The Underwrite As attribute is used to override the Product Type of the deal product to ensure that CMHC receives the correct information in order to charge the correct premium (i.e., LOC will have a higher premium). A multiple component product therefore must be assigned the Underwrite As value of either Mortgage (1) or Secured LOC (2). All values are as follows: 0 = blank 1 = Mortgage 2 = Secured LOC The configuration options documented on the previous page are illustrated in the table below to provide examples of how multiple component products can be defined. Note that the products defined below may not necessarily reflect actual products, but do demonstrate the flexibility of Express to meet a lender’s demands. Configuration Options Result Product Type Component Eligible Flag Component Type Underwrite As Multiple Component or Standalone? (as per Product Type and Component Eligible Flag) Can it also be used as Component? (as per Component Type attribute) Mortgage y Mortgage Mortgage Multi Component Yes Mortgage n Mortgage Mortgage Standalone Yes Mortgage y 0 Mortgage Multi component No Mortgage n 0 Mortgage Standalone No 0 n Mortgage 0 Neither Yes Line of Credit y Line of Credit Line of Credit Multi Component Yes Line of Credit n Line of Credit Line of Credit Standalone Yes Line of Credit y 0 Line of Credit Multi Component No Line of Credit n 0 Line of Credit Standalone No 0 n Line of Credit 0 Neither Yes Multi Component y 0 Mortgage Multi Component No Multi Component y 0 Line of Credit Multi Component No 0 n Loan 0 Neither Yes 0 n Overdraft 0 Neither Yes 0 n Credit card 0 Neither Yes
Component Product Type Attribute Logic for comparing Deal Notes Text English French Component Mortgage Actual Payment Term If not the same, calculate the difference and append an existing deal note with the text provided in the “Deal Notes Text” column in a new line Actual Payment Term <existing Value> <new Value> <difference> Terme réel du paiement <existing Value> <new Value> <difference> Component Mortgage Amortization Term Amortization Period <existing Value> <new Value> <difference> Période d'amortissement <existing Value> <new Value> <difference> Component Mortgage Buy Down Rate Buy Down Rate <existing Value> <new Value> <difference> Taux d'intérêt réduit <existing Value> <new Value> <difference> Component Mortgage Cashback Amount Cashback Amount <existing Value> <new Value> <difference> Remise en argent ($) <existing Value> <new Value> <difference> Component Mortgage Cashback Percent Cashback Percent <existing Value> <new Value> <difference> Remise en argent (%) <existing Value> <new Value> <difference> Component Mortgage Discount Discount <existing Value> <new Value> <difference> Escompte <existing Value> <new Value> <difference> Component Mortgage Mortgage Amount Mortgage Amount <existing Value> <new Value> <difference> Montant de l’hypothèque <existing Value> <new Value> <difference> Component Mortgage Premium If not the same, calculate the difference and append an existing deal note with the text provided in the “Deal Notes Text” column in a new line Premium <existing Value> <new Value> <difference> Prime <existing Value> <new Value> <difference> Component Mortgage Rate Guarantee Period Rate Guarantee Period <existing Value> <new Value> <difference> Période de garantie du taux <existing Value> <new Value> <difference> Component LOC Discount If not the same, calculate the difference and append an existing deal note with the text provided in the “Deal Notes Text” column in a new line Discount <existing Value> <new Value> <difference> Escompte <existing Value> <new Value> <difference> Component LOC LOC Amount Line of Credit Amount <existing Value> <new Value> <difference> Montant de la marge de crédit <existing Value> <new Value> <difference>
Component LOC Premium If not the same, calculate the difference and append an existing deal note with the text provided in the “Deal Notes Text” column in a new line Premium <existing Value> <new Value> <difference> Prime <existing Value> <new Value> <difference> Component Loan ActualPayment Term Actual Payment Term <existing Value> <new Value> <difference> Terme réel du paiement <existing Value> <new Value> <difference> Component Loan Discount Discount <existing Value> <new Value> <difference> Escompte <existing Value> <new Value> <difference> Component Loan Loan Amount Loan Amount <existing Value> <new Value> <difference> Montant du prêt <existing Value> <new Value> <difference> Component Loan Premium If not the same, calculate the difference and append an existing deal note in a new line Premium <existing Value> <new Value> <difference> Prime <existing Value> <new Value> <difference> Component Credit Card Credit Card Amount If not the same, calculate the difference and append an existing deal note in a new line Credit Card Amount <existing Value> <new Value> <difference> Montant de la carte de crédit <existing Value> <new Value> <difference> Component Overdraft Overdraft Amount If not the same, calculate the difference and append an existing deal note in a new line Overdraft Amount <existing Value> <new Value> <difference>> Montant du découvert <existing Value> <new Value> <difference> Configuration Options Rate Synchronization Process In order to be able to send the product and posted rate information from Expert Lender to Express, the lender needs to be configured to enable rate synchronization for product rates between Expert Lender and the lender’s Express environment. If Rate Synchronization is enabled, whenever the rate for a product is changed in Express, the product rates in the corresponding Expert Lender will be automatically changed to match the rates in Express.
pour vous donner d’autres instructions. New Business Rules Rule Class Rule Id Notes Hard/Soft Stop Message (English) Message (French) IC 813 Based on pre-existing rules at the deal level. In the pre-existing functionality, in case of a failure of IC rules, ingestion creates a deal note with the text of the Message (OPVALUE3 and OPVALUE4) Hard Critical Data Missing - Mortgage Component Amortization Information importante manquante - Amortissement de component IC 814 Hard Critical Data Missing - Loan Component Term Information importante manquante - terme composante de pret IC 815 Hard Critical Data Missing - Payment Frequency for Mortgage Component Information importante manquante - Fréquence des paiements de component IC 816 Hard Critical Data Missing - Payment Frequency for Line of Credit Component Information importante manquante - Fréquence des paiements de component IC 817 Hard Critical Data Missing - Payment Frequency for Loan Component Information importante manquante - Fréquence des paiements de component IC 818 DenialReasonId of 100 or 101 indicates failure of product code/rate inventory match process at a deal level of a “component eligible” deal Hard System error – failed to match product or rate at deal level. Components have not been saved. Erreur du système — il n’a pas été possible d’associer un produit ou une gamme de taux à l’échelle d’une seule transaction. Les composantes de la transaction n’ont pas été enregistrées. IC 819 DenialReasonId of 100 or 101 indicates failure of product code/rate inventory match process at a component level of a “component eligible” deal Hard System error – failed to match product or rate at component level. Component has been deleted. Erreur du système — il n’a pas été possible d’associer un produit ou une gamme de taux à l’échelle d’une seule composante. La composante a été effacée.
DEC 008 According to current requirements, the payment frequency for a loan should be “Monthly”. This rule will enforce this. By providing a drop down, there is flexibility for the scenario when the user wants to have some other payment frequency. One message per each individual Loan component associated with the deal will be produced by this rule if the rule is fired for this component. Hard Loan Component - The Payment Frequency for a loan component should be “Monthly” Composante du prêt - La fréquence des paiements d’une composante de prêt doit être mensuelle DEC 009 For each Mortgage component, fire if the discount is greater than the maximum discount allowed. Note: This rule is based of a rule at the deal level (DE-303), and will fire separately from that rule. Soft Mortgage Component - The discount is greater than the maximum discount allowed. Composante de l’hypothèque - L'escompte est supérieure au maximum autorisé. DEC 010 For each LOC component, fire if the discount is greater than the maximum discount allowed. Note: This rule is based of a rule at the deal level (DE-303), and will fire separately from that rule. Soft LOC Component - The discount is greater than the maximum discount allowed. Composante de la marge de crédit - L'escompte est supérieure au maximum autorisé. DEC 011 For each Loan component, fire if the discount is greater than the maximum discount allowed. Note: This rule is based of a rule at the deal level (DE-303), and will fire separately from that rule. Soft Loan Component - The discount is greater than the maximum discount allowed. Composante du prêt - L'escompte est supérieure au maximum autorisé.
Click the Recalculate button to view the impact of the Mortgage Insurance allocation (the total loan amount for the component is raised by the MI premium). Click Submit to save the changes to the Component Details subscreen. Express runs the required calculations and then the multiple component business rules, and returns the user to the Underwriter Worksheet. If the business rules fail, the Warning and Errors pop up window appears showing details of the errors and warnings. Configuration Options No configuration options have been implemented for the MI premium process. Business Rules Additions The following business rules are available for the lender to implement or not. If implemented, the lender also has the option to make them hard or soft stops. Rule Class ID Condition Hard/Soft Stop Message (English) Message (French) DMC 004 If the deal meets all the following conditions: is insured deal product is underwritten as a Mortgage (see “Product Type Configuration” on page 29.) deal product amortization term is less than the highest amortization of a mortgage component the component amortization is greater than 25 years Optional One or more components have an amortization greater than the amortization of the deal/umbrella mortgage. Une ou plusieurs composantes ont un amortissement supérieur à l’amortissement de la demande / l’hypothèque englobante DMC 005 If more than one mortgage component has been selected to include the MI premium. Note: The JavaScript process in Express prevents the user from allocating MI premium to more than one component. This rule is required in case the JavaScript process fails. Optional More than one component has been selected to include the Mortgage Insurance premium. Plus d’une composante a été sélectionnée pour l’inclusion de la prime d’assurance hypothécaire. DMC 006 If the MI premium has not been allocated to a component. Optional The Mortgage Insurance premium has not been allocated to a component. La prime d’assurance hypothécaire n’a été attribuée à aucune composante.
General Enhancements & Fixes General Enhancements to Express 4.1 consist of the following: Qualifying Details from Source of Business - The Underwriter Worksheet, Deal Modification and Deal Summary screens include a new section, Qualifying Details from Source of Business, which displays qualifying details as entered by the originator in Expert. Equity Take Out/Switch/Refinance Information - The Equity Take-Out/Switch/Refinance Information section in the Underwriter Worksheet, Deal Modification, Deal Entry and Deal Summary screen includes two new fields: Additional Details and Existing Account Reference. Workflow Regression - A change to the estimated closing date will trigger a re-calculation of the timestamps for open tasks (including Sentinel tasks), which have a duration or warning based on the estimated closing date. These tasks will then appear in the user’s work queue based on the re-calculated timestamp. The corresponding warning and expiry notifications will also be generated based on the re-calculated timestamp. Bilingual Deal Notes - Express now has the ability to display deal note information in English or French based on the Express user’s currently selected language. Rate Selection Since Last Pre-Approval Application Date - During firm up, all rates since the application date of the last pre-approval can be made available for your selection. Ability to Automatically Remove “On Hold” Message from Task when Hold Duration Expires - Express now provides the ability for a lender to choose whether the “On Hold” message automatically disappears when the on hold time expires. Determining the Sequence of Conditions/Clauses - With Express 4.1, a Lender must determine the sequence that conditions (clauses) will display in a Mortgage Commitment Letter or Certificate that is generated from Express. Support for Filogix Exchange 2.0 - Express supports Filogix Exchange 2.0, which creates folders and stores documents when deals are ingested and approved in Express. Fixes to Express 4.1 consist of the following: Setting Line of Business Limits by allowing $0.00 for non-decisioning users, and preventing negative line of business limits Closing the cancel mortgage insurance task for AIG UG Processing AIG UG follow-up responses to a “Risk” request Mortgage insurance updates