User Defined Lists, or UDLs, allow you to create a range or grouping of variables to use when building an eligibility or pricing adjustment grid. UDLs are often used when building custom products but can also be used in addition to existing investor content and are created in your Configuration site.
Creating a User Defined List
- On the Entity Selection tab, select the investor for which you want to create a User Defined List. UDLs are investor specific, so the list you create will only be for the investor you choose. They do not flow up or down to other investors.
- Select the User Defined Lists activity.
- Select the Add a new list link.
- On the Selected List Options panel:
a. Type in a Name for your list.
b. Select an Input type from the drop-down menu.
c. Select the Save button.
- Add the list values.
a. Select the Edit link.
b. Type in the Display Text you want to show for the range you are building. This text will display when the rule fires. Special characters are allowed in this field such as a dash or %. Input the minimum and maximum values for this range. Non-numeric characters are not allowed in these fields. Be careful that the same value is not in two different ranges.
c. Select the Save button at the bottom of the panel.
d. Select the Add a new Option link at the top of the panel.
e. Repeat steps a through d until you have added all ranges you wish to include in the UDL. Once you have saved your last range, then select the top Save button.
Here is another example of a User Defined List using LTV ranges.
Adding an Adjustment Grid
Once the User Defined List is created (or lists – as you can add more than one, a FICO range and another for an LTV range for example), you need to add them as an adjustment grid for the applicable investor products (or product tree).
From your Entity Selection tab:
- Select the investor to add the adjustment grid to.
- Select the Manage Products activity.
- Select the product or product set you want to add the adjustment grid to.
- Select the Adjustments activity.
For this example, we are adding the FICO adjustment grid to conforming products.
- Select Add New Grid Set.
- Name the grid set and select the Add button. Best practice is to name the grid set the same as the product or product set you are adding it to. This practice makes it much easier to find where you have added eligibility or adjustments rules.
- While on the grid set, select the Add Grid activity.
Once these steps are complete you will configure the purpose of the grid. The following sections demonstrate how to set the grid to adjust the price and eligibility of an investor product.
Continuing from the previous steps, this section demonstrates how to use your FICO User Defined List to adjust the price.
If you exited the screen after adding your grid set, you can return to the screen by selecting the investor on the Entity Selection screen, select Manage Products, the Product Set, the Adjustments activity, the rule from the list under your product set, and then the View/Edit Grid activity.
- From step 8, name the grid (recommend using your UDL name and the purpose) and set the purpose of the grid to Adjustments and Adjust Price.
- Select the Add button to set your conditions for Variable 1.
- Select FICO and the UDL you created for FICO in the Using Lists/Ranges drop-down menu.
- Select Add and set Variable 2 for LTV using your LTV UDL.
- Select the Save button and then select View/Edit Contents.
- This step is where you will fill in the adjustments grid. Remember that since this is an LLPA the values must be a negative number to apply an adjustment.
- Select Save and the process is complete. You must complete a Release to Production for the adjustment rules to become effective.
This section describes using a UDL for eligibility. The example shown here defines the property types allowed for a product set using a UDL named Conforming Fixed – Property Type.
- Go to Manage Products and select the product set Conforming Fixed.
- Select Eligibility.
- Select Add New Grid Set, input a name and select Add.
- In this example, we are naming this grid “Allowable Property Types”.
- Select Allowable Values from the Define drop-down menu.
- Select Property Type for the variable and update the Using Lists/Ranges to “Conforming Fixed – Property Types”. Select the Save button and then select View/Edit Contents to confirm or update what is allowable.
This is what the final grid looks like, you can make changes as needed. Checkboxes that are selected indicate that the type of product is allowed. You can remove an option at any time by deselecting the checkbox.
- Select Save and the process is complete. You must complete a Release to Production for the eligibility rule to become effective.