LO Toolkit - Key features - Pricing - Check rates through Optimal Blue

The Optimal Blue- Check Rates feature allows the loan officers to quickly search Optimal Blue pricing engine without creating a loan. 

Optimal Blue - Check Rates

1. Click Check rates on the Pipeline screen. 

2. Select the desired loan purpose from the drop-down menu. 

3. Fill out information on the Search Pricing Engine screen. 

4. Click Search. 

Note: If any required information is missing, the system will prompt you. 

Pricing screen

a. Product name: Rates are sorted into products.

b. Credit/Costs (%): This represents points. 0 means par rate. 

c. Credit/Costs ($): A negative means the borrower is paying this amount. The positive amount means the lender is paying. 

d. Monthly payment: When monthly payment is selected, it will be surfaced in the toolbar on the application page. 

e. View details: Click to see details of the loan and pricing. 

f. Refine Search: It will  take you back to the Search Pricing Screen. 

5. Click the desired product to expand results. 

6. All eligible products under the selected product will display. 

7. Click View details for more information on the product. 

8. Click Close. 

Loan Scenarios

LOs have access to multiple loan products, which they can fine tune to match their borrower’s goals, needs, and situation. When a new product is selected in the Optimal Blue Pricing engine, it will show up here.

Loan Scenarios can be created two ways. 

Scenario Tab - within a loan application

Check Rates - Pipeline view

Scenario Tab - within a loan application 

1. Click the Scenarios tab. 

2. Click Add a new scenario. Once scenario is created, you'll be able to edit and compare different loan scenarios.

3. Follow steps 3 through 9 for Compare Scenarios.

4. Click Notify Borrower. 

Note: The 'Add a new scenario" button will only function if pricing integration is configured. 

Pipeline view - Check rates 

1. Click Check rates on the Pipeline view. 

2. Make your selection from Purchase or Refinance in the dropdown menu

Note: This option is for applications not yet created. It can be used for potential leads as well. 

3. Fill in all required information on the Product screen.

4. Click Search. 

5. Select the product you desire. 

 a. To select a different rate for the product, click the rate or the pencil icon next to it.

 b. Select your desired rate. 

 c. Click Update Pricing. 

6. Click Compare Scenarios or Create New Application. 

Note: If you select Create New Application at this time, you will be asked to apply the selected product to the new application, it will be your Loan Scenario 1 and enter additional information regarding your borrower(s). Make sure you select the checkbox for "loan Scenarios" before you send out the application, this step will share the newly created loan scenario with your borrower. You can always create more scenarios later and compare them side-by-side and send them to the borrower at a later time. 

Compare Scenarios 

7. Click Compare scenario to add a new scenario

          Or

You can click the documents icon within the scenario to duplicate an existing scenario.

a. Click the pencil icon to edit a scenario. 

b. Make changes to the Loan amount or Purchase price. 

c. Click Rerun pricing. 

8. Click +Add a note to the borrower link to add any additional comments to your borrower for that particular scenario.

9. Click the Select radio button for the scenario you wish to apply to the loan. 

10. Click Create new loan. 

Note: You can create up to 6 scenarios and share them with your borrower. 

11. Enter your borrower's information. 

12. Click Create. 

Note: You can click the check box for No email yet if you would just like to create a lead at this time. 

13. Click Invite borrower. 

14. Click Send Application. 

15. Select the desired option from the dropdown menu. 

16. Check box to include the loan scenarios. 

17. Customize the message to the borrower, if desired. 

18. Click Invite borrower. 

Select Product - Application tab 

1. Click Select Product.

2. Select the product you desire. 

 a. To select a different rate for the product, click the rate or the pencil icon next to it.

 b. Select your desired rate. 

 c. Click Update Pricing. 

3. Click Compare Scenarios or Create New Application. 

   Check steps for Compare Scenario above. 

Note: If you select Create New Application at this time, you will be asked to apply the selected product to the new application, it will be your Loan Scenario 1 and enter additional information regarding your borrower(s). Make sure you select the checkbox for "loan Scenarios" before you send out the application, this step will share the newly created loan scenario with your borrower. You can always create more scenarios later and compare them side-by-side and send them to the borrower at a later time. 

Notes:

• Search results cannot be saved
• You can go back and refine the search but will not be able to save it

Resources:

PAB - Workflow

LO Toolkit - Navigation - Toolbar, sidebar & responsiveness

LO Toolkit - Key features - Credit

LO Toolkit - Key features - Liabilities

LO Toolkit - Key features - Pricing- Optimal Blue

LO Toolkit - Key features - Monthly housing expenses

LO Toolkit - Key features - Details of transaction

LO Toolkit - Key features - Automated underwriting system/Desktop underwriter (AUS- DU)

LO Toolkit - Key features - Pre-approval letter

DISCLAIMER: All mentioned features on this page may not be applicable to your institution, please reach out to (support@blend.com) for more information on what features are enabled for your use.