Manual down payment inputs

Date Available: 

Available now, opt-in

Which customers are impacted?: 

Any customer that uses the lender application in Blend. This will apply to mortgage applications only.

How to turn on: 

This will not be automatically enabled for our customers. It will be available beginning on the dates listed above. If you’d like to take advantage of this functionality, please contact Blend Support or your Blend representative.

Purpose of Update and Benefit: 

Blend is separating the logic of the Source(s) of down payment section from the Down payment total field. Previously, these two were connected and it prevented loan team users from being able to save the loan if the values did not match. With this change, Blend is removing this requirement to allow loan team users greater flexibility in accounting for down payment sources.

This release is optional for customers, and will apply to the lender application and LO Mobile if enabled. This will apply to mortgage applications only.

Current Behavior: 

The Sources of down payment section is tied to the down payment total. Loan teams cannot save the application if the total sum of the sources of down payment do not equal the Down payment total value in the Loan terms section of the lender application.

New Behavior: 

If enabled, loan teams will be able to enter any number of down payment sources with any value, regardless of the amount entered into the Down payment total field. Loan teams can input a source of down payment that is less than or greater than the down payment total. The Down payment total field will continue to be calculated based on the values entered in Purchase price and Loan amount fields, but it will not change based on the amounts entered into the Source(s) of down payment section.

Loan teams will also see a new field on the right side of the application page that will keep a running sum of all the sources of down payment that are entered into this section.

This new functionality will apply to the LO Mobile application as well.

If the Source of down payment is Cash Gift, Gift of Equity or Grant Funds Deposited and Funds deposited = “No”, the value of “Expected Amount” will be added to the Total Assets in Blend. If Funds deposited = “Yes,” Blend will not add it to the Total Assets in Blend, as it will be assumed that the Amount is included in one of the other sources of down payment.

These changes only affect the lender application on desktop and LO Mobile. If a borrower enters a down payment in the borrower app, that value will be added to the Source(s) of down payment section and default to “Checking Account.” Once the borrower submits the application and lenders are able to edit it in the lender application, they will be able to make adjustments to the amount, type, and number of down payment sources.

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