Real Time Pricing (RTP) Guidelines: LoanTek

Benefits

• Allows for instant rate updates to the tables.  Unlike other rate entry methods which require a site update to take effect, this allows you to make midday pricing adjustments and capture rate sheet changes in a timely manner.
• Does not require tiers.  OB and manual entry restrict to a maximum of 3 tiers per product while Mortech restricts to a maximum of 7 tiers per product. 
• Rate quotes are based on consumer's specific scenario. Flat file and manual rates entry price on the tables with the same rate for the entirety of the tier’s loan amount range. 
• Greater range of available LTV options.  Manual entry and flat file options are restricted.
• Single point of contact.  Our Client Support team is able to assist with both Bankrate and LoanTek troubleshooting via phone, chat or email.

Prerequisites

Investors

To be eligible for real time pricing, your account must have a total of 14 investors or fewer. A list of your investors can be found under the Pricing tab in the Lender Manager. Please send a request to Support@Bankrate.com to remove excess investors.

Rules

Please create a rule for each of the below parameters to ensure accurate pricing. Rules should be formatted to Disallow parameters that you DO NOT wish to quote on Bankrate.

• Minimum Loan amount ($165k or lower)
• Maximum Loan amount
• Minimum FICO
• LTV Range
• Product Families
• Property Types
• Property Uses
• Investor-specific restrictions

Bankrate Preferences

Must determine what products and tiers should be quoted via flat file to aspects of the Bankrate ecosystem that do not currently utilize RTP. There is a maximum of seven tiers combined for conventional and high balance products, and seven tiers for jumbo products.

Testing

Existing LoanTek Clients

Request your testing link from Support@Bankrate.com

Once received, use the steps to complete testing. Please note that your campaign/ad sets must be live to test.

1. Use LoanPricer to run scenario you wish to quote on Bankrate
2. Run the identical scenario through the test link. The test environment will show your listing with a blue box around it.

The two prices should match (rate, APR, fees). If you experience discrepancies, please take a screenshot of LoanPricer AND the test environment and send to Support@Bankratecom.

New Loantek Clients

Please use the LoanPricer to test all scenarios you plan to advertise on Bankrate. If you experience discrepancies, please take a screenshot of LoanPricer and send to Support@Bankrate.com.

Once all scenarios have been tested for accuracy, please send request to Support@Bankrate.com to convert your account to RTP.