General

Use the General tab to enter general information about a loan, and to select the criteria that will be used when searching for programs and pricing.

To Complete the General Tab:

  1. On the Home tab, click the My Loans tab, and then click Create new loan or click the borrower name for an existing loan with a status of Prospect or Qualified.
  2. If enabled (by your administrator) and if needed, enter an effective date.
  • To submit a historical pricing request, enter an Effective Date to specify the lock date and time to be used to qualify the loan.
  • To qualify Get Buy Side transactions, the Effective Date will be used.
  • To select a date, click the Calendar icon next to the field and a Calendar pop-up is displayed. If you manually enter a date, it should be entered as MM/DD/YYYY.
  • To select a time, click the Time icon at the bottom of the calendar, a Time pop-up is displayed. If you manually enter a time, it should be entered as HH:MM AM/PM.
  1. Select a commitment type.
  2. If enabled (by your administrator) and if needed, select a delivery type.
  • The Delivery Type field is not necessary for most ICE PPE transactions, so the field will only be displayed when:
  • ICE PPE is accessed through Encompass and the Channel is equal to "Correspondent".
  • User is assigned the View Profit Margins manager right.
  1. Select a Lien Position and Purpose.

ClosedWhen a first lien HELOC is selected

  • The 2nd Mtg Bal displays the sum of Subordinate Lien Amounts (field ID 3036) and any open HELOC draw amounts (field ID 3846) minus the subject initial draw (field ID 4510). 
  • The 2nd Mtg Bal cannot be edited and will be greyed out if a 2nd Mtg Bal value is passed from Encompass to ICE PPE.

Disabling the 2nd Mtg Bal. field will prevent a mismatch of liabilities when the 2nd Mtg Bal. value is passed back to Encompass.

  • If the Lien Position is switched to "2nd Mortgage", the value is altered, and then the Lien Position is switched back to "1st Mortgage", the 2nd Mtg Bal. field will retain the value passed from Encompass.

  • A warning, "2nd Mortgage Balance will return to Encompass. Liabilities must be updated on the loan manually in Encompass to match the balance returned.”, will be generated when navigating away from the General tab and the 2nd Mtg Bal. value is different from the value received from Encompass.
  • To edit the 2nd Mtg Bal field, the value must be updated Encompass and then resubmitted to ICE PPE.
  • The field validation will be bypassed if there is a payment and there is either Other HELOC Draws or a second mortgage balance.
  • The 2nd Paymt displays the value from field ID 1725.
  • The Loan Amount is displayed as Loan Amount/Initial Draw.
  • The Max Loan Amount/Max Line is displayed.
  • The LTV, CLTV and HCLTV are calculated read-only fields for all programs.

The LTV, CLTV, and HCLTV hyperlinks open to the LTV/CLTV/HCLTV help topic to provide information on how they are calculated based on product type.

ClosedWhen a second lien HELOC is selected

  • The 1st Mtg Bal displays the value from field ID 3035.
  • The Other Closed End 2nd Mort displays the value from field ID 3036.
  • The Housing Paymt displays the value from the field ID 1724.
  • The required Loan Amount/Initial Draw displays the value from field ID 4510.
  • A warning, “Loan Amount/Initial Draw must be completed.”, is displayed if this field is blank.
  • The read-only Other HELOC Draws determines the outstanding HELOC Draws apart from the subject draw request. It displays the difference between field ID 3846 and field ID 4510 (3846 – 4510).
  • This field will not be updated when fields are changed within ICE PPE.
  • The required Max Loan Amount/Max Line displays the value from field ID 3043.
  • A warning,“Max Loan Amount/Max Line must be completed.”, is displayed if this field is blank.
  • The read-only Other HELOC Lines determines the outstanding HELOC Lines of credit apart from the subject credit line request. It displays the difference between field ID 4519 and field ID 3043 (4519 – 3043).
  • This field will not be updated when fields are changed within ICE PPE.
  • The LTV, CLTV and HCLTV are calculated, read-only fields for all programs.

The LTV, CLTV, and HCLTV hyperlinks open to the LTV/CLTV/HCLTV help topic to provide information on how they are calculated based on product type.

  • For 1st and 2nd lien and a mixed selection of standard products, CLTV is displayed based off the worst case calculation on the General tab only. To update the CLTV calculation, adjust the standard products to reflect either Government (FHA, VA, USDA) or Non-Government (Agency, Non Agency, Non-QM).
  • For government loans (e.g., FHA, VA, USDA), the CLTV and HCLTV calculations are the same.
  • For conventional loans, the two calculations provide a distinction between the credit accessed (CLTV) versus the credit limit (HCLTV).

ClosedWhen a loan purpose of Construction or Construction-Perm is selected

  • A Refinance checkbox is displayed next to the Purpose field.
  • When the Refinance (field ID 4255) checkbox on the Lock Request Form is selected, the ICE PPE Refinance checkbox will be selected.
  1. Enter the Property Val and Loan Amount for the first mortgage.
  2. Second mortgage balance and payment information is optional.
  3. The LTV, CLTV, and HCLTV hyperlinks open to the LTV/CLTV/HCLTV help topic to provide information on how they are calculated based on product type.
  4. The Cash Out field is displayed for both the "1st Mortgage" and "2nd Mortgage" Lien Position if the Loan Purpose is "C/O Refinance" and a HELOC Loan Term is not selected.
  5. Select the Community/Affordable Second check box to designate a second mortgage as a Community or Second.
  6. Indicate whether the compensation is paid by the borrower or creditor.
  7. Type a Target Price and Target Rate.
  • The range for the Target Pricing is between 80 and 120.
  • The range for the Target Rate is between 0 and 20.
  1. Select the No Closing Cost checkbox if you want to include scenarios and pricing for No Cost Closing loans.
  2. Select the Lender Fee Waiver checkbox to enable the pricing of loan programs that allow lender fee waivers.

The Lender Fee Waiver checkbox value can be tested to perform actions in Conditions, Matrices, and the Rule Manager.

  1. The read-only Buydown Type field is populated from Encompass or Encompass TPO Connect when the loan includes buydown terms.
  • If the field value is "None", the Buydown Contributor field is not displayed.
  • If the field value is any value except "None", the Buydown Contributor field is displayed.
  • Both the Buydown Type and Buydown Contributor fields are required for qualification if a supported Buydown Type is submitted from Encompass or Encompass TPO Connect.
  • While this field is read-only, you are still able to view all the eligible dropdown options. However, if you attempt to change the selected option, a message "Buydown Type/Buydown Contributor must be updated at their point of origination and resubmitted to ICE PPE." is displayed.
  1. The read-only Buydown Contributor field is populated from Encompass or Encompass TPO Connect.
  • The Buydown Contributor dropdown options match the ones available in Encompass and Encompass TPO Connect.
  • Both the Buydown Type and Buydown Contributor fields are required for qualification if a supported Buydown Type is submitted from Encompass or Encompass TPO Connect.
  • While this field is read-only, you are still able to view all the eligible dropdown options. However, if you attempt to change the selected option, a message "Buydown Type/Buydown Contributor must be updated at their point of origination and resubmitted to ICE PPE." is displayed.
  1. FHA Case Number Date is optional.
  • This field stores the date the FHA case number was issued and enables it to be used for conditional pricing.
  • To select a date, click the Calendar icon next to the field and a Calendar pop-up is displayed. If you manually enter a date, it should be entered as MM/DD/YYYY.
  1. In the right panel, if agency approval is required, select an option from the list.
  2. Select the loan terms. You can select 8 or less at one time.
  • Current Production versions of enabled loan programs and virtual programs only will be considered to determine the available loan terms.
  • If users attempt to select both HELOC and non-HELOC loan terms, a warning, “HELOC can not be selected with any other loan term.”, is displayed.
  • Users can select multiple HELOC loan terms together.
  • Users can select multiple non-HELOC loan terms together.
  • If Encompass passes the loan type of “HELOC” to ICE PPE, the HELOC programs in the Loan Terms section on the General tab are selected.
  • The HELOC programs are selected based on the HELOC program types and term requested in Encompass.
  • If no term is requested, ICE PPE will select all HELOC programs on the General tab and display a message to select amortization.
  1. Select Standard Products, Product Options, or Special Products that apply.
  • Current Production versions of enabled loan programs and virtual programs only will be considered to determine the available standard products, product options, and special products.
  • The Non-QM product option identifies non-QM products and accesses features and pricing unique to those products.
  1. If you want to include loan programs with prepayment penalty options when searching for programs and pricing, select a Prepay Penalty Term.
  • The options displayed in the dropdown list are populated based on the prepayment penalty terms selected in the eligible loan programs chosen in Admin>Programs.
  • For a loan program to be included in the Qualification results, the prepay penalty term selected here must be the same as the one selected on the Custom Program Definition.
  • When the Penalty Term (field ID 2964) is mapped from Encompass to this new field, the values from Encompass are mapped as follows:
  • Blank is mapped to “none”
  • “1 Year” is mapped to “1 yr”
  • “2 Years” is mapped to “2 yrs”
  • “3 Years” is mapped to “3 yrs”
  • When the Prepay Penalty Term is mapped from this new field to the Penalty Term in Encompass, the values from ICE PPE are mapped as follows:

The ICE PPE values will only update the Penalty Term in Encompass if the Prepayment penalty term option is enabled under Admin>Settings>Encompass Update Elements.

  • “none”, “4 yrs”, and “5 yrs” are mapped to Blank
  • “1 yr” is mapped to “1 Year”
  • “2 yrs” is mapped to “2 Years”
  • “3 yrs” is mapped to “3 Years”
  1. When finished, click Next to proceed to the Borrower tab.