Ability to manually adjust points on the Details of Transaction page

Date Available:

Beta 5/23, Prod 6/20

Which customers are impacted?:

Customers using the Details of Transaction page in Blend. This feature was built for mortgage applications only, and will only impact the lender application.

How to turn on:

This feature will be automatically enabled for all customers on the dates listed above. Note: for customers who do not wish to have the ability for LO users to make manual points adjustment changes, Blend supports configuring certain fee items to be read-only, so this setting can be applied to the points fee.

Purpose of Update and Benefit:

The benefit of this update is to allow LOs, when the circumstance arises, to adjust the points on a mortgage application either positively or negatively. This feature will allow users to open a modal when they want to modify the points on a mortgage application. In this modal, LOs will be able to add a credit or fee that counts toward the total points amount, and select the points adjustment reason. Lenders can configure the max positive or negative points adjustment allowed, as well as the dropdown options for the points adjustment description.

Current Behavior:

On the Details of Transactions page, a user can make adjustments to lower the total points by adding Origination Credit. They can only add this as a credit, and not make necessary corrections by adding it as a fee. On the Details of Transaction page, there is an input field that allows points to be modified.

New Behavior:

LO users will be able to make changes to the points by setting a “manual points adjustment”, which allows either a positive or negative value:

• A negative value will be considered a credit reducing the total points paid by the borrower or increasing the total credit given to the borrower.
• A positive value will be considered a fee increasing the total points paid by the borrower or decreasing the total credit given to the borrower.

Loans that originally had an “Origination Credit” populated in the Details of Transactions page will have the Origination Credit value inverted and converted into “Manual Points Adjustment” (i.e. previously a Origination Credit of 0.5% will become a Manual Points Adjustment of -0.5%).

There is a new user-friendly modal, where the max amount the LO can change the points can be configured, and a description of the reason for the modification can be added (with configurable options). By default, the min and max points adjustment will be set to +/- 0.75% of the total loan amount, and the following modification reasons will be available:

• Competitive Offer
• Pricing Error in Quoting Loan
• Private Wealth Management
• Base Price Rounding Adjustment
• Section 35 Test Failure
• Third Party Closing Costs
• Operational Error
• None Available

The defaults can be adjusted - please contact your Blend representative or Blend Support for assistance with your desired changes and this can be configured for you.

Manual point adjustments will be included in the Blend MISMO export as follows (the FeeEstimatedTotalAmount is the sum of both the Points and ManualPointsAdjustment dollar amounts combined):

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