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2016.2 |
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2016.2 |
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2016.2 Release
Product Setup Enhancement
Approval Authority
A new section has been added to product setup for “Approval Authority”. It includes a matrix and custom rules that can be configured to determine the approval authority level a loan officer will need to approve an application. The decision engine assigned application approval authority level will be compared to the loan officer’s approval authority level. And then, the loan officer will be allowed to approve loans only where the user approval authority level is greater than or equal to the application approval authority level.
The loan officer approval authority level is a new user configuration in Lending 360 Administration.
New Variables
These new variables are available for use in matrices and custom rules. Descriptions for these and all variables can be found in the Appendix.
| • | Application Custom True/False Fields 11-30 |
| • | Business Organization Type |
| • | CB3 Score of Applicant with Highest Income |
| • | CB4 Score of Applicant with Highest Income |
| • | CB5 Score of Applicant with Highest Income |
| • | Lender Total Unsecured Credit + Requested Loan Amount |
| • | Ratio of CB Estimated Annual Income to Application Gross Annual Income |
Updated Variables
| • | Address Verify Alert: This variable has been updated to include additional fraud indicator codes for Experian and TransUnion. |
| o | Below is a full list of the Experian Fraud Shield codes that will trigger the Address Verify Alert. The new codes are in red/italic font. |
01 – Inquiry/onfile current address conflict
02 – Inquiry address first reported less than 90 days
03 – Inquiry current address not on file
10 – Inquiry address: alert
11 – Inquiry Address: non-residential
15 – Inquiry address: cautious
16 – Onfile address: alert
17 – Onfile address: non-residential
18 – Onfile address: cautious
19 – Current address reported by new trade only
20 – Current address reported by trade open less than 90 days
21 – Telephone number inconsistent with onfile address
| o | Below is a full list of the TransUnion High Risk Fraud Alert codes that will trigger the Address Verify Alert. The new codes are in red/italic font. |
0001 – Input (current/previous) address is a mail receiving/forwarding service
0002 – Input (current/previous) address is a hotel/motel or temporary residence
0003 – Input (current/previous) address is a credit correction service
0004 – Input (current/previous) address is a camp site
0005 – Input (current/previous) address is a secretarial service
0006 – Input (current/previous) address is a check cashing service
0007 – Input (current/previous) address is a restaurant/bar/night club
0008 – Input (current/previous) address is a storage facility
0009 – Input (current/previous) address is an airport/airfield
0010 – Input (current/previous) address is a truck stop
0501 – Input (current/previous) address is a correctional institution
0502 – Input (current/previous) address is a hospital or clinic
0503 – Input (current/previous) address is a nursing home
1001 – Input (current/previous) address is a U.S. Post Office
1501 – Input (current/previous) address reported as suspicious
1502 – Input (current/previous) address is a multi-unit building reported as suspicious (Secondary #)
1503 – Input (current/previous) address reported misused and requires further investigation (street address or POB#)
1504 – Input (current/previous) address is a multi-unit building reported misused and requires further investigation (Secondary #)
2001 – Input (current/previous) address reported used in true name fraud or credit fraud
3000 – Input (current/previous) address requires further investigation
| • | Ratio of Total Mortgage Balance to Gross Annual Income: This variable has been modified to have a default value of “0.00”. With this change, the variable will always have a value—either the default value or the calculation result. |
| • | Ratio of Total Non-Mortgage Credit Opened Last 12 Mos to Gross Annual Income: This variable has been modified to have a default value of “0.00”. With this change, the variable will always have a value—either the default value or the calculation result. |
| • | Ratio of Total Auto Balance to Gross Annual Income: This variable has been modified to have a default value of “0.00”. With this change, the variable will always have a value—either the default value or the calculation result. |
| • | Existing Limit is Greater Than or Equal to Approved Limit: This variable was previously using "Less Than" where it now uses Greater Than. The name and the logic of the variable have been updated. |
| • | Existing Rate is Less Than or Equal to Approved Rate: This variable was previously using "Greater Than" where it now uses Less Than. The name and the logic of the variable have been updated. |
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