Automated Rate Search
1. Login
The Automated Rate Search is administered in your back office. For your back office location, contact Customer Service.
Once you've logged into your back office, select "Manage Website."
- The "Manage Website" link brings you to this page containing the ARS product links under the Multi-Lender group on the left nav bar.
- These links are used for administering the ARS. In the next screen we'll select lenders via the "Select Lenders" link.
To select lenders:
- Click the link, "Select Lenders"
- Enter a check in the box next to each lender whose rates you want to display. Select as many lenders as feasible for your geographic region.
- Click, "Submit Lenders"
Your profit margin is automatically added to the wholesale pricing and appears in Loan Points, Line 801 of the Closing Costs screen.
Enter either Broker Points or Broker Flat Fees—not both. If both are entered, they are added together and appear in Line 801 of the Closing Costs screen.
In this example, the broker is paid $1,500 for any loan amount in the range from $0 to $50,000. In the other ranges, the broker is paid a percentage of the loan amount.
New rows are used when the markup changes. Make sure you don't overlap ranges or leave any gaps. For "Max Loan Amount" in the last row, insert a large number. The number serves as a catchall for any loan amount.
Steps one through four are followed to set your profit margin.
- Select "Manage Website"
- Select "Set Profit Margin"
- Enter loan ranges and fees or points
- Submit Fees
In this screen, you select the states in which you offer loans. Borrowers who search for rates at your web site see your selections in a drop-down box. To complete this screen, follow these steps:
- Select "Manage Website"
- Select "Add/Delete States"
- Select states by entering a check in the check box(s)
- Select the state to automatically appear in the drop-down box at your site
- Click the button, "Update States List"
6. Closing Costs Administration
Review and if necessary, edit data in the Master Closing Costs screen. After editing, you will import its contents into State Specific Closing Costs screens. Data in State Specific Closing Costs screens may also be edited. The following pages will show you how to edit your Master Closing Costs and import them into each state.
The "Closing Costs Master Record Fee Entry Screen" is a screen in which you enter customary closing costs. (Please review and edit the default fees entered for you). Before consumers can see these fees, they must be imported into a State Specific Closing Costs form.
The third column on this page shows how each fee is calculated. There are four fee types: computed, fixed, table, and formula. The following is an explanation of the fee types.
- Computed
- Fees calculated with information from the wholesale lender database and, in the case of Loan Points (Line 801), lender's fee plus your retail markup. Fields (fees) with which this fee type can be used include Loan Points, Appraisal, Underwriting, Wire Transfer, Documentation, Flood Cert and Miscellaneous.
- Fixed
- A constant. You enter a fee which applies irrespective of the loan amount or property value.
- Table
- Build ranges of loan amounts or property values and associate a fee with each range. Tables are well suited for escrow and title insurance fees.
- Formula
- Enter a factor (and an optional fee) to apply to a loan amount or property value.
By clicking the button, "Change Fee Source", you can choose the appropriate fee type.
Be sure to click the button, "Submit Fees" after enter entering fees and before leaving this screen. After completing this screen, the next step is to import the Master Record fees into one or more State-Specific Fee Entry Screens.
8. State-Specific Closing Costs
In the previous step, you reviewed or edited fees in the "Closing Costs Master Record Fee Entry Screen." Upon submitting the fees in that screen, you're brought back to the "Closing Costs Administration Menu" In the next series of steps, you'll bring the Master Record fees into the State Specific screen(s).
- Select "Update State Specific Closing Costs"
- The next screen contains links to other states specific screens. You'll select state links one at a time
- Once in a specific state's Fee Entry Screen, select the button, "Import Master." The State Screen is populated with fees from the Master Record. At this point, you can make changes to the State fees. Be sure to select the button, "Submit Fees" after importing fees and before you leave the screen.
Repeat these steps for all state links you see.
Please note that once you import the Master, you should only modify your State-Specific pages. If you ever reimport your Master to a State-Specific page, the Master information will overwrite any detailed State-Specific changes you've made!
The Refine RateSearch screen contains many tools to help you customize a consumer's rate search experience. The best method to fully understand what you can do is to make a single change in the Refine RateSearch screen, then conduct a rate search at your website.
- Order
- Use the arrows to arrange the order of the questions at your site.
- Display
- Remove the check from the check-box for questions you don’t want the consumer to see.
- Rate Search Question
- You have the freedom to ask rate search questions in your own words. Simply edit the existing questions.
- Default Value
- Every question is answered by the programming, if not by the consumer. The Default Value is the default answer used in the rate search, unless the consumer overrides the default value. If you deselect a question, make sure the default value you want appears in the Default Value column.
Select this box to allow the maximum number of rates to be displayed at your site.
11. Never show low cost or rebate pricing to customer
Select this box if you never want consumers to see rebate pricing at your website. (Note: Rebate pricing accounts for your profit margin.)
Select the retail points you want to display at your website. Make up to seven selections. Rebates account for your profit margin.
13. "Never Show" Overrides Rebates
- "Never show" overrides "Target Retail Points"
- If you have selected to never show rebate pricing and you have rebate retail points selected, retail rebate points will not be displayed.
Select the check-box in Item 3, Customize Closing Cost Totals, and you display the closing cost totals in a column in the rate search output. With no check in the box, the closing costs column will not be displayed. Consumers can still select the View link under the Cost Details column to see closing costs.
Select the check-box in item 4, Customize Closing Costs Displayed, and consumers will see GFE line numbers and closing costs fields with zero values.
- Customize display text for "No Results Found"
- When no rate search output is displayed, this message will be displayed. No rate search output can occur if you have too few lenders selected, or if the consumer enters incorrect search parameters.
- Customize Rebate Comments
- When the wholesale yield spread exceeds total closing costs, this will appear at the bottom of the closing costs screen.
The rate search results grid at your web site includes the time the rates were last updated. You can set this time to reflect your time zone. Follow these steps to set the correct time zone.
- Select "Manage Website"
- Select "Change Time Zone
- Make the appropriate selection
- Click the button, "Update Time Zone Information"
At times you may want to see what lender and other details are associated with a particular rate search result. For this, you'll begin by searching for a rate at your web site, then following the Loan Details link for the program of interest. Below is a list of rates and fees for a particular program. The Loan Details link leads to the Product Code seen in the next screen.
The Loan Details link takes you to this "Additional Terms" page. You'll use the Lender ID and Product Code to find the lender associated with the rate, and other details. The Lender ID identifies the lender. The Product Code helps you find the data used to populate the rate search results at your website. The next step takes place in the Select Wholesale Lenders screen.
The following steps take place in your back office portal. In the Loan Details (Additional Terms) page, we found the Lender ID and Record ID. These steps help us find the Lender.
- In your back office, select "Manage Website."
- Select "Select Lenders."
- Click the button, "Sort by ID." Scroll to the Lender ID we saw in the previous screen. In this example, rate search results displayed a quote from Provident Funding.
- The next step is to find the wholesale quote and details. This begins by clicking the Lender's ID.
The Conforming, 30 year fixed loan program has 1860 database records. Enter the interest rate, 6.5%, to reduce the number of database records displayed. Here are the next steps in the search.
- Find the 30 Yr. Fixed Conf loan program row.
- Enter the interest rate.
- Select "Search." You'll reach the final page seen in the next screen.
To see all the rates, simply click the 30 Yr. Fixed Conf loan program link.
Use the Product Code to find the row which contains the correct set of parameters. The Point column contains wholesale pricing. Your profit margin will offset the wholesale points. Wholesale pricing plus your profit margin equal the retail points seen at your website.
- On your browser's toolbar, select "Edit."
- In the drop-down menu, select "Find" (In Netscape, select "Search").
- In the "Find What" text box, enter the Product Code.
- Select "Find Next."
- The Product Code will be highlighted. (Note: The same product code may be associated with more than one row, but only one row will contain the correct set of parameters for the rate search result of interest.)
A consumer begins their rate search via the Search Rates link on your home page. Upon selecting the link, they reach a form in which they can enter their search parameters.
Your borrower's can select from numerous search options to get the rate and program they need.
The rate search output presents a wealth of information.
- Apply
- A consumer can use the Apply link to apply for a rate they desire. The 1003 will be populated with the loan program and interest rate. You can see this information, and the lender associated with the rate, in the Additional Info text file in your back office.
- Cost Details
- This links to an itemized list of closing costs.
- Loan Details
- This links to the "Additional Terms" page which presents more detail about the loan program, payments, ARM parameters, and a link to a Disclosure Statement. The Disclosure Statement displays the APR, finance charge, amount financed, and total of payments.
- Compare
- A consumer can compare items associated with two different output rows (rate, payment, etc.)
25. What Is The Automated Rate Search?
The ARS is a public-access, interactive, web-based tool which displays Conventional loan programs, interest rates, loan payments (in text and graphic format), non-recurring transaction fees, and a disclosure statement. The ARS is accessed via links on your home page. The foundation of the ARS is a large database of competitive, national and regional wholesale lenders. Your retail markup is automatically added to the lenders' fee for each program. The public views your retail pricing at your web site with calculated APRs.
- Benefits
- This state-of-the-art tool will help you close more transactions. Your
web borrowers can rely upon your web site for information when they need it--twenty-four
hours a day, seven days a week. Whether you're closing a deal, taking a new
application, or on the first Tee, your borrowers can get information
fast. Your web site can give borrowers up-to-date information
and help them make decisions about:
- Purchase, Rate-and-term and Cash-Out refinance transactions
- Current interest rates and loan payments
- Good Faith Estimate and Federal Truth In Lending information
- How they can benefit by refinancing their current loan
- Features
-
- Easy borrower access and use
- Current rates updated several times during the business day
- Many rate/fee combinations to satisfy your borrowers
- List of non-recurring closing costs
- Disclosure Statement with APR and payment schedule
- One-time setup of your fees, closing costs and profit margin
- Find and contact the best lenders for your borrowers
- Demonstration
- For an interactive demonstration of the ARS, please visit our Demo site.
Rates are updated (added to our database) every business day beginning around 7:15 to 7:30 AM, Pacific Time (PT), and ending at 1:00 PM PT. Rates become available on your web site search as each lender's rate sheet is entered and posted. Prior to the first lender being posted, yesterday's rates will still show in search results.
Market opening rates and midday price changes posted by lenders or received in our office by 11:00 AM Pacific will be included in our database by the last update at 1:00 PM Pacific. Rate changes in our office after 11:00 AM PT will not be included in our database. Increasing amounts of data from more lenders are added to the database with each rate sheet updated. If you do not see a particular lender's rates early in the day, you may see them in subsequent updates.
The one- to four-family Conforming loan limit for Hawaii, Alaska and Guam is not included in the current version of the Automated Rate Search. Rates are based upon the Conforming loan limit for the 48 contiguous states.