Adjust Sales Contract Amount in MISMO for Construction Loans

03/29 Production Release

Purpose of Update and Benefit: 

This change fixes an issue with construction loans not populating properly in Encompass for some customers. 

Current Behavior:

SalesContractAmount = Purchase Price of Lot, regardless of whether the borrower owns the lot or not.

New Behavior:

When this configuration is enabled, the following changes will be made in the MISMO: 

• If borrower does NOT own the lot, SalesContractAmount = Purchase Price of Lot + Construction Costs

• If borrower DOES own the lot, SalesContractAmount = 0

The changes are limited to construction loans only.

Encompass Integration: If SalesContractAmount (Purchase Price) = 0, we will also remove the down payment amount to ensure Encompass calculations on these two fields do not run.

0 Votes