The Characteristics node includes the following tabs. Use these tabs to establish default information for a loan product.
The fields within the Characteristics tab are used for printing and compliance purposes by Expere® DDS. The field defaults appear when the Product Type is selected in . When the Protected column is selected, you cannot change the default value in Loans In Process.
The Collateral tab allows you to establish default collateral types for a selected product. When the Secured by Collateral option is selected on the Characteristics tab, the Collateral tab is available and contains all active collateral types from .
On the Collateral tab, select the check box in the Add column to require a collateral type for the selected product. Select the check box in the Export Messages column if the Export Messages option must be selected for the collateral type in .
If the check box in the Add column is selected, the collateral type automatically appears in when the product type is used for a new loan.
The Terms tab establishes the default selections that appear in . The options available are: Always Select, User Select, and Display Only.
Additional default options are available for the Offer Rate Options and ARM/Variable tabs.
The HOEPA Prepayment Penalty Default (New Loan Information) section allows you to establish default values for HOEPA loans.
Selections on the Characteristics tab determine the fields that are available on the Supplemental tab.
The Advance Criteria and Request Methods sections are available in the following situations:
When information is entered in the Advance Criteria and Request Method sections, the values default to the Advance tab in .
The Real Estate tab is available when the Loan Purpose value is Consumer and the Loan Category value is Real Estate on the tab.
A Payment Feature/Product Description text box and drop-down list are available on the Real Estate tab. These fields appear the same way that they do on the tab.
If the Payment Feature/Product Description fields have a value in Product Setup, they default with the same values on the tab.
The Optional Records section establishes which ancillary record tabs are available for a product type. The records contain parameters for establishing the optional records available for the loan product.
The Core Information section establishes which Export tabs are accessible in for a product type.
The Third Party tab establishes a connection with a third-party vendor available from the drop-down list of options. Users are able to select one or more third-party vendor by selecting the Active check box. Users may also designate the type of loan Category and Document Type for each individual third-party selected.