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Date Available: Beta 7/21, Prod 8/18
Which customers are impacted?: Lenders using Empower pricing with interest-only products.
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 lenders using Empower pricing, when a loan officer sends a Loan Cost Worksheet for an interest-only product, the worksheet displays the internal product name and labels the monthly payment as "Principal and Interest" with no indication that the payment is interest-only.
This update allows Empower lenders to configure a borrower-facing product name for interest-only products and adds a clear disclaimer to the monthly payment section indicating that the payment is interest-only.
Current Behavior: On the Loan Cost Worksheet for interest-only products, the Loan Type displays the internal product name and the monthly payment section is labeled "Principal and Interest" with no indication that the product is interest-only.
New Behavior: When enabled, the Loan Cost Worksheet is updated for interest-only products in two ways:
Loan Type: the worksheet displays the configured borrower-facing product name (productNameForBorrowers) instead of the internal product name.
Monthly Payment: a disclaimer appears below the monthly payment amount stating: "*includes interest only and no principal through interest-only term."
If an interest-only term length (interestOnlyTermMonths) is configured for the product, the disclaimer includes the term duration (for example: "*includes interest only and no principal through interest-only term of 120 months"). If no term is configured, the disclaimer appears without a specific month value.
This behavior applies to both fixed-rate and adjustable-rate interest-only products.
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