Product Hatching Ideas

Restricting MI for NonConforming Products Over 80 LTV in DNA Restricts from Quoting Online Automatically

Currently Chase and Flagstar should not price unless MI has N/A selected (the way Caliber currently works). This unfortunately affects QS and will not allow these investors to push to quote services (.
Is there a way to allow Chase, Flagstar and Caliber to price Non Conf correctly (MI=N/A) and still work in QS?

To support in Marksman, we restrict borrower and lender paid MI within the DNA sheet so it will only return eligible if N/A is selected.
When we restrict MI in this manner, it causes the lender to no longer return results in Quote Service. This is because if the LTV selected online is over 80 LTV, we believe it defaults to BPMI (borrower paid mortgage insurance).

Attached is a list of all investors that could be impacted (investors that allow NonConforming products to price over 80 LTV.

According to the attached document, there are 100 investors that are potentially impacted by the decision we make here.

Of these 100:

*13 do not specify if MI is allowed or not.

*29 either permit or require MI.

*71 do not require or permit MI.

Acopia Capital requires MI on one of their NonConforming products over 80 LTV, but does not allow MI on another one of their products.

  • Brett Schommer
  • Mar 29 2017
  • Moved to Prioritzation
Rating BOB-3
Revenue or Retention? Retention
Workaround Present No
Impact to Existing Customers Multiple
Customer ID(s) L10074a, anyone that prices Chase, Flagstar, Caliber non conf products
Business Value 5 - Extremely important to most or all, extreme impact on brand, critical to success of business
Urgency 5 - Extremely time constrained
  • Attach files
  • Admin
    Lori Rezac commented
    March 30, 2017 18:41

    Tickets associated with the MI restriction issue: Chase Non-Conf - MI Eligibility error on Chase US Bank is pricing w 85% LTV and No MI-48twhf01 US Bank is pricing w 85% LTV and No MI-48twhf01 Chase Not Pricing Non-Conforming for LTV's Over 80 21dcbk01 Damascus Feedback-43tarb01

  • Admin
    Lori Rezac commented
    March 30, 2017 18:47

    ACC (L10074a) had revenue of $4,745 for the month of February.

  • Admin
    Lori Rezac commented
    March 30, 2017 18:49

    What is the pricing impact of removing any preset value for MI?

    What is our preference for right now? Should we allow Marksman to be incorrect to allow these lenders to price through QS?  Or do we want Marksman to show inaccurate eligibility so these investors price through QS?

    Do we need a research ticket to determine what the default value(s) is(are) for the marketplaces?  Could there be differences in the default value between the Marketplaces?

  • Admin
    Lori Rezac commented
    April 13, 2017 20:22

    DWQ-11783 - Research - Non Conforming products not quoting on Zillow above 85% LTV

     - Issue does not seem to be related.  This issue relates to MGIC defaults.  The issue in question with this ticket relates to everything over 80 requiring MI.

  • Admin
    Lori Rezac commented
    April 13, 2017 22:01

    Focus group has been formed to go over this one in more detail.

    Group consists of Matt Anderson, Theresa Anderson, Ryan Rathe, Josh Lehr, and Dennis Lollman.

  • Admin
    Lori Rezac commented
    April 17, 2017 13:26

    Matt Anderson is showing the number of customers quoting non conforming products over 80 LTV on Marksman at 140.

    He noted we are unable to pull this level of detail for customers quoting online.

  • Admin
    Lori Rezac commented
    April 18, 2017 14:01

    Highest quote volume for impacted lenders includes the following:

    Chase = 12619

    Wells Fargo = 3822

    Redwood Residential = 1743

    Everbank Preferred = 911

    Flagstar = 534

    Caliber Correspondent = 405

  • Admin
    Lori Rezac commented
    April 19, 2017 13:08

    After pulling data I found that about 3% of contacts are from Jumbo 80-85% LTV other categories > 80 for Jumbo are very limited in the number of contacts.  Also below is a list of all Parentid’s that exist in customer accounts that only quote online and have not shown as best ex on the rates screen in the last 31 days.  Please let me know if you have any questions.



    Investors Savings Bank


    EverBank Correspondent


    US Bank Bloomington/Bedford




    Bank of Internet Wholesale


    PHH Subsidiary


    Titan Capital Solutions


    Farmington Balance


    Millenium Home Mortgage - Somerset


    Millenium - Provident Bank Corr


    Citi Retail Online


    Freddie Mac  - Atlantic Bay


    FNMA - Atlantic Bay


    Atlantic Bay

  • Luke Derowitsch commented
    May 10, 2017 15:30

    This is something a larger partner is inquiring about as well. Bank of America would like to be able to quote Non Conforming products on Zillow without passing MI. I did talk to Zillow and if Mortech passes a $0.00 in the field than no MI will appear. However, if we list that field as null or blank then Zillow itself will calculate MI. Something to think about if this moves forward. BAC is a strong "big bank" partner and it would be beneficial to them and many other clients to do this. From what I was told other PPE platforms offer the ability to do this. 

  • Luke Derowitsch commented
    May 11, 2017 15:09

    After talking to Zillow Seattle - it sounds like our competitors (OB and LoanTek) are both able to do this today - thus putting us behind the 8 ball.