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Date Available: Available now for beta and production environments, opt-in
Which customers are impacted?: Customers who have enabled Blend’s Private Mortgage Insurance integration in their environment(s).
How to turn on: This will not be automatically enabled for our customers. If you’d like to take advantage of this functionality, please email support@blend.com.
Purpose of Update and Benefit:
Blend’s Private Mortgage Insurance integration is configured such that the mortgage insurance quote is requested at the same time that a pricing call is attempted in Blend. If a loan that requires mortgage insurance fails to generate a quote during the pricing call, the loan product(s) that are returned in the pricing call will be deemed ineligible and appear in the “Ineligible” tab in the search results page.
There is now a new configuration that will allow loans to appear in the Eligible tab of the pricing search results page despite failing to return a mortgage insurance quote. Loan officers will be able to add loan products to the loan in Blend, and then address the reasons behind the failed mortgage insurance quote separately. This is an optional configuration that is applicable to customers who have already enabled the Private Mortgage Insurance feature in their Blend environment(s). Please reach out to Blend Support or your Blend representative to enable this new configuration or to learn more about Private Mortgage Insurance in Blend.
Current Behavior:
If Private Mortgage Insurance fails to generate a quote during the pricing search, an error appears in a banner at the top of the search results page, and loan products will appear in the Ineligible tab. Loan team members would need to click on the “Ineligible” tab to see the loans that couldn’t pull PMI, click on the “View details” next to one of the Ineligible loans to see why PMI could not be returned, and resolve those issues so that PMI and pricing can be run together.
New Behavior:
If enabled, loan team members will be able to add loan products to loans in Blend even if the mortgage insurance quote fails. Loan team members will see a message at the top of the pricing results screen letting them know that some of their products failed to retrieve mortgage insurance quotes, and a triangle icon will appear in the “EST. MORTGAGE INSURANCE” column.
Hovering over the icon will instruct loan team members to click on the “View Details” link (in the rightmost column) to get more details on why the mortgage insurance quote failed.
The reason for the failure will appear in the Loan Details modal.
From here, loan teams can select a loan product and apply it to the loan. They can then use the controls in the Monthly Debt page to pull another mortgage insurance quote after the reasons behind the failure have been addressed.
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