New Features:
- Dual AUS in Standard Floify
- This feature allows users to run simultaneous AUS reports from both Fannie Mae Desktop Underwriter (DU) and Freddie Mac Loan Product Advisor (LPA) (Desktop Originator (DO) coming later this month). Lending teams will be able to use AUS independently of one another or run DU/DO and LPA at the same time. This functionality will also be available for any users, even accounts without LOS or PPE integrations.
- This feature allows users to run simultaneous AUS reports from both Fannie Mae Desktop Underwriter (DU) and Freddie Mac Loan Product Advisor (LPA) (Desktop Originator (DO) coming later this month). Lending teams will be able to use AUS independently of one another or run DU/DO and LPA at the same time. This functionality will also be available for any users, even accounts without LOS or PPE integrations.
- New Apply Now fields for AUS
- Freddie Mac's Loan Product Advisor ("LPA" or "LP") and Fannie Mae’s Desktop Originator or Underwriter (“DO” or “DU”) require additional data for it to run accurately. Since we're adding AUS to Floify, we must add these additional data points to the Apply Now 1003:
-
- Assets > Other Asset, with new "Description" input
- Assets > Other Credit, with new "Description" input
- Assets > If Asset Type = {Earnest Money, Employer Assistance, Lot Equity, Relocation Funds, Rent Credit, Sweat Equity, or Trade Equity} > Credit Source Type
- Assets > Other Asset > "Asset Type”
- Liabilities > Add Liability > "Exclude this liability from loan calculations”
- Real Estate > Add Real Estate > If Status = Retained, "Type of Property"
- RealEstate > Add Real Estate > "Net Rental Income" (Only Visible to LO Teams)
- RealEstate > Add Real Estate > “Is this the subject property for this loan?”
- PropertyInfo > Type of Property > "Manufactured Home" > "Manufactured Home Width Type"
- PropertyInfo > If the borrower answers "YES" to "Do you have other new mortgage loans on the property?" > add the additional question: "Fund Source Type"
- Lender Loan Info > Property & Loan Info > If Loan Type = Refinance, "Does the borrower qualify for the Freddie Mac Refi Possible program?"
- Lender Loan Info > Mortgage Loan Info > "Estimated Prepaid Items"
- Lender Loan Info > If Project Type = Condominium or Cooperative, new "Project Design Type"
-
- Freddie Mac's Loan Product Advisor ("LPA" or "LP") and Fannie Mae’s Desktop Originator or Underwriter (“DO” or “DU”) require additional data for it to run accurately. Since we're adding AUS to Floify, we must add these additional data points to the Apply Now 1003:
- Supplemental Consumer Info URLA Support
- To get ahead of an upcoming Fannie/Freddie requirement that will take effect in March of 2023 for Conventional loans, we're adding these soon-to-be required questions to Apply Now. These questions ask about homeownership education, housing counseling, and language preference. If filled out in Apply Now, this new Form 1103 will be added as an addendum to the 1003 PDF.
- Your/Co-Borrower Info > Supplemental Info > Supplemental Consumer Information
- Your/Co-Borrower Info > Supplemental Info > Supplemental Consumer Information
- To get ahead of an upcoming Fannie/Freddie requirement that will take effect in March of 2023 for Conventional loans, we're adding these soon-to-be required questions to Apply Now. These questions ask about homeownership education, housing counseling, and language preference. If filled out in Apply Now, this new Form 1103 will be added as an addendum to the 1003 PDF.
- Full View enabled for all companies
- The "1003 Full View" feature enables LO Teams to easily toggle back and forth between the 1003 sections/questions made visible to the borrower ("Borrower View") and the full 1003. Without the "Full View" option, the LO only can see what's visible to the borrower in Apply Now. With this release, "Full View" will be enabled by default for all new and existing companies (previously, it was disabled by default).
- Formfree VOA LPA Waiver Support
- When a Formfree AccountChek VOA report is run on a loan flow, LPA AUS findings will take it into account and surface any eligible Paystub and W2 waivers.
- Pre-Approval Letter API
- This feature will give realtors and lenders the ability to run Floify’s pre-approval letter functionality from any system while still complying with the Floify parameters and permissions set by the LO.
- New Cancel Subscription Dropdown
- When users decide to cancel their Floify subscription they will be asked which product they are switching to. This new field will give Floify better insight into which Product improvements can be made.
- Update default loan calculator rate to reflect global rate changes
- The new default rate in the Mortgage Calculator will appear as 7.00% and the Refinance Calculator will have the “Current” default rate set as 7.5% and the “New” rate will be 7.0%.
Bug Fixes:
- We resolved ADA issues in the Apply Now Property Info section.
- The VOA setting in Team Settings > Apply Now will now match the Settings Preview interface.
- The Smart HOI template doc has been updated to better function on a mobile web browser.
- A limit has been set for retrying expired/invalid Freddie Mac LPA credentials.
- The XML file importer in the 'Start New Loan Flow screen will no longer show inapplicable Encompass conflicts.
- Manually converting a prospect will no longer remove the County and Country values from the subject property’s address
Please sign in to leave a comment.