Secondary users may run historical pricing searches on any existing loan in the Secondary Queue. This guide describes the workflow for this functionality, including how to update a loan with changes to loan attributes and pricing.
Historical Pricing Research Process Steps
- Select a loan in the Secondary Queue.
- Click the Historical Pricing Research icon.
- If necessary, change the details of the loan.
- To change or choose additional product types, terms or enter a new desired rate/price/lock, you can make the changes on the Historical Pricing Research screen.
- To revise the loan scenario click the Product Search icon from the status bar.
- Make changes on the product search page, and click Submit. Changes will not apply to the actual loan record, as the loan is still in Scratch Pad Mode.
- Click the Historical Pricing Research icon to evaluate historical pricing with changes included.
- Select the First Comparison Date. You can also enter a specific date/time.
- For a worse case pricing comparison, select the Last Price Change option.
- Select the Second Comparison Date. You can also enter a specific date/time.
NOTE: In the first and second comparison date sections, choose whether you want the system to use the LO’s current entity and branch assignments or assignments from the date of lock.
- Click the Re-Submit button.
- The search results show the Eligible and results in both columns.
- Click the in either column to expand the pricing grid for that product.
- Click on the Trace Pricing button or a value in the grid to see any margins, delivery pads, etc., in the pricing trace.
- You can display pricing with current values or lock accept values by selecting the appropriate button at the top of the pricing trace and clicking the Re-Submit button.By default, the pricing trace shows the pricing with current loan values.
- Scroll to the Fully Adjusted section, and then click a new price to apply to the loan.
- To continue, click OK on the confirmation dialog box.
- Confirm all fields that are updating from the historical pricing results. Uncheck the checkbox next to any changes that you do not want to save.
- Make any final changes to the loan adjustments for the new selected product.
- Click Save Selected Changes.
- Click OK to acknowledge the updates have been saved to the loan. This will take the loan out of Scratch Pad Mode and completes the workflow for non-integrated Optimal Blue customers. If you are integrated, proceed to the next step.
Integrated Customers only
- Click the Secondary Options icon from the status bar.
- From the Secondary Options screen, click the Save to LOS button.