application” will save these scenarios to a new loan.
3) From the Select Product button on the application page
If the user clicks Select Product on the Application page as before:
The user can still click Select Product at the end of the pricing search to update the product. However, the user is now also presented with the ability to add any product as a new scenario.
DISCLAIMER: All mentioned features on this page may not be applicable to your institution, please reach out to (email@example.com) for more information on what features are enabled for your use.