Rules Based Ordering Example 1
Rotating Orders: You have 3 title vendors in Maryland, and you want to ensure that all 3 get equal orders. A rule is created whereby any title order in MD is distributed equally to each vendor. The system keeps track and assigns the order accordingly.
Variable: You decide that if the loan is for a purchase transaction, you want vendor3 to be assigned the order, not the other two. An exception to the rules is created for the service type "Purchase", then any title order not a purchase is distributed evenly but all purchase orders would go only to vendor3.
Rules Based Ordering
Rules Based Ordering (RBO) is the ability for a lender to define a set of rules that each order they place is evaluated against. This evaluation can be used for selecting a vendor, selecting a service, determining what service is necessary, upgrading a service, etc. automatically and without any end-user intervention.
RBO also provides compliance assurance for appraiser independence in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, utilizing a round-robin or random ordering algorithm that rotates the selection of appraisers and ensures a non-influence policy. Additionally, our module for maintaining license, E&O coverage and reasonable and customary fees provide the lender with further assurances that they are in compliance with all sections of the Act.
We provide complete support and assistance to the lender when implementing the rules they define. The lender can manage any changes using a simple web interface or we can manage them for them.
Rules can be based on any field that exists on the order sent from the lenders LOS to vmcSelect. Multiple elements or fields can be defined on a single rule using conditions and/or exceptions and priorities can be assigned to a rule as well. Rules are evaluated based upon priorities and the evaluation is completed automatically. They can be based on custom field values sent by a lenders LOS specifically for use with Rules, (Credit Score, Loan Type, etc.) or standard field values (City, State, Zip, etc.). These custom fields and their data are never sent to the vendor or stored on our system.
Priority levels can be given to rules to prevent conflicts under specific circumstances, and nesting of rules is supported as well. We can also define them to become active or expire at specified dates in the future.