This Solution article describes how to review loans in Optimal Advantage by using the dialog box that displays when you select a loan from the scatter plot diagram.

Review Loans

1. To review a loan, click a red dot in the scatter plot diagram.

2. The system displays a dialog box so that you can review information captured in Optimal Blue. The Loan Details tab displays information about the loan, including information about the borrower and property as well as information about the loan product and pricing.  If you are using the compliance checklist feature in Optimal Blue, the compliance checklist questions and answers appear at the top of the window. You can review additional information about the loan by using the other tabs in the dialog box. Information on each of the tabs is provided in the following sections:

• Loan History

• Loan Notes

• QM Trace

• Pricing Trace

• Historical Research
  

3. Once you have reviewed the file, scroll to the bottom to the Loan Details tab, and check the appropriate checkbox to indicate that you have reviewed this file or that the loan should be ignored. Test loans that do not need to be included in the data can be ignored. Enter notes into the text box, and click the Save button. If you do not enter comments, the system displays a message indicating that you must enter a note to describe the change that you are making to the loan status. The information that you enter in the notes text box should describe your findings during the in your review of the file, including an explanation of why the loan is an outlier, such as:

• Pricing adjustments caused rate to increase compared to non-adjusted loans.

• Adjustments for low FICO, high DTI.

• Market moved from 12:00pm-1:00pm.  Historical checked for accuracy. 

• Lender credit applied within tolerance.

• Lender credit out of tolerance LO contacted.

• The reason an exception was made on this file.

4. After you save your comments, click the “X” on the top of the dialog box to close.

5. After the scatter plot diagram refreshes, the reviewed loans appear as a hollow circle.  Ignored loans disappear.

Loan History

The loan history displays changes made to the loan in Optimal Blue.  You will want to review the loan history as part of your “before closing” workflow.  During a “before closing” review, you should review changes to the loan after the date that the loan was originally locked.  If you want to leave additional notes, enter them in the Fair Lending Notes section at the bottom of the Loan Details tab.

1. The following information displays in the loan history:

• Log Date/Time —The date and time that the change was saved in the system.

• User —The name of the person who made the change.

• Loan Status —The loan status when the change occurred.  For example, if an originator made a lock request, the loan status for every field that was changed when the lock request was submitted shows a “Lock Pending” status.

• Field —The name of the field that was changed.

• From —The value of the field prior to the change.

• To—The value of the field after the change.

2. You can use the Loan Status selection tool to filter the types of log entries that display in the results. Check the box to the left of the loan status that you want included in the results, and click the Find Log button to refresh the results.

3. You can view all of the changes to a specific field for the loan statuses that you selected from the Loan Status area by selecting a specific value from the Fields drop-down list. The system refreshes the screen with the results.

4. You can view all of the changes that the system recorded with each event. Set the Fields drop-down list to “Any”, and select the Logs – By Event/Transaction radio button. The system returns a list of all fields in the history log filtered by the loan status you selected from the Loan Status area, grouped by Log Date/Time. 

5. Click the Action button in the Action column to view the specific fields that changed during that event.

6. When you are done viewing logs by Event/Transaction, you can return a list of all fields in the history log filtered by the loan status you indicated in the Loan Status options by selecting the Logs – All radio button.

Loan Notes

The loan notes tab displays loan notes associated with the current loan and allows you to add additional loans notes, if necessary. Secondary users include loan notes if there is a pricing exception for this loan.

1.  For each note, the system displays the user that made the note, the text of the note, the status of the loan when the note was entered, and the date/time of the loan.

To enter a new note:

2. Put the text in the Note field.

3. Click the appropriate radio button to make the note accessible to either all access levels or secondary personnel only.

4. Click the Add Note button.

QM Trace

The QM trace tab displays information an analysis on how the current loan data measures against QM Policy limits. This information identifies specific parameters that may make a loan ineligible for QM status. This trace reflects how this loan compares with the lender’s QM Policy. It is therefore a reflection of the lender’s interpretation of the CFPB and is not intended to reflect an official determination or to represent the analysis of any other organization.

The QM Trace displays only if the QM feature has been turned on in your site.

1. At the top of the QM trace tab, choose one of the following options:

• View QM Trace with Current Loan Values—This option displays the values based on the current loan variables.

• View QM Trace From Lock Request Loan Values—This option displays the values at the time of the lock request.

• View QM Trace with Lock Accept Loan Values—This option displays the values at the time of the lock accept.

2. The Current Loan Values section displays information about the loan, including loan amount, rate, and lock period.

3. The QM Trace Information section displays the following information for the fields in the Description column:

• Value—The value at the time of the lock request.

• Lender Limit—This displays the lender’s QM Policy limits as defined in the currently applied policy.

• CFPB Limit—This displays the CFPB limits in Optimal Blue Global Default Policy.

• Passes Lender Limit—This column displays a “green check” or a “red x” icon indicating whether the loan passes the current lender’s QM Policy.  The HPML icon indicates that the selection falls into rebuttable presumption as a HPML.

4.The QM Points and Fees table displays a breakdown of the points and fees.

Pricing Trace

The Pricing Trace captures the Investor Base Pricing, as well as the loan level adjustments, markups, price filters, and delivery pads applied to the final price.

The top section of the Pricing Trace displays the loan details and the unadjusted investor pricing. Optimal Blue downloads the pricing from the investor website, and it should match the investor rate sheet exactly.

Details of each type of adjustment display, followed by an adjusted grid that includes that adjustment type. 

The Ratesheet Extended Locks shows embedded adjusters, if applicable. For example, if the investor posts a 60 day lock period in the pricing grid and then an adjuster to create the 45 day lock period, the adjuster for the 45 day lock period displays in the Ratesheet Extended Locks section.

The Adjusted Ratesheet Pricing Grid shows the pricing for the lock period that was created.

The Markups, Delivery Pad, and Lock Periods section shows details including the value of the markups applied. The markups can be for profit, overhead, branch markup, or LO compensation.  The markup value shows the amount pricing was reduced before offering to the LO/borrower.  The Markup Levels grid groups markups with the same level into one line item.

For more information, see the Secondary User Guide.

The Loan Level Adjustments section shows the reasons for the LLPAs associated with the loan (such as low credit scores or high loan-to-value amounts) as well as the adjustment amounts. The Loan Level Adjustments section is followed by an adjusted pricing grid that includes the LLPAs.

Markups can be applied based on loan attributes or final price/lock period values. These types of markups display in the Dynamic Markup Summary section.

Rate/Price Selection Strategies could be applied to more granularly control the results display for originators. If any of these type strategies are applied they would display here.

The Fully Adjusted/Rounded LO Pricing Grid shows the final price at the time the LO requested the lock.

The LO Compensation and Origination Details grids display below the fully adjusted pricing grid. LO compensation information displays only if Optimal Blue is configured to include LO compensation in the pricing. 

Historical Research

From the Historical Research tab, you can research the pricing of various products available at various points in the loan’s history (lock request, lock accept, lock with investor, and now).

1. If necessary, choose additional loan types/terms or enter a new desired rate/price/lock, make the changes on the Historical Pricing Research screen.

2. If you want to view only those products for the investor selected on the loan, click the checkbox.

3. Select the First Comparison Date. You can also enter a specific date/time. 

4. Choose whether you want to view pricing based on the LO’s current assignments or assignment on the time/date of the lock.

5. Click the Resubmit button.  The matching results display below the First Comparison Date section.

6. To show the pricing details of a particular product, click the Show link.