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Date Available: Beta 9/5, Prod 10/3
Which customers are impacted?: Customers who process government loans in Blend, and who use the Details of Transaction page and Loan Cost Worksheet.
How to turn on: This feature will be automatically enabled for all customers on the dates listed above.
Purpose of Update and Benefit:
Our prepaid interest calculation in the DoT page currently uses the base Loan Amount. This causes confusion for government loan programs, where fees can be financed into the loan amount. This release will change the calculation so that Total Loan Amount is used in calculations for prepaid fees, which will provide more accurate calculations for government loans in the Details of Transaction page. Blend will also show Total Loan Amount in the DoT page for government loans.
Current Behavior:
Our calculated prepaid interest logic references the base loan amount in calculations, and Total Loan Amount does not appear in the DoT page.
New Behavior:
In the DoT page, the Prepaid interest value will use the Total Loan Amount in its calculation.
Loan teams will also see a new field in the Loan Information box showing the Total Loan Amount. This value includes the base loan amount, plus the financed fee for the loan.
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