The Price Concession option on the Change Request screen allows an originator to request a price improvement based on available reasons. Each reason may require comments and/or supporting documentation. When you select the Price Concession option, additional details are required for the Price Concession Request.
- Select the Price Concession change request type.
- Select the lien.
- Select a reason from the Price Concession Reason drop-down menu.
- Enter the Price Concession Amount in percent or dollar amount. If the amount is entered in percent, the dollar amount auto-calculates or vice-versa.
- The price concession amount entered will populate the new price in the Requested Price field.
- Add supporting documentation with the Choose Files and upload option. A maximum of five documents may be uploaded.
- Add comments.
- Click the Submit Request button.
When a concession amount exceeds the maximum, a message will display advising of the maximum amount allowed per loan and the total prior approved concessions.
Validation at Price Concession Change Request Submission
To ensure that pricing and eligibility correctly reflect the most recent data changes, the system will perform an eligibility and pricing validation before submitting the price concession change request. If changes are detected that have affected eligibility or pricing, a message will display advising you to reconcile the data changes prior to submitting the price concession. The system will not allow you to move forward with a price concession until the data has been reconciled. If there are no changes to eligibility or pricing, the system will submit the price concession.
For additional information see the Price Concession at Lock Request guide.