closestToDesired Pricing rate line attribute

Modified on Mon, Apr 14 at 9:04 PM

Date Available: 11/10

Purpose of Update and Benefit:
When displaying product and rate line results in the pricing results screen, the Blend Pricing service displays the rate closest to par by default:

With this new update, we’re introducing a new field, “closestToDesired”. When included within a rateline response within a specific product, the Blend pricing service will override the typical par rate display, and display this rate for this product instead. This is meant to better allow for “Desired Rate” or “Desired Price” pricing inputs to be reflected in the pricing results page.

For example, in the example above, the interest rate of 7.125% is closest to par for the FNMA conforming 30 year fixed product. If the search were reran with a desiredPrice of 99, the result would change:

The new defaulted rate would be 6.75%, since the costs bring the price closest to 99, rather than the typical par rate.

This field only displays which rates are first displayed in the pricing results page. The user can still drill into all ratelines per product, and select other rates.

Implementation Details:
Within the SearchForHomeLoanProductsResponse, the closestToDesired field can be added within a products entry, under rateLines. Example response:

<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>
        <rateLines>
          <homeLoanProductRateLine>
            <referenceId>99</referenceId>
            <lockPeriodDays>60</lockPeriodDays>
            <rate>7.1</rate>
            <apr>7.35</apr>
            <price>99</price>
            <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>

Our response schema accepts a single rateLine entry containing the closestToDesired field per product entry. If multiple rateLine entries with a true value for closestToDesired are returned, Blend will display the first entry in the array.