Product Hatching Ideas

Add 203(h) product in anticipation of influx of disaster relief loans

Due to recent natural disasters occurring in large metro areas and regions which our client base lend heavily in, it is important we begin providing the appropriate products in our pricing engine to accommodate their needs. The FHA 203(h) program is precisely this product which is exclusively for borrowers who's homes are in a Presidentially declared disaster areas (PDDA).  Sebonic anticipates these to begin rolling in soon and require a solution sooner rather than later.  

It would be ideal to provide a field that indicates whether the borrower is in a PDDA, however not required as long as it is a separate product.  FEMA does release the counties typically affected by these, so perhaps to limit user error, only make it available in those counties?

  • Mike Russell
  • Sep 5 2017
  • Shipped
Rating BOB-0
Revenue or Retention? Retention
Workaround Present No
Impact to Existing Customers Multiple
Customer ID(s) 28sebo01, 05titan01, 32mort01
Business Value 3 - Important to moderate number, moderate impact on brand, moderate competitive advantage
Urgency 3 - Moderately time constrained
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  • Admin
    Lori Rezac commented
    September 5, 2017 18:55
  • Admin
    Lori Rezac commented
    September 5, 2017 18:58

    How many of our customers would price these if they were made available?

    How many investors offers these options?

    How are these currently handled by the customer?

    Do we have any work-arounds that would allow us to support this today without any Dev work?

  • Mike Russell commented
    September 5, 2017 19:46

    I know for sure AFR offers these products but many of our current investors have a 203k, which is very similar, so I would imagine have a 203(h) as well.  1st 2nd is keeping them in mind with Irma coming up.  Cardinal Financial wants to begin including this on their daily ratesheet to Mortech.

    The requests have just started coming in from clients and AM's have ears open for any others.  The problem is you cannot predict when or where somebody will be requesting these products.  Most likely our nationwide clients will be wanting this available in our suite of products soon.  Clients are currently going directly to the investor for pricing.

    Only work around would be making a tiered product out of our existing 203k product.

  • Jessica Baker commented
    September 6, 2017 16:40

    This is a product we need to support. We would only require a new product type 4, which makes it a 2-3 point ticket (estimate from Troy).
    We could technically support as a 203k Tier 1 then rebuild all products when the 203h is available, but if we can get this in the next 1-2 sprints that would save us that work.

  • Jessica Baker commented
    September 6, 2017 17:57

    We would not need the PDDA flag or county restrictions at this time.