Additional Buydown pricing attribute support

Modified on Mon, Apr 14 at 6:57 PM

Date Available: Beta 10/27, Prod 12/12

Purpose of Update and Benefit:
Alongside Blend’s support for specialty loan products in the lender application page, We’re adding support for Blend Pricing integrations to specify a subset of Temporary Buydown attributes returned alongside product pricing details. Integrators will now be able to include the following fields as part of a pricing response, to indicate if a product qualifies as a buydown specialty loan:

includesTemporaryBuydown
temporaryBuydownDurationMonths
temporaryBuydownInitialRate (percent)
temporaryBuydownRateIncrease

If a product including these details is selected, lender users will see the fields returned to the application page for a specific loan:

Note: fields will be locked if pricing is ran and a product is selected. For lenders to change a value, they’ll need to re-run pricing and select a new product.

Implementation Details:
The new buydown pricing fields can be specified for each entry in the products array in a SearchForHomeLoansProductsResponse:

<SearchForHomeLoanProductsResponse>
  <version>1.0</version>
  <requestId>df111101-77fd-83dd-d793-e46cd0d2ed12</requestId>
  <responseStatus>Success</responseStatus>
  <responseSystemMessage></responseSystemMessage>
  <body>
    <searchId>555</searchId>
    <products>
      <homeLoanProduct xsi:type="MortgageLoanProduct">
        <referenceId>1000</referenceId>
        <productCode>PROD_1000</productCode>
        <productName>Conforming 30 Year Fixed</productName>
        <productDetailCallSupported>false</productDetailCallSupported>
        <feeDetailCallSupported>false</feeDetailCallSupported>
        <loanTermMonths>360</loanTermMonths>
        <amortizationType>Fixed</amortizationType>
        <loanAmount>417000</loanAmount>
        <interestOnly>false</interestOnly>
        <includesTemporaryBuydown>true</includesTemporaryBuydown>
        <temporaryBuydownDurationMonths>24</temporaryBuydownDurationMonths>
        <temporaryBuydownRateIncrease>2.25</temporaryBuydownRateIncrease>
        <rateLines>
          <homeLoanProductRateLine>
            <referenceId>99</referenceId>
            <lockPeriodDays>60</lockPeriodDays>
            <rate>7.125</rate>
            <apr>7.41</apr>
            <price>99</price>
            <temporaryBuydownInitialRate>7.125</temporaryBuydownInitialRate>
            <pointsAmount>1</pointsAmount>
            <closestToDesired>True</closestToDesired>
            <pointsPercent>0</pointsPercent>
            <loanOriginationCompensationAmount>100</loanOriginationCompensationAmount>
            <closingCostEstimate>3000</closingCostEstimate>
            <principalAndInterest>2000</principalAndInterest>
            <monthlyMortgageInsurance>40</monthlyMortgageInsurance>
            <totalPayment>2040</totalPayment>
            <disclosures>
              <homeLoanDisclosure>
                <heading>Heading goes here</heading>
                <text>Fine print goes here.</text>
              </homeLoanDisclosure>
              <homeLoanDisclosure>
                <heading>Another heading goes here</heading>
                <text>More fine print goes here.</text>
              </homeLoanDisclosure>
            </disclosures>
          </homeLoanProductRateLine>
        </rateLines>
        <mortgageType>Conventional</mortgageType>
      </homeLoanProduct>
    </products>
  </body>
</SearchForHomeLoanProductsResponse>

All four fields will be optional when pricing results are returned, but includesTemporaryBuydown must be specified in order for any of the remaining three buydown fields to be accepted. If includesTemporaryBuydown is omitted but another field is returned, Blend pricing will ignore the additional attributes.

Additionally, note that temporaryBuydownInitialRate is rateline -specific, where all three other new fields are set at the products level.