Optimal Blue allows loan officers to run loan pricing for borrowers and potential borrowers. When a SimpleNexus company client has the Optimal Blue integration, a loan officer can access Optimal Blue right from the main screen of their mobile app.
Note: We also offer Optimal Blue Price Locking! For more information about this, click here!
What You Need to Use Optimal Blue
There are a few things that are required before a loan officer can use the Optimal Blue integration. It should be noted that arrangements for Optimal Blue integration should be deferred to the Implementation team or account manager that is the point person handling the integration, with appropriate developer support. That being said, here are a few requirements to have OB integration:
- The company must have the integration setup by a super admin in the API section.
- The Default servicer.has_ob_pricing value (Optimal Blue) should be checked under company settings.
- Loan Officers will need to either have their SimpleNexus email match their Optimal Blue email, or an alias that matches their Optimal Blue email.
How Can I Use OB Pricing?
Using Optimal Blue pricing in your SimpleNexus supported app can be quite simple if you know how to navigate your app. Here are a few steps you can follow for finding and using OB pricing:
From the home page of the app, you can scroll down to the 'Quick Links' section of the app, and from there, locate the link labeled 'Pricing by Optimal Blue' to start the service. Additionally, this can also be accessed by choosing the 'Loans' tab to the far right on your bottom menu, and then after choosing the loan in question, a submenu will appear from the bottom of the screen displaying action items to take with regard to that loan, 'Pricing by Optimal Blue' being among them.
Once you open Optimal Blue, you will then be asked to provide information on the loan scenario you want to search for. First, you will need to give list the Loan Purpose and Occupancy type of the Loan in question. You can select from the following options:
- Loan Purpose:
- FHA Streamline Refi
- Refi Cashout
- Refi Rate Term Limited CO
- VA Rate Reduction
- Investment Property
- Primary Residence
- Second Home
Choose the correct type for what you are looking for, then select 'Next' to continue.
The next several screens will ask a series of questions relating to the pricing values, amount of borrowers, credit, and property information. Make sure to add all relevant information, then select Next to continue. If there are fields that you don't have information for, you are welcome to select nothing and continue on as needed.
The final page before results will go over several multi-option views to help make sure you could get the best possible spread of results possible. The 'Desired Lock Period section refers to the amount of days that the results can be locked in for, then the other multiple option sections can let you narrow down options in the following categories:
- Loan Types
- Non Conforming
- USDA Rural Housing
- Loan Terms
- Thirty Year
- Twenty Five Year
- Twenty Year
- Fifteen Year
- Ten Year
- Amortization Types
- ARM Fixed Terms
- Fifteen Year
- Ten Year
- Seven Year
- Six Year
- Five Year
- Three Year
- Two Year
- One Year
The 'Desired Rate' refers to the interest rate. 'Desired Price' indicates a top range for pricing. The final field for this section is 'Automated Underwriting System,' which is just one choice to select from, and not a multi choice field. The options of which to choose from are:
- Investor AUS
- Manual Traditional
- Not Specified
After all information is entered, hit 'Done' to proceed and generate your listings.
The next screen may take a few moments to populate, but when it does, it will display all options that fit the information you entered in. Selecting each rate will expand the menu giving you additional details.
Note: There can be times when you will get no results. This could be because the settings you entered don't yield any results, and to correct this, you just use the 'Back' button on the top left side of the screen to go back and enter in new details before running the new scenario again to see what additional results can be displayed.