We use cookies to try and give you a better experience in Freshdesk.
You can learn more about what kind of cookies we use, why, and how from our Privacy policy. If you hate cookies, or are just on a diet, you can disable them altogether too. Just note that the Freshdesk service is pretty big on some cookies (we love the choco-chip ones), and some portions of Freshdesk may not work properly if you disable cookies.
We’ll also assume you agree to the way we use cookies and are ok with it as described in our Privacy policy, unless you choose to disable them altogether through your browser.
Date Available: Beta 7/7, Prod 8/4
Which customers are impacted?: Lenders using 3+ borrower support.
Required?: Yes, this is a required release. Required releases are features that Blend wants to standardize in the 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: For loans with 3 or more borrowers, loan officers previously had no way to move a borrower from one pair to another without deleting and re-adding them, which resulted in the loss of all data associated with that borrower.
This update introduces the ability to move borrowers between pairs directly from the Manage Borrowers interface, with all borrower data preserved.
Current Behavior: When a borrower was added to the wrong pair on a loan with 3 or more borrowers, the only available workaround was to delete the borrower from the incorrect pair (losing all associated data), re-add them to the correct pair, and re-enter their information from scratch.
Because pair positioning determines whether credit is pulled jointly or non-jointly, incorrect pair assignments had downstream impact on underwriting.
New Behavior: Loan officers and authorized users can now move borrowers between pairs directly from the Manage Borrowers interface. All borrower data is preserved during the move.
Borrower positions can be reassigned across pairs using the dropdowns in the Manage Borrower Position modal.
When borrowers from previously separate pairs are being joined, a confirmation screen appears. The lender must confirm that borrowers have been informed of data sharing impacts by checking the confirmation checkbox, and must select a consent method for each impacted borrower before saving changes.
The swap is captured and recorded in the Activity Log, including a before and after view of borrower pair assignments and attestation details.
Email notifications are sent to impacted borrowers on swap actions, including when a swap originates via Encompass and syncs into Blend.
A warning is displayed in the AUS section when a 5th borrower is added (DU is no longer supported) and when a 6th borrower is added (LPA is no longer supported).
Once TRID has been triggered on a loan, the swap option is disabled to prevent post-disclosure borrower changes that would create compliance issues.
The swap borrower feature works in Blend regardless of the lender's LOS. For lenders on Encompass or Empower, borrower swap changes will sync and export to the LOS as expected. For lenders on other LOS integrations, the swap applies within Blend but may not carry over to the LOS.
0 Votes
0 Comments
Login to post a comment