How does a policy group impact the transaction?

Policy Groups

  • Policy groups are set up in Administration by users with administrative permissions and shared with organizations.

  • A policy group includes default values for the calculations policy, document policy, variable rate policy, fee policy, escrow policy, and/or a late charge policy.

  • At transaction time, the Policy Group list on the Loan Definition page is filtered based on the selected organization.

  • After a selecting an option in the Policy Group list, the calculations policy and document policy included in the policy group defaults into the corresponding fields in the Organization and Policy section. Any settings associated with the policies are applied to the transaction.

  • If the Policy Group does not include a calculations or document policy, the Calculations Policy and Document Policy default to the first option in the list.

Results from changing an organization or policy group
  • Scenario 1: After a policy group is selected, the organization associated to the transaction is changed.
    • In this scenario, the selection for the Policy Group reverts to blank, and the calculations and document policies revert to the first option in the first for the selected organization. The ATR and QM selections will not change.

  • Scenario 2: After a policy group is selected, the policy group is changed.
    In this scenario, the defaulted policies from the policy group are updated according to the newly selected policy group.
    • If the original policy group did not include defaulted individual policies, the previous selections for those individual policies will not change.

    • If the new policy group includes defaulted individual policies that are different from the original, the individual policies will change to the defaulted policies included in the newly selected policy group.

  • The ATR and QM selections will not change if the organization or policy group is changed.