Support for temporary buydown products

Date Available: Beta 1/23, Prod 2/20

Which customers are impacted?: 

Any customer that uses Blend for product selection. 

How to turn on:

• This feature will be automatically enabled for all customers on the dates listed above.

Purpose of Update and Benefit:

This release will add support for temporary buydown specialty loan types.

Current Behavior:

Currently, temporary buydown loans are not supported. 

New Behavior:

Now available, temporary buydown loans are supported. To access this feature, the user must select “Yes'' for the specialty loan field in the loan information section of the lender application. Once selected, there is a specialty “Loan type” dropdown and option to select “Temporary Buydown.” If “Temporary Buydown” is selected, additional fields and questions will populate.

Additionally, there are both UI and Mismo changes with this feature. The added Mismo fields are seen as below: 

• BuydownTemporarySubsidyFundingIndicator (included in both DU and LPA)
• BuydownInitialEffectiveInterestRatePercent (included in both DU and LPA)
• FundsSourceType (LPA only)
• BuydownDurationMonthsCount (LPA only)
• BuydownIncreaseRatePercent (LPA only)

Currently, these details can only be provided via manual entry in the application page. Populating these fields via the product and pricing integration workflow is not yet supported, but will be coming at a later date.

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