This article describes how to create price concession templates using the Price Concession admin page in the Lender site to configure the message, reasons and required fields displayed to originators on the Price Concession Request page.
With our March 19, 2021 release, an enhanced version of this functionality was added to the Price Concessions – Change Request activity in the Configuration site. We recommend using the Configuration site to establish your price concessions settings for approvers, approval groups, product groups, concession polices and for creating price concession templates and assigning them to your business channel entities. Entity Preferences and Email Templates will continue to be maintained in the Lender Site.
For additional information on creating concession templates in the Configuration site please see the Price Concession Admin guide. For complete information on Price Concession please refer to the Price Concessions User Guide.
To access this page in Lender, select the Admin Tab and then the Price Concession sub-navigation item.
Follow the steps below to create a new Concession Template and apply the template to the appropriate business channel entities. A different template can be applied to each business channel, or one template can easily be applied to all entities.
- Select the Add New Concession Template button (see screen image above).
- The Price Concession Template screen is displayed.
- Enter a template name.
- Configure the Price Concession Message to display to originators.
- Enter the reasons to be displayed to the originator in the reason drop-down list.
- Select the Default Concession type for the reason.
- Check the boxes to require comments, allow supporting documentation upload and/or require supporting documentation.
- Click the Add button.
- You may also remove the reason and move it up or down in the drop-down list.
Entity Preferences
To access this page in Lender, select the Admin Tab and then the Entity Preferences sub-navigation item.
Allow Price Concessions
An entity preference is available to allow price concessions. To enable this setting, contact your Client Services Representative.
Allow Lock Accept if Pending Price Concession
An entity preference is available in the Secondary/Lock Desk section to allow lock requests be accepted/rejected if there is a pending price concession.
Price Validation at the Time of Price Concession
An entity preference is available to configure a price validation at the time of price concession.
Price Concession Price Validation Custom Message
An entity preference is available in the Premium Content section to allow you to configure the message that displays to originators upon price validation at the time of price concession request.
Encompass – Push Uploaded Price Concession Documents to Encompass
An entity preference is available in the Integrations section to allow you to push price concession documents to Encompass.
Encompass – Store Price Concession Documents Inside Encompass
An entity preference is available in the Integrations section to allow you to configure which tracked document should store the price concession documents. If the field is blank, we will create a tracked document titled “Price Concessions” by default.
Email Templates
To access this page in Lender, select the Admin Tab and then the Email Templates sub-navigation item.
Price Concession Change Requests and Approval Requests
Email templates for Price Concession Change Requests are available in the Email Templates admin page. This will allow you to configure email notifications for price concession change requests and approval requests. Supporting documents can be included in the price concession request emails. Configurable email templates are available to notify the lock desk and the approver of status updates throughout the approval process. There are two email templates specific to the approval process available:
- Price Concession – Approval Request: This email will notify approvers when a request requires their approval for a specific loan. This notification includes a button that when selected, will take the approver directly to the Optimal Blue site and once the user logs in, will direct that approver to the details page in the new Price Concession website. The concession will be selected based on the loan the notification was triggered from, making it faster and easier to approve concessions. The approver must be configured to receive “Change Request Submission” email notifications in the User Admin screen.
- Price Concession – Approval Status Update: This email will be sent to the lock desk once the approval process is complete so that the change request can then be accepted or denied. The user receiving this email must be configured to receive “Change Request Submission” email notifications in the User Admin screen.
The following fields are available to be added to the templates:
- Price Concession Approvers: List of all approvers needed to approve the pending concession.
- Price Concession Approver Name: List of last approver(s) to decision the approval.
- Price Concession Approval Status: Status of the Approval.
- Price Concession Approval Button: A button that will take the user to the Optimal Blue home page and once credentials are entered, will take them into the Approval Portal with that loan selected. If the user that clicks on the button does not have access to the portal, they will be directed to the Optimal Blue login page and once logged in, will only be able to see what they have access to.