Non-TRID Appraisal Value Field for Refinance Pricing

Date Available: Beta 6/24, Prod 7/22

Which customers are impacted?: Lenders who opt in to the non-TRID property value configuration for refinance.

Required?: No, opt-in.

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 email support@blend.com.

Purpose of Update and Benefit: This update introduces a separate Appraisal Value field on the lender application page for refinances, allowing lenders to run pricing scenarios without affecting the TRID Estimated Property Value or triggering the TRID disclosure process.

Current Behavior: Refinance loans have a single property value field, Estimated Property Value. This field maps directly to the TRID property value. To run product and pricing, lenders must populate this field, tying the pricing process to the TRID disclosure from the start.

Note: The Refinance Property Value Field Label Update, which is required alongside this feature, renames this field from "Appraisal Value" to "Estimated Property Value" on refinance loans.

New Behavior: When enabled, a separate Appraisal Value field appears on the lender application page for refinances. The Refinance Property Value Field Label Update is required for the field labels to display correctly. When both are enabled, the TRID field displays as "Estimated Property Value" and the non-TRID pricing field displays as "Appraisal Value".

If the Estimated Property Value is left blank, the Appraisal Value field is used for pricing. This allows lenders to price and structure a refinance loan before TRID is triggered.

This feature is available on the lender application page only. If the property value field is shown to borrowers, they will continue to see a single field.

Purchase loan behavior is unchanged.

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