The UW Conditions with Fields plugin in Lender Toolkit's Toolshed provides a way for Encompass Administrators to have certain conditions, or all conditions on a loan that have FieldIDs in their descriptions, to recalculate and update themselves with up to date information based on field triggers. Apart from setting it with field triggers, the custom fields that the plugin provides could simply be added to a custom input form for Underwriters so that by checking a box and closing the loan, they'll know their conditions are up to date with any loan changes that might've been made prior to returning the loan to a Loan Processor.
Underwriter time is some of the most valuable when it comes to Loan Origination. The efficiency and accuracy of an Underwriter can mean the difference between loans closing on time, or loans closing with errors. By ensuring that conditions whose descriptions are based on loan data are updated when they need to be, and automatically, Underwriters can free up time to focus on the important details of a loan instead of hovering over the conditions they already placed on the loan. By having the functionality to automatically update conditions, Administrators can also add more details to conditions' descriptions without worrying about inaccuracies being communicated to the user fulfilling those conditions.
1. Installation of the UWC with Fields tool is done through the Toolshed Plugin under the Optimized tier, ensure that the UWC with Fields tool is licensed through Toolshed before continuing.
2. In the Toolshed Plugin, ensure that the UWC with Fields tool is activated under the “Settings” button. When the tool is active, you’ll see a button from the main PowerTools Expert tab with “UWC Fields” written on it.
3. Once activated an input form called “Admin – UW Conditions with Fields Plugin" will be added to your system to test the functionality this tool offers.
Instructions for Use
1. Once installed, this plugin will run automatically based on two fields that will also be installed automatically:
2. The way that these fields work is that by setting these fields to a specific value, a plugin that has FieldIDs in the description will automatically replace the FieldID with the data from the loan.
So for instance, using a Field Trigger business rule when the UW changes a field that you know is in a condition, you can set the RecalcOne custom field to the name of that condition and it'll automatically update.
Alternatively, placing both of these fields on an Underwriter custom input form can allow the Underwriter to choose when they want to update their conditions' descriptions. (There are ways in the Custom Input Form Builder to make the RecalcOne field into a dropdown box that shows all the condition titles for easier use. Contact Lender Toolkit if you need help setting this up.)