LoanPASS NEW Feature Release 03/29/2022

A production release was performed last night and the following items were migrated to LoanPASS:

Eligibility Rules/New Rule Action - Require Review

A new Action Type of "Require Review" has been added to Eligibility Rules. Previously, the sole Action Type was "Reject", and rejected products did not render any pricing details. By adding the "Require Review" option, the same type of eligibility conditions can be used and if conditions are met, products return with a "Review Required" status and pricing details are displayed to the user.

Example of Eligibility Rule with "Require Review" Action Type:

The example below has 3 conditions that need to be met in order to trigger the rule. (Occupancy Type = Investment, Loan Purpose = Purchase, LTV is between 80.001 - 87.000%.)

Product Search Results with "Review Required" Status:

Example of Product Details for "Review Required" Status:

When a product is returned with a "Review Required" status, the pricing cells are rendered in orange instead of the green font used for products with an "Approved" status.

After clicking into a price cell, the pricing details window displays "Review Required" at the top of the page with the following message: "Given the information provided, this loan requires further review before it can be approved. Pricing may change upon review. The following reason was given for this requirement". Below that your rule text will display as usual.

In the event an Eligibility Rule with a "Reject" Action Type also applies to a scenario with a "Review Required" rule, the "Reject" rule will take priority. The "Review Required" rule will also display with the following message: "Furthermore, if the above rejection reasons were not present, this loan would still be subject to further review for the following reason before it could be approved".