Fees in Loan Scenarios

Now, Opt-in

Which customers are impacted?:
This release will impact customers configured Loan Scenarios in Blend. If customers have configured their environments to share Loan Scenarios with borrowers, then borrowers will see changes to the UI in the Loan Options tab. Otherwise, the changes are reflected only in the lender-side Scenarios tab. 

How to turn on: 

This will not automatically be turned on for our customers. It will be available beginning on the dates listed above. If you’d like to take advantage of this functionality, please email support@blend.com.

Purpose of Update and Benefit:

This release improves the ability for loan teams to manage different loan scenarios. Loan teams can now pull pricing, fees, and mortgage insurance (MI) separately for each individual loan scenario. Loan teams will also be able to manually edit some fees through a new Pull fees modal that’s tied to each loan scenario. This will allow lenders to maintain and tweak multiple loan options that fit a borrower’s needs. Additionally, if/when a new scenario needs to be applied, the changes made to each scenario will carry over to the loan application. 

Current Behavior:

Currently, the fees on the Details of Transaction (DoT) page are not linked to loan scenarios. Loan Scenarios only pulls fee data from the pricing engine, and if there are any fees that are pulled from Optimal Blue, then those are included in the closing costs. Otherwise, loan scenarios will not show fees.

New Behavior:

The major changes with this release are outlined below:

1. Ability to pull fees and private mortgage insurance for each loan scenario 

   1. Loan teams will be able to pull fees and MI per loan scenario, and will be able to edit fees for each scenario (similar to existing functionality for the DoT page).

2. View the full summary of cash to close for each loan scenario

3. Any changes made to fees in the loan application’s DoT page will be automatically updated in the selected loan scenario

4. If a user selects a new loan scenario, any fees pulled and associated with the new scenario will be applied to the application

5. The UI for borrower loan scenarios will be updated to be similar to what loan teams see in the lender application

   1. Line items and values and their overall order will match the lender-side loan scenarios.

   2. There are other UI changes that bring the borrower scenarios into parity with lender scenarios.

   3. This only applies if the lender has enabled the ability to share loan scenarios with borrowers.

Note: In some cases, loan scenarios that were created prior to this feature being enabled may not be able to automatically calculate APR. In these cases, lenders will need to recreate the loan scenario in order to have the APR appear in the scenario. 

For a more detailed walkthrough, access the Loan Scenarios product guide. 

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