Configure Float Down Options

Use this section to configure options that are specific to float down change requests. 

NOTE: Make sure that you also configure the general change request options.

  1. Choose the appropriate entity from the Entity Selection menu, and choose Product Workflow Configuration from the Activity Selection menu.

  2. Click the Filter Products button.

  3. Select the appropriate checkboxes to filter the products for which you want to configure float downs, and click Filter Products.

  4. From the results, select the products for which you want to configure float downs. To select/deselect all products, click the checkbox next to the Select heading.

  5. In the Float Down Configuration section, configure the following fields:

  • Allow Float Downs?—To allow float downs for the selected products, click the Yes radio button. To disallow float downs for the selected products, click the No radio button.

  • Total Float Downs Allowed Per Loan—Enter the number of float downs to allow per loan.

  • Allow Users to select a different Product—To allow originators to select another product when applying a float down, check the checkbox.

  • Allow Users to select a different Investor—To allow originators to select another investor when applying a float down, check the checkbox.

  • Float down to which lock period?—Enter the lock period on which you want the float down to be based for the select products. If you leave this field blank, the system displays all lock periods in the search results when the Float Down option is exercised.

  • Float Down Availability—Enter the number of days prior to the expiration date that you allow float downs.

  • Lock Expiration Calculation—Select how the lock expiration date should be updated when the float down option is exercised:

  • Keep the Original Lock Expiration—Lock expiration date does change.

  • Recalculate using the Float Down Lock Period—Lock expiration updates with the new expiration date associated with the lock period used to float down.

  • Sooner of the Original or Float Down—Lock expiration updates with the closest date of the original lock period or the lock period associated with the float down.

  • Later of the Original or Float Down—Lock expiration updates with the farthest date of the original lock period or the lock period associated with the float down.

  • Float Down Cost—Enter the cost of the float down.

NOTE: To worsen the price, enter a negative value.

  1. Click the Apply Float Down Configurations button.

  2. The confirmation dialog shows you the number of products that you are updating with the float down configuration. Click OK.

  3. After the system makes the update, a configuration dialog displays.Click OK.

Leave a Reply