Optimal Advantage Considerations

This article provides items to consider when configuring Optimal Advantage.

  1. Decide what compliance checklist questions you would like to ask. Compliance Checklist Questions-Some Suggestions:

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?

  1. Decide what fields you want to archive. 

  2. Go to the loan details page to “customize display fields” to drag and drop the fields you would like to see.

  3. Arrange them in the order you would like to see them in. Once you select “Save” it will save that format for all of the files.

NOTE:   If the field does not populate with data after you have done that, contact your AM to see if there is an integration/mapping issue.

  1. Use the workflow document as a guide to create your own workflow..

  2. Decide what you want to check on each file (the compliance person and the secondary person).

  3. Standardize that checklist so that files are reviewed consistently.

NOTE:  If secondary is noting items beyond exceptions (on the loan notes section of the lock page), come up with a standard response to document the reason a file is priced a certain way to maintain consistency in note format.
  1. Compliance and Secondary should sit down and brainstorm the reasons for exceptions. Decide what to say for each of those so that your loan notes are consistent. (These should get you started)

a. i.e. Competitive Situation (25bps credit)

b. i.e. LO Mistake (note amount of mistake)

c. i.e. Market Shift (the system will keep track of all market shifts, but you can note that there was one)

d. i.e. Extension Waived due to process issue (Processor/LO forgot to order appraisal )

e. i.e. Loan not approved/moved to another lender. (What?/Why?)

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