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Date Available: Beta 3/28, Prod 4/25
Which customers are impacted?: Any customer that uses loan structuring and links REOs.
How to turn on: This feature will automatically be turned on for all customers on the dates listed above.
Purpose of Update and Benefit: There are two ways that loan team members can indicate that an existing REO mortgage payment will be paid off. One is via the “Omit/Paid” option in the Monthly Debt page.
The other is through the “Will be paid at close” toggle in the Mortgage payments subsection in the REO section.
Currently, these two indicators need to be set separately and do not reflect each other. With this release, we are linking these two indicators so that making the selection in one place will update it in the other.
Current Behavior: While you can currently link liabilities, the paid-off status is not linked.
New Behavior: When enabled, if a loan team member links a liability on the Monthly Debt page to an REO and indicates that the liability will be paid at close, then the “Will be paid at close” toggle in the REO section will flip to "Yes" for the linked REO. Accordingly, if a loan team member flips the toggle to “Yes” on the REO and then links the liability, the liability will automatically show as “Will be paid off” on the monthly debt page.
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