Here are some points to ponder!
Determine Policy on the Following:
1. How will you calculate rate presented to LO? (LLPA’s baked in or not?)
2. What will you do with over par and under par pricing? (credit to client or put into the points and fees?)
3. What are your finance charges?
4. What will be included in your points and Fees?
5. Will you have a buffer in your points and fees just in case?
6. What will you do with Bona Fide Discount?
7. How are you going to handle the QM calculations process? Technology?
8. Where in the process will you present the pricing? Offer all options to client which is better for fair lending or Verify QM after lock?
9. What about your Wholesale Business? Different Methodology!
10. How will you demonstrate consistency in your secondary marketing methodology?
All of these decisions take a lot of thought revolving around procedural changes, workflow changes, training and technology upgrades.