Using the Rules Engine, a lender defines a set of rules that each order is evaluated against, for the selecting of their vendors and the services they provide, automatically.

Using a simple web interface, rules are defined and managed by the lender. A rule can be based on any field that exists on the order being sent from their LOS to our system. Multiple elements can be defined on a single rule using conditions and/or exceptions and priorities can be assigned to each rule. Rules are evaluated based upon priorities, then the appropriate products and vendors are selected automatically. Rules can be based on custom field values, (Credit Score, Loan Type, etc.) or standard field values (City, State, Zip, etc.). Data can be sent from your LOS, specifically for use with the rules, never getting sent to the vendor.

Priority levels can be given to rules to prevent conflicts under specific circumstances, and nesting of rules is supported. Rules can be defined and set to become active, or expire at specified dates in the future.

The rules engine has two features unique to our application, a Test and a Validate feature. The Test feature allows the lender to define a rule, and then test it to ensure that the results are what they expected. The Validate feature allows the lender to create a rule, and then validate the rule against the other rules ensuring there are no conflicts.

A lender can use the Rules Engine to completely automate the processes of the ordering services and selection of vendors or they can use it for selecting what products are available to the user, creating a mixture of automation and user interaction.

Vendor Percentage Based Distribution can be applied to a specific rule, assigning orders to vendors based upon a predefined percentage on a rule-by-rule basis. The percentages can be reset every week, month, year, or can be left indefinitely. The lender decides and can change it at will.

Bump functionality provides the ability to bump to a different product, based upon a condition in a rule. For example, a rule could be defined as; if an AVM comes back with a status of “no-hit”, meaning they have no data for the property, and the Loan Score is greater than 700, bump the product to a 1004 residential appraisal. This entire bump process would take place within seconds of the order being placed, completely transparent to the user and ensuring that the proper product is ordered. You can have an unlimited number of bump conditions and they are defined on a rule-by-rule basis.

Rules are an extremely powerful way of removing unnecessary decision making from the end user, allowing them to focus on their daily responsibilities. They also ensure that the correct services are ordered for that specific loan type, since rules can be based upon any available data.