Validate Pricing on Secondary Options

This article describes how to validate the pricing and confirm that the rates in our platform are current based on the status of the investor’s rate sheet. Optimal Blue recommends that you validate pricing before you respond to lock requests from your originators.

For additional information download the Secondary User Guide. Clients who are integrated with an LOS should refer to the guide provided in the LOS Integrations category for their respective system.

Before you respond to lock requests from your originators, we recommend that you validate the pricing and confirm that the rates in our platform are current based on the status of the investor’s rate sheet.

  1. Click the Secondary Options icon for a selected loan.
  1. Click the Validate Price button in the First Lien Options section.

A pop-up displays to indicate whether the pricing is still valid:

  • If current pricing matches the pricing requested from your originator, the system returns a message stating that the price validation was successful.
  • If current pricing does not match the pricing requested from your originator, the system returns a message stating the validation price is different than the search price.
  • If the current pricing is expired, the system returns the a message stating if the price validation was successful and that the status of the pricing is expired.
The system also populates the Validation Timestamp field and the Validation Price field in the First Lien Options section.
  1. If the Validation Price is different from the loan officer requested price displayed in the Price field, you should review the Investor Rate Sheet Status section located near the bottom of the screen.

The system records the following timestamps for each rate sheet:

  • Last Timestamp Check — The date and time that Optimal Blue last checked the investor rate sheet for any changes.
  • Last Investor Timestamp — The date and time of the investor’s rate sheet document (based on the investor’s time zone).
  • Last Rate Sheet Download — The date and time that Optimal Blue last downloaded the rate sheet from the investor.
  • Last Processed Time — The date and time that the pricing was made active and available in Optimal Blue.

NOTE: If Optimal Blue receives rate sheets from the investor by email rather than through the investor website, “Email Distribution” displays in the status table.

  1. Review the color coding in the Investor Rate Sheet Status table to identify any potential pricing issues:
  • Green  — Optimal Blue has checked for a new rate sheet within the past 15 minutes.  The investor’s timestamp is the same as the version most recently downloaded.  Pricing is considered “Active”.
  • Yellow — The investor distributes their rate sheet via email.
  • Red — The investor’s pricing is expired. One of the following situations has occurred: Optimal Blue has detected new pricing from the investor and has expired the old pricing while downloading and processing the new pricing, the investor’s effective timestamp is post-dated (in the future), or Optimal Blue received an error either accessing or importing the investor’s rate sheet.

NOTE: If the investor’s rate sheet is red, we recommend that you investigate why and make an informed decision as to whether or not you want to accept your originator’s lock request.

NOTE: Pricing is considered to be “Active” unless one of the following is true:

  • Investor’s pricing is expired.
  • It is outside of the lock desk hours set by your company for that investor.
  • Your company has forced the investor’s pricing to be expired.

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