The following FAQ addresses common questions for implementing pricing, borrower data, loan types, and campaigns.
Pricing
Pricing Sheets
How should pricing sheets be formatted?
- One pricing sheet per offer type
- Include one (1) base rate table and multiple LLPA tables as needed
- Do not include more than five (5) LLPA tables
What are the accepted formats for pricing sheets?
- Excel (XLSX) is the preferred format
- We can also integrate CSV files
- Do not send a PDF
Can we send pricing sheets specific to individual states?
As long as each state's rate sheet complies with the above standards and are formatted the same way we can accommodate individual files for each state.
How do we handle rate sheets unique to a product (eg: HELOC pricing)?
- As long as the rate sheet meets the above requirements we can accommodate
- The standard expectation is one (1) rate sheet per product type
What does Ardley need from us?
- Any product guides you have available
- Minimum price offered per product
- Lock periods
- FICO value you would like to use when generating offer calculations
- State eligibility
What additional data elements are required to complete the loan calculation process?
- Escrows
- However, escrows can be turned off if needed
Do you need a breakdown of rate adjustments vs price adjustments?
No, we are able to proceed with the calculations without these being broken down.
Do you need a hard coded value or can we send you a formula?
- We can load formulas submitted to us in the Excel file
- We load the value of the formulas into our pricing calculations
What are the default lock periods?
- Conventionals, VA IRRRL, & FHA Streamline: 45 days
- HELoan and HELOC: 60 days
What are the default closing days?
- Two (2) days
- This period is configurable
What terms are supported?
- Terms are written in months (ie: 20 years = 240 months)
- Terms can be dictated by state (eg: offer 20 years in TN, 30 years everywhere else)
Net Tangible Benefits
What do we price to for different loan types and is this configurable?
- 98 for all rate reduction offers
- Closest price over 100 for cashout refinance offers
- Pricing can be adjusted
Is there a cap to UPB when financing closing costs?
Not applicable, we use the recoupment period method.
What is the recoupment period?
- Conventional & VA IRRRL: 36 months
- FHA Streamline: no recoupment period
- Period can be adjust or turned off
Do borrowers need .5% rate saviings AND $50 savings for rate reduction offers?
And are these values configurable / can the rules be turned on or off?
- 50bps minimum rate savings
- $50 monthly savings
- Rate reduction can be adjusted or turned off; same with payment savings
What are the Cash to borrower limits?
Specifies the limit for how much a borrower can be paid out (typically only applies to FHA Streamline)
No more than $50 back to the borrower per FHA guidelines.