As you may have already read in our December 2022 Release Notes, we informed clients of internal progress for Area Median Income (AMI) content support 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.
With this release we will be adding a Monthly Qualifying Income field to Lender forms and making additional updates to support the use of Area Median Income (AMI) in determining pricing and eligibility. Additionally, a new scripting variable, AMI Percent, will be available to clients for portfolio content and overlays.
The Monthly Qualifying Income field will be added to the Borrower Information section of the Lender site Product Search form, Profile Product Search form, Lock form and Printable Lock form. This field will not be required by default. 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.
For Secondary Users, this field will be added to the
Change Request Current Information and Change Request Details pages, and will be available for 2ndary Loan Export and Lender Email Templates.
Additionally, our Integrations team has completed the work to map Monthly Qualifying 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 Monthly Qualifying Income field in Optimal Blue will automatically be populated.
When a Product Search is ran using the Monthly Qualifying 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 Monthly Qualifying Income is provided.
Prior to the release on Monday, we will begin updating investor guidelines 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 Fannie and Freddie’s First Time Homebuyer 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.
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