Additional Fields for QM – Financed Fees

This article describes additional fields that apply to QM beyond the fields on the QM Policy and LO Compensation configuration screens.

APOR Date

Optimal Blue receives the APOR date every week from the Federal Financial Institutions Examination Council (FFIEC). The APOR date identifies which APOR value to use for a specific loan, and is stored at the time of the lock request. Upon review of the lock request, Secondary can change the APOR date for a change request or historical pricing change.

The APOR date is located in the:

  • Search Results (Origination Style)—The APOR date field is read only (this field is added using the steps shown in Displaying QM Data in Search Results).
  • 2ndary Options page—Based on how the policy is defined, the APOR date may or may not be editable by Secondary.

NOTE: To evaluate the settings for the APOR Date Field for secondary users, refer to Manage QM Policies.

Financed Fee Fields in Searches

NOTE: Contact your Optimal Blue Client Success Manager to enable this feature.

QM allowable fee calculations typically include estimated real estate fees that are financed into the loan. If the fees amounts are known, the LO can enter the fees on the Search Form to increase the accuracy of the QM allowable fee calculations.

The user can choose to display the Financed Fees for QM Loan Amount fields (as shown above) on the Search Form. Displaying these fields means:

  • The LO enters the actual values that the borrower is financing.

  • Optimal Blue uses these actual values in QM calculations, rather than estimated fees.

  • Optimal Blue automatically subtracts the actual fees to calculate the QM Total Loan Amount.

  • If financed fees are not entered, the loan amount and the QM Loan Amount are equal.

  • The LO can see the actual fees compared to the bracket limits defined in the QM Policy.

TIP: Example: If the loan is $100,000 and the fees are $5,000, the QM total loan amount is $95,000. The QM Policy allows 3% in points and fees, calculates how much is allowable and displays this information on the QM Analysis page. If the financed fees change and fall into a different allowable fees bracket (as defined in the policy), the LO can identify where the changes occurred.

For additional information see the Qualified Mortgage Administrator and Secondary User Guide.

Leave a Reply