With the on-the-go price locking via Optimal Blue, loan originators can quickly lock in a loan interest rate, which is especially critical to reducing fallout for applicants with tight debt-to-income ratios.
In addition, the platform now supports lenders’ use of the redesigned Form 1003, also known as the Uniform Residential Loan Application (URLA).
URLA support is in live production for users of select loan origination systems, and the SimpleNexus team is prepared to support additional LOSs as they adopt URLA, the company says in a release.
Also, loan originators who are licensed to use Fannie Mae’s Desktop Underwriter (DU) can review their DU findings within the SimpleNexus app.
Last month, SimpleNexus added a dynamic task list feature, which allows lenders to set rules for configuring the documents requested from borrowers (“needs list”) on the fly based on borrower responses to loan application questions.
For instance, if a borrower is self-employed, the task list will automatically adjust to collect the additional documentation required from self-employed borrowers.