TEP Launch Package
Novus Home Mortgage
Definitions
● Opportunities: Bundle of information the Loan Officer receives
○ Current Applicant: Application Date is within the last 180 days
● Firm Offer of Credit Letter: The mailpiece required by the Fair Credit Reporting Act when pre-screened credit data is used as alerting criteria.
Mortgage
InquiryPast-Funded Borrowers
Notifies you when a borrower that closed a loan with you in the past has their credit pulled by a competing mortgage lender
Rules:
● Funded Date is not empty
● Not a Current Applicant
● Minimum FICO: 620
● Years since BK: 2
● Years since FC: 3
● 0 Mortgage Lates in the last year
Mortgage InquiryLeads
Notifies you when a lead record has their credit pulled by a competing mortgage lender
Rules:
● Funded Date is empty
● Public Mortgage found
● Not a Current Applicant
● Minimum FICO: 620
● Years since BK: 2
● Years since FC: 3
● 0 Mortgage Lates in the last year
Mortgage InquiryCurrent
Applicants
Notifies you when a borrower that’s currently in-process of securing a loan has had their credit pulled by a competing mortgage lender
Rules:
● A Current Applicant
● Funded Date is not within the last 180 days
● Minimum FICO: 600
● Years since BK: 2
● Years since FC: 3
● 0 Mortgage Lates in the last year
First Time Home Buyer
Notifies you when a first time home buyer has their credit pulled by a competing mortgage lender
Rules:
● Funded Date is empty
● Not a Current Applicant
● No public mortgage found
● Minimum FICO: 620
● Years since BK: 2
● Years since FC: 3
● 0 Mortgage Lates in the last year
Rules:
Early Pay Off
Notifies when a recently-funded borrower has their credit pulled by a competing mortgage lender, and you could be at risk of an Early Pay Off penalty.
● Funded Date is within the last 6 months
● Minimum FICO: 620
● Years since BK: 2
● Years since FC: 3
● 1 Mortgage Lates in the last year
● Borrower had credit pulled by a competing lender
Enhanced Listing
Notifies you when a borrower has listed their home
Rules:
● Funded Date is not within the last 60 days ● Home is Listed
Rules:
Mortgage Insurance Removal
Notifies you when a borrower is eligible to remove their mortgage insurance and doing so could reduce their monthly payment
● Funded Date is not within the last 7 months
● Not a Current Applicant
● Today’s interest rate is at least 0.5% less than the borrower’s interest rate
Conditions for FHA loans:
● LTV Range: 70 - 83%
● Min FICO: 620
● Years since BK: 4
● Years since FC: 7
● 0 Mortgage Lates in the last 1 year
Conditions for Conventional loans:
● Closing LTV was 80% or more
● Max LTV: 83%
● Min FICO: 620
● Years since BK: 4
● Years since FC: 7
● 0 Mortgage Lates in the last 1 year
Debt Consolidation
Notifies you when a borrower’s aggregate monthly payments can be reduced by eliminating or reducing revolving debt
Rules:
● Funded Date is not within the last year
● Not a Current Applicant
● Minimum Home Value: $200,000
● Minimum Revolving Debt: $30,000
Conditions for VA:
● Maximum CLTV: 75%
● Minimum FICO: 620
● Years since BK: 2
● Years since FC: 3
● 0 Mortgage Lates in 2 years
Conditions for FHA:
● Maximum CLTV: 70%
● Minimum FICO: 620
● Years since BK: 2
● Years since FC: 3
● 0 Mortgage Lates in 12 years
Conditions for Conventional Loans:
● Maximum CLTV: 70%
● Minimum FICO: 640
● Years since BK: 4
● Years since FC: 7
● 0 Mortgage Lates in 2 years
Mortgage Consolidation
Notifies you when a borrower can consolidate multiple mortgage loans into a single mortgage
Rules:
● Funded Date is not within the last year
● Not a Current Applicant
● Multiple Liens are present
● Minimum Home Value: $200,000
● Maximum Revolving Debt: $29,999
Conditions for VA & FHA:
● Maximum CLTV: 80%
● Minimum FICO: 620
● Years since BK: 2
● Years since FC: 3
● 0 Mortgage Lates in 2 years
Conditions for Conventional Loans:
● Maximum CLTV: 80%
● Minimum FICO: 640
● Years since BK: 4
● Years since FC: 7
● 0 Mortgage Lates in 2 years
Home Renovation
Notifies you when a borrower can leverage existing home equity to improve their current home
Rules:
● Funded Date is not within the last year
● Not a Current Applicant
● Property is at least 15 years old
● Current Interest Rate: 3% +
● Minimum Home Value: $200,000
Conditions for VA Loans:
● Maximum CLTV: 75%
● Minimum FICO: 620
● Years since BK: 2
● Years since FC: 3
● 0 Mortgage Lates in 2 years
Conditions for FHA Loans:
● Maximum CLTV: 70%
● Minimum FICO: 620
● Years since BK: 2
● Years since FC: 3
● 0 Mortgage Lates in 2 years
Conditions for Conventional Loans:
● Maximum CLTV: 65%
● Minimum FICO: 640
● Years since BK: 4
● Years since FC: 7
● 0 Mortgage Lates in 2 years
Reverse
Notifies a user about borrowers who are good candidates for a Reverse Mortgage
Rules:
● Borrower is 62 or older
● Not a Current Applicant
● Max CLTV is 50
● Min Home Value is $200,000
Rules:
Rate & Term Eligible
Notifies users when current rates allow borrowers to benefit from Rate and Term Refinance.
● Funded Date is not within the last 7 months
● Not a Current Applicant
● Today’s interest rate is at least 0.75% less than the borrower’s interest rate
● Loan Type is Conventional
Streamline Eligible
Notifies users when current rates allow borrowers to benefit from a Streamline refinance.
Rules:
● Funded Date is not within the last 7 months
● Not a Current Applicant
● Today’s interest rate is at least 0.5% less than the borrower’s interest rate
● Loan Type is FHA
VA
IRRRL Eligible
Notifies users when current rates allow borrowers to benefit from IRRRL refinance.
Rules:
● Funded Date is not within the last 7 months
● Not a Current Applicant
● Today’s interest rate is at least 0.5% less than the borrower’s interest rate
● Loan Type is VA
November 22, 2024
TEP Billing Start Date
January 8, 2025
TEP Enablement Date
TEP User Training Date
TEP Billable Seats at Launch: 40
Unassigned Record
Owner: Eric Egenhoefer
TEP Features Enabled
Opportunities
Mobile App
LO