Updating REO joint ownership structure

Date Available: Beta 6/18, Prod 7/30

Which customers are impacted?: Any customer that uses the lender application to process mortgage applications.

Required?: Yes, this is a required release. Required releases are features that Blend wants to standardize in our codebase, and typically do not require additional configuration. 

How to turn on: This feature will be automatically enabled on the dates listed above.

Purpose of Update and Benefit:

This update simplifies the process of indicating joint property ownership by eliminating the "Joint with" checkbox. Instead, users can now directly select all additional property owners, starting with the primary owner in cases of joint ownership between two borrowers.

Moreover, this release introduces the ability to specify joint ownership across both sharing and non-sharing borrowers, paving the way for future support of three or more borrowers.

While no changes have been made to the borrower interface, the updated data model impacts both borrower and lender functionalities. For instance, if two borrowers declare joint property ownership on their application, the lender interface will reflect the new user interface. However, this change will only affect new applications after the feature flag has been activated; existing applications with joint REO ownership will continue to display the old interface in the lender app.

Current Behavior:

Currently, we have a binary data model that either indicates a property is joint or is not joint. 

New Behavior:

Available soon, users can directly select all additional property owners, starting with the primary owner in cases of joint ownership between two borrowers.

In the real estate owned section, select to add real estate information. 

From here, users can select a primary owner. As mentioned in the screenshot, users will still be able to add additional joint owners once a primary owner is selected. 

Lastly, the REO will generate and the user will input their information. As seen in the screenshot above, the user can choose to add additional property owners to the REO. To add another REO, the user will simply select to “add real estate” as shown in the first screenshot. 

0 Votes