Options

Use the Options page to manage features on the General, Finances, Property, Qualify, and Summary tabs. In addition, you can select whether historical or current pricing is used for Get Buy Side Pricing calls from Encompass, select whether the applicable FHA Loan Limits should be determined by the FHA case number date or the loan’s effective date, enable/disable the APOR Discount Point Exclusion and Rate Reduction Discount Point Exclusion tests, and select the Starting Adjusted Rate Definition you would like to use.

Options

Use the Options section to manage features on the ICE PPE Qualify and Summary tabs. Select from the following options:

  • Skip Income Checks - If selected, income checking rules are not considered for qualified programs and rates on the Qualify tab.
  • Skip Asset Checks - If selected, asset checking rules are not considered for qualified programs and rates on the Qualify tab.
  • Allow Lock Requests - If selected, the Lock Request button displays at the bottom of the Summary tab. Authorized users may click this button to submit a rate lock request to the lock desk via ICE PPE.
  • Round down Correspondent prices - If selected, prices are rounded down by an eighth for loans in the Correspondent channel.
  • Round down Broker prices - If selected, prices are rounded down by an eighth for loans in the Broker channel.
  • No Closing Costs - If selected, a No Closing Cost option is displayed on the General tab and ICE PPE will return the appropriate profit margin or loan level price adjustment (LLPA).
  • Flagged - If selected, the Flagged check box on the Qualify tab is selected and flagged programs are included in Qualification results.
  • Display Estimated APR - If selected, the Estimate APR column on the Qualify tab and the Estimated APR on the Summary tab are displayed.
  • Hide Update Lock Request Form (ICE PPE Only) - If selected, the Update Lock Request Form button on the Loan Summary page (Encompass desktop interface) and the Summary page (Encompass web interface) are hidden.
  • This setting is only applied when an ICE PPE provider is selected on the Encompass Product and Pricing setting.
  • By default, the setting is not selected for both existing and new Clients.
  • Float (ICE PPE Only) - When enabled, the Float button will be displayed next to the Request Lock button on the Summary page.

This Float feature does update fees in the 2015 Itemization in Encompass. We encourage you to thoroughly test this feature and adjust, if needed, any of your current Encompass business rules before enabling this feature.

  • The Update Lock Request button is removed.

  • The Float button will only appear when the loan does not have an active lock, expired lock, or canceled lock.

Encompass

Use the Encompass section to select the Encompass options you want to enable on the General, Finances, Property, and/or Summary tab.

  • As a best practice, clients should set Float Option to OFF, Disable non-LOS Lock to ON, Allow Re-price on submitted Loans to ON, Allow Effective Date changes on Re-Lock and Lock Update to OFF, Allow loan program changes on Re-Lock and Lock Update to ON, and Allow selection of additional loan programs only when current loan program is no longer eligible on Re-lock and Lock Update to OFF.
  • If the Allow Effective Date change on Re-Lock and Lock Update checkbox is selected, the General, Finances, and Property tabs can be edited for relock transactions.
  • If the Effective Date is changed on the General tab, that date will be used to qualify the loan.
  • The Allow selection of additional loan programs only when current loan program is no longer eligible on Re-Lock and Lock Update checkbox is not yet available for use and will not be applied if selected. This option will be available for use in a future ICE PPE release.

Product Types

Use the Product Types section to select the product types you want to include in product and pricing results on the Qualify tab.

  • Each product type selected here will display near the top of the Qualify tab along with a corresponding checkbox. Authorized users may select or clear a checkbox to include or exclude the product from the list of programs and rates.

Get Buy Side

Use the Get Buy Side section to select whether Historical or Current pricing is used for Get Buy Side Pricing calls from Encompass. By default, the "Historical" option is selected.

FHA Loan Limit Lookup

Use the FHA Loan Limit Lookup section to select whether the applicable FHA Loan Limits should be determined by the FHA case number date or the loan’s effective date.

  • When the setting is set to “FHA Case Number Date” and the loan limit is FHA, the FHA case number date will be used to look up the loan limits from the Loan Limit table.
  • If the FHA Case Number Date is blank, the loan’s effective date will be used.
  • When the setting is set to “Effective Date” and the loan limit is FHA, the loan’s effective date will be used to look up the loan limits from the Loan Limit table.

DTI

Use the DTI section to select whether the DTI uses an ICE PPE calculated DTI or an Encompass calculated DTI. By default, the "ICE PPE" option is selected.

  • ICE PPE - The DTI uses an ICE PPE calculated DTI.

  • LOS - The DTI uses an Encompass calculated DTI.

APOR Discount Point Exclusion Test

Select the APOR Discount Point Exclusion Test checkbox to enable the test.

  • If the APOR Discount Point Exclusion test is enabled, set the discount point thresholds (the standard is 2 (two) thresholds).

The allowable range is between 0.000 and 10.000.

Please note that in order for a loan to pass the APOR Discount Point Exclusion test:

  • Up to 2 (two) bona fide discount points may be excluded from total points and fees if the Undiscounted Rate (field ID 3293) does not exceed the APOR (field ID 3134) by more than one percentage point.
  • Up to 1 (one) bona fide discount point may be excluded from total points and fees if the Undiscounted Rate (field 3293) does not exceed the APOR (field ID 3134) by more than two percentage points.

Rate Reduction Discount Point Exclusion Test

Select the Rate Reduction Discount Point Exclusion Test checkbox to enable the test.

  • If the Rate Reduction Discount Point Exclusion Test is enabled, set the rate reduction basis (the standard is 0.25).

The allowable range is between 0.000 and 1.000.

Starting Adjusted Rate Definition

Use the Starting Adjusted Rate Definition section to select a starting adjusted rate definition. This enables Encompass and the Encompass Compliance Service (ECS) to correctly run a Qualified Mortgage analysis. By default, “Define Starting Adjusted Rate Above Par*” is selected.