Account for “Other assets” in Blend

Beta 03/07, Prod 04/04

Which customers are impacted?: Any customer that uses loan structuring and fees in Blend.

How to turn on: This feature will be automatically enabled for all customers on the dates listed above.

Purpose of Update and Benefit:

Items added to the “Other Assets” section of the lender application will impact the Details of Transaction - some will reduce the cash to close and some are actually considered assets. Currently, the Blend UI for loan structuring and the Details of Transaction (DoT) page is not accounting for the Other Assets values. This release will update the DoT calculations so that they match AUS calculations.

Current Behavior:

We currently pass the Other Asset item as either a purchase credit or asset in the MISMO. This is correct per DU and LPA specs.

New Behavior: 

Other Assets that are considered Purchase Credits will be subtracted from Blend’s Cash to Close total value. The total value of these credits will be Included in a new line item called “Other purchase credits” under the “Other details of transaction” section of the DoT page. This value will be a negative value within parentheses. 

This value will carry over to the Loan Cost Worksheet, and will appear in the “Other purchase credits” line item under the “Credits” section. This will also be a negative value within parentheses.

For all “Other Assets” types that are counted as an asset, these will be added to the Total Assets value in Blend. 

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