Compliance Checklist

This article explains how to enable and configure the Compliance Checklist in Optimal Blue.

The Compliance Checklist can help protect lenders from compliance and fair lending violations by memorializing their originators and borrowers’ intent. 

The Compliance Checklist once enabled, will display prior to access the lock request form.

Compliance Checklist Admin

To configure your Compliance Checklist, navigate to the Compliance Checklist menu under the Admin tab in Optimal Lender.

This menu allows you to create new question templates, edit existing question templates and assign question templates to your entities.

To create a new template, click the Add New Template button.

1. Enter a Checklist Name.

2. Enter a Checklist Description. This will be displayed to your users.

3.  You can edit the message to display to users when an incorrect required answer is chosen or leave the system default message to display.

4. You can edit the message to display to users when a required comment has not been filled out or leave the system default message to display.

5. Type in your first compliance question.

6. Select the appropriate required answer from the drop-down list.

7. Select the appropriate choice to require a comment based on an answer selection.

8. Click the Save Checklist button to save.

9. Click the Back to Checklist List button to navigate to the checklist assignment page.

From the checklist list page, select the desired Compliance checklist from the drop-down list next to each entity. This allows you to have different questions for different groups of users.

After you have made your selections, click the Update Assignments button to save.

Suggested Questions

a. Price being equal, did you give your client the lowest rate? Answer options: Yes or No. No requires a reason (i.e. underwriting).

b. LPMI? Yes or No. If yes, you will be able to see that on your loan details.

c. Does the borrower need a lender credit for closing? Yes or No. If yes, how much.

d. Did the borrower request a lower rate through discount points? Yes or No. If yes, how many or how much?

e. Did you present all viable options to the client?

Entity Preferences

To enable the compliance checklist, begin by accessing Entity Preferences under the Admin tab in Optimal Lender.

Be sure to select the entity you want to enable the Compliance Checklist for. 

Navigate to the Compliance Checklist section.

TIP: User the Windows shortcut CTRL-F  and type ‘Compliance Checklist’ in the Windows search box.

Set the question Do you want to show the compliance checklist to your users? to Yes. You may also choose to apply this setting to all users. Ensure the remaining settings in this section are appropriate for your business. 

Click Update Properties at the top or bottom of the page to save.

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