Release 60 is here! Loan Summary, Scenarios and more

Welcome to all of our new readers at the NexSpring blog! This may be our first post here, but this is our 60th update to the NexSpring Broker Origination Platform. Between the constant addition of new features to our platform and all of our new clients that have joined us recently, we thought it was time for our release notes to get an upgrade!

This update has two main features that earned their own postings: Loan Summary and Loan Scenarios.

The Loan Summary page summarizes loan information across all borrowers in an easy to use single-page format. Learn more about the Loan Summary page here.

The Loan Scenarios feature lives in the loan taskbar at the top of the page and allows you to clone your loan application and make changes to it without saving those changes to the main loan application. This can be very useful if you don’t want to de-select your pricing preferences to look for other options – or if you want to try a different loan structure to change your DTI constraints. Learn more about the Loan Scenario feature here.

Other Features and Changes

  • Remove DTI Calculator page (all functionality here has been replaced by the combination of the loan scenarios page and the loan summary page)
  • Remove Loan Restructure page (you can now restructure in a dialog by tapping Restructure Loan in the contacts card on the Loan Details page, or at the top of the Loan Summary page
  • Add a TRID Application warning when you are about to save enough information to trigger a TRID Application. Upon entering all 6 items required by TRID, you will now see a dialog when saving to confirm that you are ready to save those items. If you have entered one of those items by mistake, you can clear out that selection within the dialog
  • Redesign the borrower workflow to group common items together. Borrowers will now enter their information in the following order:
    • Pricing (if enabled)
    • Borrower information (name, email, etc.)
    • All property information (Subject Property, current address, real estate owned – all in this order)
    • Credit Pull (if enabled)
    • Other required info (income, assets, declarations, monitoring and other information)
  • Credit Pull page validators
    • Require move-in date to pull credit (necessary for some credit vendors)
    • Add better validation messaging when you have missed a field. If you tap Pull Credit and you have missed a field, those fields will be instantly highlighted in red with a message next to them
  • Support differing TRID Application interpretations on borrower income
    • The official TRID documentation does not clearly define how to reach application status on loans with partial income on multiple borrowers
    • Our default has been to mark a TRID application for loans that have at least one form of income on any borrower on the loan. We now provide the option to require at least one form of income on every borrower on the loan to support our client with that specific interpretation on the TRID application rules
    • This setting can be configured on the Signup page
  • Track change events when key information is changed on a loan. These change events can be viewed on the Loan Event Log page (accessed from the yellow quick nav circles). The newest tracked events include:
    • Fee amount changes
    • Escrow option changes
    • Workflow task claiming and reassignments
    • Risk Summary changes
  • Add calculators for taxes and insurance using custom ratios of the property value
    • You can tap Calculate next to any of these fields to calculate an estimated rate
    • We know rates differ widely across the county, so the ratios used in this calculator will remember your last saved preference so that you can reuse the same ratios more easily across your pipeline
  • Pricing Page Improvements
    • General speed improvements
    • Add Manufactured Home Type of Single Wide and Double Wide to pricing when the property type is Manufactured Home
    • Auto-fill base loan amount if the sales price and down payment are entered
    • Update the estimated property value in the pricing form from estimated or appraised values in the loan details and summary pages
    • Remove Loan Feature Types and replace them with Loan Tags. Loan Tags can be selected from a drop down on the pricing filters card, or as options in the manual pricing form.
    • Update filters for lenders, loan types, and loan tags to drop downs on the pricing filters card
    • Show Effective Points for borrower paid compensation scenarios. Points will be re-calculated to offset for the compensation fee to normalize the point stack. To see the raw points without broker compensation built in, set broker compensation to 0
    • Better page validators
      • Add better validation messaging when you have missed a field. If you tap Pull Credit and you have missed a field, those fields will be instantly highlighted in red with a message next to them.
  • Saved Contacts Improvements
    • Contacts such as Insurance companies or Title companies can be saved for re-use in other loan applications. Your contact list is private to your company, so it will start empty and grow as you add more items to it.
    • Contacts can be created and searched for by editing the contact on the Contacts Card on the Loan Details page

Everything Else. As always, we have a comprehensive list of the smaller features, changes, and fixes for Release 60.

  • Add Lender Credits for Refinance loans, just like our credits section for Purchase loans
  • Various fixes and changes on borrower addresses and how they synchronize between co-borrowers and the subject property
  • Add more descriptive names and statuses to workflow threads to more easily distinguish between re-orders of the same type
  • Require “Commitment letter yes/no” to be selected at registration
  • Add Due Dates to workflow tasks. You can manually enter a due date for a specific workflow task and it will be marked as Past Due if it has not been completed by that date
  • Skip HOA workflow tasks if there is no HOA on the subject property
  • Add Max Balance Amount for liabilities like HELOC. This would affect the HCLTV which is shown on the new Loan Summary page and in the pricing taskbar.
  • Collect Borrower Counseling information on Home Ready, Home Possible and Home One products
  • Select Comments text field automatically when tapping Create Comment so you don’t have to press tab or click into the text field
  • Display App “1 of 2” on dashboard with multiple applications
  • Add Assets automatically for Gift Funds sourced as Down Payments
  • Add Asset summary to fee page
  • Highlight mismatches between escrow fees and pricing escrow selections on the fees page
  • Fix display issue on co-borrower SSNs after a loan restructure
  • Add Supplemental Data page accessed through the quick nav system. Right now, this page contains a couple of extra status options to disposition loans as withdrawn or declined for the Mortgage Call Report. We anticipate this page to grow over time and hold items and fields that are used less often than the controls on the Loan Details page
  • Add ICD Workflow Thread to the Date Tracking page
  • Fix issue where liabilities and employments aren’t cloned to the new application through the Clone page
  • Documents improvements
    • Documents Page
      • Fix issue where filters stop working
      • Add Delete shortcut from keyboard when selecting a document on the documents page
    • Document Generation
      • New Input options (old/existing loan info, down payment options)
      • Wrap lines on list inputs as needed
  • Fix date input issues when trying to edit just the year on a date control

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