Product Feature Guide
Table Of Contents
Ability to Select Latest Submission
Loan Details Widget: Mortgage Terms Tab
Re-Submissions & Rate Hold Warnings
Ability to Select Latest Submission
Re-Submissions
The Rate Hold feature enables lenders to effectively track and manage multiple submissions on applications. The use case for this is typically tied to rate hold or pre-approval application requests. To support this feature, we have added a “Submissions” tab within the application, a Rate Hold days field in Products, and a Rate Hold field in the Mortgage Terms tab within Loan Details.
Rate holds are available for specific products and are set up within Products in the Manager Portal. The system will store and display the Rate Hold start date and expiry date when a rate hold date is applied as a result of the product being applied.
Submissions Tab
This Submissions tab lists all applications submitted with the same application ID, starting with the initial application. The Submissions tab presents a chronological list of submissions, sorted from the earliest submission date at the top to the most recent at the bottom. Each application/submission is assigned a unique loan number. For this to occur the broker needs to resubmit from the original application in their POS system. Generating an entirely new application in their POS for the same applicant will generate a new application within FundMore.
The fields within the Submissions tab include the following:
- Submission date
- Application type
- Product(s) applied
- Base rate (%)
- Final rate (%)
- Rate hold date
- Loan Number
Users can open submissions from the list into another tab by clicking on the pop-out icon.
If there are multiple applications with the same application ID, only the most recent submission will be visible in the pipeline. Older submissions with the same ID will not all populate the pipeline. Instead, older submissions will populate the Submissions tab in the most recent submission ensuring that users focus on the latest information and updates for each application. To provide a visual indicator, the system will provide a warning if you are in a previous submission instead of the most recent submission. It will appear as a banner across the top of the dashboard:
To enhance user experience, we have included functionality to view the requested products (e.g., mortgage, SLOC) associated with each submission. This will only apply if there are multiple products on the application. By clicking the down arrow next to a submission, users can see a list of the requested products.
Ability to Select Latest Submission
Lenders have the ability to select which deal should be designated as the latest submission when multiple submissions exist for the same application. This provides greater flexibility and control over the submission process. A use case for this scenario would be if a user has already completed significant work on a previous submission including notes and documents being reviewed for example. They may prefer to continue on with the application that has all their notes and work instead of starting from the beginning.
On the Submissions page, users can view all submissions for an application, and with the appropriate permissions, they can mark a submission as the latest. To do this, users must have at least one of the following permissions:
- Update Application Assigned to User
- Update Application Created by User
- Update Application in Any Stage
- Update Application in Closed Stage
- Update Application in Initial Stage
To perform this action, follow these steps:
- Navigate to the Submissions tab within the application.
Note: This tab is only enabled when there are multiple submissions. - Click on the stacked ellipsis in line with the submission you wish to mark as the latest.
- Select the Mark as Latest option.
Video Demo: Ability to Select the Latest Submission
Rate Hold
Loan Details Widget: Mortgage Terms Tab
In the Mortgage Terms tab, we have included a field for Rate Hold. This field is visible per product, and populates based on the rate hold days specified in the product summary configured in the Manager Portal.
Within the Manager Portal, we have included a Rate Hold Days field in the Product Summary section of Products. This is where admin-level users can set the number of days the rate hold is valid for (per product).
When selecting a product with predefined rate hold days, the system will notify the user through a confirmation pop-up during the product application process. The rate hold date will be automatically set in the application. However, users have the option to override the rate hold date if necessary.
Extend Rate Hold Date
Users have the option to extend the rate hold date in accordance with the rate hold days configured for the specific product. To extend the rate hold date, simply click on the refresh icon located beside the Rate Hold label in the Mortgage Terms tab. The system will update the rate hold date accordingly. However, if the product does not have a predefined rate hold, a tooltip will appear when you hover over the refresh icon advising you accordingly.
Re-Submissions & Rate Hold Warnings
The Rate Hold feature is incorporated with several warnings that serve as a visual indicator for users. This enhances the efficiency and control of managing mortgage applications, providing users with proactive alerts throughout the process.
Pre-Approval Warning
The pre-approval warning will alert users when there are other pre-approval submissions on the deal. There should only be one active rate hold submission at a time. This alert will be a warning icon next to the “Submissions” tab, as well as beside the “Rate Hold” label in the Mortgage Terms tab. Clicking on the warning icon takes users to the submissions page where they can search for other pre-approval submissions. This will serve as a visual indicator, prompting the user to action one of the submissions.
Rate Hold Expiry Warning
A system warning is triggered if a rate hold date expires before the closing date. An example of when this may occur is if a closing date gets pushed/extended. This warning appears as an orange sign next to the closing date in the UI. Hovering over the warning sign reveals the message “Closing Date expires after the Rate Hold Date.”
Rate Increase/Decrease Info
A warning is shown on the currently applied product if the rate has changed. As long as a product is set up with rate hold days and the rate hold has been applied, when re-applying the product, the system will indicate if the rate is higher than, lower than or equal to the rate hold rate. If the rate hold is still in play, the system will maintain the rate hold rate and indicate to the user the variance to the product rate. An example is demonstrated below:
- The Rate Hold for the Broker High Ratio Fixed product is 90 days.
- The rate set up for the product on the date it was applied to the application was 5.4%.
- When the product was applied, the system recognized the rate hold was currently in place for the rate of 5.34%. It indicates in the product selection the rate is 5.34% reduced from 5.4%. The confirmation states that the rate hold is active until 2024-07-18 and the rate will remain at the rate hold rate of 5.34%
Warnings differ depending on rate increase/decrease and rate hold status. See examples below:
Rate Hold Active, Rate Increase:
Rate Hold Inactive, Rate Increase:
Rate Decrease:
Note: When a different product is selected, the previous rate hold will be overridden.
Ability to Select Latest Submission
We have introduced the ability for users to select which deal should be designated as the latest submission when multiple submissions exist for the same application. This provides greater flexibility and control over the submission process. On the Submissions page, users can view all submissions for an application, and with the appropriate update application permissions, they can mark a submission as the latest.
To use the feature:
- Navigate to the Submissions tab within the release application
Note: This tab is only enabled when there are multiple submissions. - Click on the stacked ellipsis in line with the submission you wish to mark as the latest.
- Select the Mark as Latest option.
Permissions Required:
To perform this action, users must have at least one of the following permissions to mark submissions as the latest:
- Update Application Assigned to User
- Update Application Created by User
- Update Application in Any Stage
- Update Application in Closed Stage
- Update Application in Initial Stage
View Products for Each Submission:
To enhance user experience, we have added functionality to view the requested products (e.g., mortgage, SLOC) associated with each submission. By clicking the down arrow next to a submission, users can see a list of the requested products.
Video Demo: Ability to Select the Latest Submission