Lender Concessions
Lender Concessions Overview
Maxwell’s Lender Concessions feature is available for Optimal Blue and Encompass lenders who want Loan Officers to request and share lender concessions directly within the Point of Sale.
With this feature, Loan Officers can:
Calculate lender concessions within the POS
Share concession discounts with borrowers in early stage pricing scenarios to highlight added value
Submit concession requests from the POS to Optimal Blue for approval
How to Enable
If your organization would like to enable Lender Concessions, a POS admin should contact [email protected].
Our Customer Success team will guide you through setup and confirm that your concession limits and approval settings are configured correctly in the POS..
Prerequisites for Lender Concessions:
Encompass LOS connection with Rate Lock Enabled
Optimal Blue P&PE integration with concession limits and approvals settings managed in OB.
QuickPricer feature enabled
A Credit Reporting integration enabled
How it works
Add a Concession
To add a lender concession an LO will go through the following steps.
From the Lender Hub, select the QuickPricer tab. This opens the Search Products page.
On the Search Products page, enter or update the required loan details and filters, then run the product search.
Review the product results. Use the expand arrow to the left of product name to view additional point and rate options, then select the points you want to present to the borrower.
Select up to three loan products to compare and share with the borrower.
Click Go to Loan Scenario to view product details.
Scroll to the Points row and select Add Concession.
In the Add Concession pop-up, enter either concession points, a dollar amount, or the desired points. Entering a value in any field automatically calculates the other fields.
Review any warnings related to auto-approval limits or maximum concession limits.
Save the concession.
Update any additional pricing details as needed, such as Housing Expenses, MI, or Fees.
To share pricing, click Send to Borrower in the upper right corner. This sends a notification prompting the borrower to review pricing. You can edit the message and preview it before sending, as shown in the video below.
Request Rate Lock Approval w/ Concession
From the Manage dropdown, click Select on the desired product.
After selecting the product, the Rate Lock option becomes available in the Manage dropdown. Click Rate Lock.
In the Request Rate Lock pop-up, review the product and concession details. Enter the Price Concession Reason and any required comments.
Select Request Lock w/ Concession.
This action sends the product pricing details to Encompass and then to Optimal Blue. It initiates both the rate lock and lender concession request in Optimal Blue. Once the data is successfully transmitted, the Loan Scenarios screen updates to display Lock Pending and Concession Pending statuses.
Your organization will then follow its standard Optimal Blue approval process.
For automatic approvals, the request proceeds based on your configured settings.
For manual approvals, designated approvers are notified in Optimal Blue to review the rate lock and concession request.
After approvals are completed in OB we Maxwell will receive the approval decisions and display them to the LO on the file. There are three statuses we will return
Lock & Concession Pending - This means its sent to OB but has not completed the approval process
Rate Locked, Concession Approved - This means it has completed all approvals in OB and the loan is locked.
Lock Rejected, Concession Rejected or Pending - This means the approver has rejected the lock or concession.
Lock Cancelled - This means the lock request was cancelled in OB.
IMPORTANT NOTE:
Once a rate lock request has been submitted to Optimal Blue for approval, pricing can no longer be edited in the Point of Sale.
At that stage, pricing is controlled by Encompass and Optimal Blue. The POS cannot update or modify pricing data in either system.
If a product is Rate Locked, the selected product becomes frozen and read-only in the POS.
If a rate lock request is Rejected or Cancelled, the selected product also becomes frozen and read-only in the POS.
Revising a Locked Loan
To revise pricing after a rate lock request, lenders have two options:
Update pricing directly in Encompass or Optimal Blue for the connected loan file.
Duplicate the loan application in the POS and repeat the pricing and rate lock process. This creates a new Encompass Loan ID.
Integration Details
Maxwell’s Lender Concessions feature uses each Loan Officer’s Optimal Blue credentials and settings.
Loan Officers will see the same product options, concession limits, and approval rules in the Maxwell POS that they have in Optimal Blue.
Product Search and Points Settings
When a Loan Officer searches for products, the results reflect the products they are authorized to access in Optimal Blue, including the point limit settings configured by your organization.
Lender Concessions Limits
Maxwell honors the auto-approval and manager approval concession limits configured in Optimal Blue.
If a concession exceeds the Loan Officer’s individual limit, the POS displays a notification indicating that manager review is required.
When the Loan Officer submits a Request Lock w/ Concession, the request follows the existing manager approval workflow configured in Optimal Blue.
Auto-Approval Limits
If the concession is within the Loan Officer’s automatic approval limit, no warning is displayed.
The Loan Officer must still enter a concession reason to submit the concession request as that is a required field in OB.
Manager Approval Limits
If a Loan Officer enters a concession that exceeds their automatic approval limit, the POS displays a manager approval warning.
The Loan Officer can still proceed, but must provide an approval request reason and supporting details when submitting the rate lock request.
Exceeding Request Limits
If a Loan Officer enters a concession amount that exceeds the manager or organizational approval limit, the POS displays an error notification that it exceeds the Max concession amount.
The Loan Officer cannot save the concession until the amount is adjusted to fall within the allowed limit.
Questions
If you have any other questions please reach out to [email protected] or your customer success manager.
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