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Blend - Numbers & Quizzes > Expert Quiz Questions > Flashcards

Expert Quiz Questions Flashcards

1
Q

Blend is a linear application. What are the names of some of the major “milestones” (a choice that cannot be changed later)?

A
  • Getting Started
  • Mortgage type (i.e. Purchase or Refinance)
  • Co-borrower?
  • Borrowers shared or non-shared?
  • Submitting the loan
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2
Q

What are 5 methods by which a loan can be created (and which option is not available if borrower’s email is already in use on another loan)?

A
  • Referral link
  • Borrower using “Sign up” link
  • Existing borrower creates new loan
  • Lender click on “+New loan”
  • API call from LOS/CRM or directly (like from Postman)
  • If existing borrower, they cannot use the general apply link on site.
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3
Q

When will co-borrower on a non-sharing full application get their invitation?

A

After primary borrower completes “Getting Started” milestone. (On shared loan, co-borrower gets invitation when primary borrower “submits”.
*non-shared borrowers cannot use same email address.

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4
Q

What are some reasons why someone would not receive a password reset in their email inbox?

A
  • Typo in their email address (on Blend app)
  • Email sent to borrower’s junk/spam folder
  • Borrower using SSO through their lending institution (can’t reset password because it is part of bank’s SSO)
  • Borrower never activated their account
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5
Q

How many days could it take for a borrower activation email to expire?

A
  • 30 days is SSN was not entered into application
  • 7 days if SSN was entered into app
  • more recent invite resets expiration counter
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6
Q

What different effects can the borrower pressing “Submit” have?

A
  • If shared application, co-borrower invitation is sent.
  • Loan exported to lender’s LOS
  • Trigger of TRID
  • Credit check consent given and credit report pulled
  • Income verification consent given and income and employment data pulled from Equifax (The Work Number - TWN)
  • Application editing is locked out
  • Application status updated
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7
Q

After a loan has been created, what information is required for a loan officer to press “Export” button?

A
  • DOB*
  • SSN*
  • Loan Purpose
  • Loan Originator
  • If multiple borrowers, need SSN and DOB for each.
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8
Q

On the Pipeline in the “Search” field, what data can be used to find a loan?

A
  • Borrower name
  • Borrower email
  • Loan reference #
  • Loan UUID
  • Loan reference number can change and may not be unique
  • Loan UUID can be found in URL when viewing loan - always unique
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9
Q

What events will lock a loan from edit? Does it lock all fields?

A
  • Loan status is “In Progress” (borrower activated account)
  • TRID has been triggered
  • Loan has exported
  • Loan was created by API (LOS, CRM, etc…)
  • borrower email typically always editable
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10
Q

How do you edit loan teams, who can edit loan teams, what is the effect of adding someone to loan team?

A
  • “Your settings” -> Account - > Loan Team (can search for accounts using email or name)
  • Change is not retroactive for previous loan apps
  • When you add someone to your team, you don’t become part of their team
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11
Q

What does loan status “Application Completed” mean?

A

The loan is in follow-up stage (they are past the “application” portion. Note: they could have gotten there from other methods)

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12
Q

What are the timelines for archiving and purging loans?

A
  • Loans automatically archived after 120 days of inactivity (then purged on 15th day)
  • If archived manually, remains in archive for 120 days then purged
  • If manually deleted, loan is purged immediately (no brining it back)
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13
Q

How can you tell if if borrower has activated account?

A
  • “Logged in” entry in ACTIVITY log

- Text of email sent to borrower will indicate account has been activated.

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14
Q

What cannot be done via co-pilot?

A
  • Can’t Submit loan
  • Can’t give eConsent
  • Can’t do Getting Started section
  • Can’t eSign documents
  • Can’t do Demographics section
  • Can’t do Declarations section
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15
Q

If an ex-assistant for two loan officers needs to be removed from each respective loan and the client reaches out to us for a bulk reassign, How should we proceed?

A

Not do it! Too risky. Refer them to their admin.

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16
Q

How many days before a Lender activation email could expire?

A

7 days (After, can re-send invitation link - button at top)

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17
Q

What are the interactions of Follow Ups, Groups, and Application Templates in Admin?

A
  • Follow-ups allow a template to be created
  • If the template is going to be used anywhere, it needs to be added to an existing GROUP or a new GROUP needs to be created to contain it.
  • If the follow-up is to be used as part of a loan application, it needs to be added to the appropriate template(s) in Application Templates
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18
Q

What does it mean when a set of Credit Credentials are “Global”?

A
  • One single set of credentials across environment instead of individual credentials (ex. an institution may have lenders use individual credentials for credit checks so they can track usage/fees on a per LO basis).
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19
Q

What is the use case for “Upload CSV”/”Download CSV” buttons on the Users section of Admin?

A

Used when a lender needs to add/edit multiple users/roles at one time.

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20
Q

What common behaviors can be allowed or restricted through a “role permission” vs User settings?

A
  • User settings allow assignments on a per-user basis (ex. sign-in method, Loan types, etc…)
  • Role permissions can set specific permissions (Always, When assigned a specific loan, Never) for any user who is assigned the role.
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21
Q

What is the purpose of “Use this account for Oauth” (under User settings)?

A

Used in a situation where a client may have more than one production environment they need to access (for example, a lending institution that operates multiple banks using different DBAs and thus different/separate instances of Blend for their customers). May also be needed for the LO Mobile app.

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22
Q

Under which section of “Configuration” can the following setting be found: Can co-borrower share emails?

A

Multiple Accounts

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23
Q

Under which section of “Configuration” can the following setting be found: Borrower SSO?

A

Security

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24
Q

Under which section of “Configuration” can the following setting be found: Loan Types (HELOC, Mortgage, etc…)?

A

Organization

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25
Q

Under which section of “Configuration” can the following setting be found: TRID Suppression?

A

Compliance

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26
Q

Under which section of “Configuration” can the following setting be found: Ad hoc document upload?

A

Application Logic

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27
Q

Under which section of “Configuration” can the following setting be found: “Email-from” email address?

A

Organization

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28
Q

Under which section of “Configuration” can the following setting be found: Banner ?

A

Support

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29
Q

Under which section of “Configuration” can the following setting be found: Gift Letter settings?

A

Conditions

30
Q

Under which section of “Configuration” can the following setting be found: Do they use MFA?

A

Security

31
Q

What function of the loan process evaluates the risk of an application?

A

Underwriting (DU = Desktop Underwriter, AUS = Automated Underwriting System)

32
Q

Name the GSEs (Government Sponsored Entities).

A
  • Fannie Mae (FNMA - Federal National Mortgage Association)

- Freddie Mac (FHLMC - Federal Home Loan Mortgage Corporation)

33
Q

What does a GSE do?

A
  • Purchases Loans from Lenders
  • Packages loans for investment in the stock market
  • Submit packaged loans to Rating Agencies to be rated
  • Produce Underwriting Systems
34
Q

What are the components of TRID?

A

1) if the borrower provides 6 key pieces of information, the lender has 3 business days to provide initial disclosure.
- ALIENS:
- Address (Subject Property)
- Loan Amount
- Income
- Estimated Property Value
- Name
- SSN

2) Closing disclosure must be sent at least 3 business days before closing

35
Q

What are the most common LOSes?

A
  • Encompass (Ellie-Mae/ICE)
  • Empower
  • PC Lender/Mortgage Director
  • Net Oxygen (US Bank)
  • Core (Wells Fargo)
36
Q

What loan data format is readable by an LOS?

A
  • FNMA (2009 URLA loans - Fannie Mae format)

- MISMO 3.4 (XML) - Mortgage Industry Standards Maintenance Organization

37
Q

What is the meaning of the export status: Unable to Export?

A

Loan is missing export requirements (SSN, DOB, Loan Purpose, Loan Originator).

38
Q

What is the meaning of the export status: Export Disabled?

A

Loan began in LOS (Post-submit loan) so can’t be exported back because LOS is source of truth at this point.

39
Q

What is the meaning of the export status: In Progress?

A

Export of data is presently attempting.

40
Q

What is the meaning of the export status: Export Failed?

A

Most recent export was not successful.

41
Q

What is the meaning of the export status: Added to Pipeline?

A

Blend has flagged the loan for export but Encompass has not started import.

42
Q

What is the meaning of the export status: Ready to Export?

A

Loan has all the required info to export, waiting for export button to be pushed.

43
Q

What is the meaning of the export status: Exported on [date]

A

Loan has been exported.

44
Q

What are the steps needed for a V1 Encompass export?

A

(V1 requires export on Blend side then go to Encompass and import)
(Note: V1+AutoSync uses add-on product “AutoSync” that can be installed in Encompass that eliminates the need to export from Blend then manually import from Encompass side.)
1) Press the Export button in Blend (All data and docs exported after trigger - can take 5 - 20 mins)
2) Start a New Blank Loan in Encompass (“New Loan” icon in upper-right area of screen. Then select “Conventional” template from “New Loan” window)
3) Press “Services” -> “Additional Services” -> “Blend”
Select Loan from list of export triggered loans
4) If a change is made to the loan on the Encompass side, that change will be pushed to Blend the next time “Services” -> “Additional Services” -> “Blend” is used (for example, somebody may pull documents from Blend using the “Services” -> “Additional Services” -> “Blend” and it will automatically sync the Blend record at the time that the documents are pulled over. The loan record on Blend becomes locked so that it’s not possible to make unmatching changes on either side. Once the record is in Encompass, it becomes the master record and Blend info is updated to match Encompass. However, It is possible to still change the email address on the Blend record but if, from the Encompass side the LO syncs the record again (“Services” -> “Additional Services” -> “Blend”), the Blend email will be updated to match the Encompass record because Encompass is “The Source of Truth”.

45
Q

What are the possible triggers for Export?

A
  • TRID (ALIENS - Address of subject property, Loan amount, Income, Estimated property value, Name, SSN)
  • Borrower pressing “Submit”
  • Loan Officer pressing the “Export” button (requires Borrower(s) SSN, Borrower(s) DOB, Loan Purpose, Loan Originator)
46
Q

In Encompass, when a user is presented with the BLEND LOGIN screen, what information is the user asked to enter?

A

Blend Password

47
Q

What is a possible downside of exporting a loan from Blend by manually importing a MISMO or FNMA file into Encompass?

A

(This occurs by “Download application package” and then going into Encompass and importing it.)
- Can result in a duplicate loan in Encompass
- Can result in a duplicate loan in Blend
- Encompass loan will not be able to retrieve documents.
- Cannot update Blend via Borrower Sync (i.e. any edit in either Encompass or Blend has to be manually updated in the other program).
Feedback
Since the file in neither environment is aware that the other exists, The blend loan could still export, and the Encompass loan could Post-Submit to create duplicates in either or both places.

With no communication Borrower Sync and document retrieval would have to be manual.

48
Q

What does this red text in the lower left hand corner signify when accessing Blend from Encompass?

A
  • Encompass is going to route API inquiries to Blend-Beta instead of Blend-Prod
  • There is a Config override file in the ePass folder on the LOs computer
49
Q

Through Borrower Sync, Encompass can edit, add, or delete data in the Blend loan. Which data is editable via Borrower Sync?

A
  • First name
  • Last name
  • Middle name (if provided)
  • Suffix name (if provided)
  • Email
  • DOB (if provided)
  • SSN
  • Current address (if provided)
  • Position on a loan (if provided)
  • It might be helpful to think of this as a sync of Primary Borrower identifying information. So not data about the loan itself (Loan Amount) or extraneous borrower data (Employment)
50
Q

True or False: You can delete a co-borrower from the Blend loan after Export, by first deleting them in Encompass and then using Borrower Sync?

A

True.
* as per a previous question, Borrower Position is data that can be synced. This includes adding, removing, and rearranging borrowers.

51
Q

What are the possible expected behaviors of following services>additional services>blend on any Encompass loan?

A

There are 4 possibilities:

  • Open a list of Blend Loans ready for Import
  • Give an option to start a new “Post-Submit” Loan in Blend
  • Trigger a borrower sync updating Borrower information in Blend
  • Display a Blend Summary screen with links to retrieve documents or manage disclosures

*The First two options will occur if the Encompass loan is not paired to an existing Blend loan.

The second two options will occur if the Encompass loan is paired with an existing Blend loan.

52
Q

What MAY indicate that the loan has exported, and which is the “source of truth”?

A

In the upper-right corner of the Blend loan screen, hover over the “cloud” icon and it will show the loan status. The “source of truth” is to go to the ACTIVITIES tab and look for the entry that shows the LOS primary key for the loan.

53
Q

What is/are the key component(s) of the Blend - Encompass integration. (i.e. components passed from Blend to Encompass?)

A
  • Data and docs
  • Post-submission loans
  • Disclosure issuance and retrieval
54
Q

What are the 4 main disclosures solutions and which do not send the documents to Blend?

A
  • Kensie Mae
  • Mace
  • Partnership
  • Wolters Kluwer - Does not send disclosures to Blend
55
Q

What are the differences between Initial Disclosures, Closing Disclosures, other disclosures, and revised disclosures?

A
  • Initial Disclosure contains Loan Estimate (LE) (estimated interest rate, monthly payments, closing costs) - sent within 3 days of TRID
  • Closing Disclosure contains Closing Disclosure (CD) (final details, fees, loan terms, projected payments) - must be delivered at least 3 days prior to closing.
  • Other Disclosures - disclosures that don’t contain an LE or CD
  • Revised/Redisclosed Disclosures - when either package is sent containing altered terms.
56
Q

Which service would fall in each category: LOS, Document Generation, Borrower Portal, E-sign Portal? [Blend, DocuSign, Encompass, KM/Mace as well as WK)

A
  • Blend = Borrower Portal
  • DocuSign = E-Sign Portal
  • Encompass = LOS & Document Generator
  • Kensie Mae = Only an LOS Plug-in
  • Mace = Only an LOS Plug-in
57
Q

Match the system with its disclosure function in WOLTERS KLUWER disclosures [Blend, Empower, Wolter Kluwer]

A
  • Blend = Borrower Portal
  • Empower = LOS
  • Wolter Kluwer = Document Generator & E-Sign Portal
58
Q

What’s the difference between wet sign, ensign, and read only?

A
  • Wet sign requires a physical signature (wet ink) on printed document and can be photographed and uploaded.
  • E-sign uses a digital online signature (DocuSign)
  • Read-only means it’s a document borrower must read (no signatures required).
59
Q

What are the different disclosure package statuses?

A
  • ISSUING - Interim status when package being delivered to Blend (won’t last long)
  • ELECTRONICALLY DELIVERED - Package successfully sent to borrower (has not been started)
  • ELECTRONICALLY VIEWED - Package has been started by borrower but not completed
  • ALL SIGNATURES COMPLETE - All documents in package are “fully executed” - each doc has had its required action completed.
  • RETRIEVED - package has been ‘retrieved’ (sent back) to LOS
60
Q

When does Blend push new Code?

A

M-Th after 6 PM Pacific (not on holidays, weekends)

61
Q

What Environment do new features get released in first so our clients can test?

A

Beta

62
Q

If you ever have questions about a new feature you should …

A
  • Post in #release-note-questions (slack)

- Read release notes

63
Q

Who can turn on or off a feature flag?

A

Product Managers of features

64
Q

What are the different Priority tags and what do they mean?

A

P0 - All hands on deck. Must be dealt with immediately (no work-around)
P1 - a work-around exists. Possibly 2-4 weeks to fix
P2 - affecting multiple clients - 12-16 weeks to fix
P3 - Maybe affecting 1 or 2 loans. Kind of a backlogged item to fix.

65
Q

What SSO Identity Provider (IdP) does Blend use internally?

A

Okta

66
Q

What two pieces of info does the Client need to provide Blend to set up SSO?

A
  • Their Identity provider Single Sign-on URL

- The X.509 Certificate

67
Q

What is considered the “Handshake” of the SSO process?

A

SAML Assertion

68
Q

How can you verify if a SPECIFIC BORROWER is using SSO to log in?

A

Download the Mismo and search for “custnumber”

The Security Setting will let you know if Borrower SSO is available, but not every borrower in that environment must be using it.

69
Q

What are the Verb options for an API call and what do they mean?

A
  • GET - Pull information
  • POST - Add new information
  • PATCH - Only edit existing information
  • PUT - Replace all existing information
  • DELETE - Remove information
70
Q

Can you label each component of the API URL?

https://api.blendlabs.com/reporting/documents?startDate=2019-03-01&limit=1

A

https://api.blendlabs.com/reporting/documents?startDate=2019-03-01&limit=1

hostname =  api.blendlabs.com
endpoint =    reporting/documents
parameters = startDate=2019-03-01&limit=1
71
Q

What does the Response Code “200” mean?

A 
200 = Successful
401 = Authentication Error
403 = Forbidden
404 = Not Found
50X = Service Unavailable
72
Q

Where should you go to learn about or Build new Blend API calls?

A

https://developers.blend.com/blend

Blend - Numbers & Quizzes (3 decks)

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