Update Purchase Price or Original Purchase Price

Primary Department Supported: Underwriting, Servicing

Super Powers Needed? – NO

Developer Support Needed? - NO

Context and Common Situations

• This request is submitted when Original Purchase Price or Purchase price in LMS are not matching what the loan agreement says it should be. Often caught during data-clean ups. 

Important Considerations & Best Practices

• A loan should only have one - Purchase Price OR Original Purchase price - not both. When a loan has both, the incorrect value will need to be cleared out. 

• Most often, this comes from SPA and needs to be corrected there as well. 
  
• These fields are shown on the Project tab but updated/housed on the Property level

Instructions: (written instructions, screenshots and video demos)

• Navigate to the Property tab of the loan and ensure that both Original Purchase Price and Purchase price are selected in the table view. If there is a value both fields, this needs to be corrected.

• You can remove the Purchase Price or Original Purchase price from the property table, if you know which field needs to be removed. 
• If you're unsure which field is accurate, click into the property and scroll down to Land Owned or Land to Purchase - this selection determines which field you'll be able to see. 
  • Land to Purchase = Purchase Price
  • Land Owned = Original Purchase Price
• Select the other land type to zero out the field and then toggle back to the correct selection. Update the price and save and close.