As previously announced, Optimal Blue has been completing work to support calculating Area Median Income (AMI) in preparation of a future client rollout. Fortunately, we are well ahead of schedule and will deploy a release into the Production Environment on Monday, December 19th at 10:00 PM CT. No system downtime is expected during the installation of this release.
With this release we will be adding a Household Income field to our search forms and making additional updates to support the use of AMI in determining pricing and eligibility. Additionally, a new scripting variable, AMI Percent, will be available to clients for portfolio content and overlays.
The Household Income field will be added to the Borrower Information section of the Product Search form and Profile Change Search form. It is also available for display on the Loan History and Lock Confirmation pages. This field will not be required by default and will be read-only. If there is no value provided or $0 populated in this new field, the search results will return products and pricing without calculating or applying AMI percentages.
Additionally with this release, our Integrations team has completed the work to map Household Income from our LOS partner’s corresponding monthly income fields. This means for integrated clients where the monthly qualifying income has been populated in the LOS, the new Household Income field in Optimal Blue will automatically be populated. For Empower, the Household Income field will be populated from loanDetails/loanTerms/netIncome in the Pricing API, which pulls from DB#32166 in the LOS.
When a Product Search is ran using the Household Income value, the details of Optimal Blue’s AMI calculation will be included in the Notes and Advisories section of the search results. This messaging will always return in search results when a Household Income is provided.
Prior to the release on Monday, we will begin updating investor content using the new AMI Percent variable for Optimal Blue supported content. We have prioritized these content updates and as of the time of this release the Fannie and Freddie LLPA waivers based on the borrower’s percent of AMI will be supported for product and pricing searches immediately. Our Content Team will then focus on implementing eligibility based on AMI for Fannie and Freddie, with an anticipated rollout the morning of December 27th. All other investor content will be updated as each investor updates their guidelines. Alerts will be sent to our clients as is our usual process. We are updating investors as quickly as possible, but not all investors could be updated at the same time.
The contents of this email may contain information that is privileged, confidential, or otherwise protected from disclosure and is to be read solely by the intended recipient(s). Dissemination, distribution, or copying of this email or the information herein by anyone other than the intended recipient is strictly prohibited. If you have received this email in error, please notify the sender and destroy the original message and all copies thereof.