Update APR for recent loan scenarios with fees release

Date Available:

Available now in beta and prod

Which customers are impacted?:

Any customer who has previously enabled the optional Fees in Loan Scenarios feature enhancement (previously announced in March 2023).

How to turn on:

This is already available for customers who have enabled the Fees in Loan Scenarios feature. Purpose of Update and Benefit: In March this year, we sent out release notes on a loan scenarios enhancement. We added the ability for customers to pull fees on loan scenarios, which they couldn't do before.

One piece of feedback that we heard from multiple customers was the concern around showing two different APR values - one was the value pulled directly from the pricing engine and the second "APR with fees" was our calculated APR which included the additional fees. Due to this feedback, we have now updated the APR in both the lender and borrower UI so that we only present one APR. This is only applicable to customers who have enabled the Fees in Loan Scenarios feature in their environment(s). This release was optional.

Current Behavior:

For customers with the Fees in Loan Scenarios feature turned on, there are two APR values in the lender and borrower UI.

This is what lender users see:

This is what borrowers users see:

New Behavior:

Currently, if Fees in Loan Scenarios is enabled, there will only be one APR presented for both the lender and borrower UI. Additionally, the following changes have been implemented:

• “Rate / APR” has changed to “Interest Rate” in both the borrower and lender UI
• “APR with fees” has changed to “APR” in both the borrower and lender UI

This is what lender users will see (if fees have not been pulled on that scenario):

This is what borrower users will see:

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