Contingencies

Purpose

The purpose of this documentation is to describe how to create and manage Contingencies, as well as how to add them to Review Memos.

Audience 

Lender Managers, Job Managers, Lender Executives, and Content Administrators. 

Contingencies Overview

The Contingencies feature allows qualified users to add one or more Contingencies to a loan file. Contingencies indicate that there are outstanding issues that must be resolved for a loan file to proceed. 

The Contingencies feature is enabled on a Service Group basis. It can be added to the Valuation, Environmental, and Construction Service Groups.  

To access Contingencies, navigate to a loan file and then click on a Service Group button in the navigation bar on the left. Scroll to the bottom of the page to view the Contingencies section. 

Click Add New Contingency to create a new Contingency in the Environmental Service Group.

The Add New Contingency modal opens. The Environmental Contingency modal includes two dropdown menus and two text area fields.

A. Category: Select a category of contingency from the dropdown menu. Examples for the Environmental Service Group include ARQ1 - Age of Phase I Report, CON3 – Prior Contamination/Closed Incident, and RAD1 – Radon Gas. 

B. Risk: Select a risk level from the dropdown menu: Significant, High, Moderate, or Low. Note: This dropdown menu is specific to Environmental Contingencies; it does not appear in Valuation or Construction Contingencies.  

C. Details: Add an explanation of the issue and any relevant details. 

D. Requirements: Describe the conditions that must be met to resolve the issue. 

Click Add Contingency to create the create the new Contingency. 

The Add New Contingency modal closes and the new Contingency appears in the Contingencies section.

Managing Contingencies 

Click Actions to display a menu for a Contingency.

• Update contingency: Click to open the Contingency for editing.  

• View change history: Click toopen a popup listing the change history for the Contingency. The example below lists the creation of the Contingency, as well as an update made to the Details text.
  

• Delete Contingency: Click to delete the Contingency. A popup will request confirmation. Deleted Contingencies cannot be restored.

The Contingencies section includes buttons for managing how Contingencies are displayed, as well as for exporting.

• Expand All/Collapse All: If the text in the Details or Requirements fields of a Contingency exceeds 250 characters, the text will be truncated. Click Expand All to expand all Contingencies, displaying the full text. Click Collapse All to collapse them again. Note: You can also view the truncated text of an individual Contingency by clicking on the read more text.
   

• Export to PDF: Downloads a PDF copy of all Contingencies in the Service Group. The PDF contains the information listed in the table, including Risk, Category, Details, Requirements, and Status. 

•  Show Contingencies: Click the dropdown menu and select one or more statuses; only Contingencies with the selected statuses will be visible in the Contingencies section. By default, all Contingencies are visible. 

Updating and Resolving Contingencies

To update or resolve a Contingency, click Actions, then click Update contingency.

Scroll to the bottom of the modal. 

A. Status: Select a new status from the dropdown menu to update the status. 

B. Resolution Comments: Enter text to describe how the issue was resolved. 

C. Engineered Cost Estimate: Enter the amount estimated to mitigate the issue.

Note:

This field is specific to Environmental Contingencies; it does not appear in Valuation or Construction Contingencies.

After making changes, click Update Contingency to apply them. The modal will close and the new text and updated status will appear. 

Note:

The Engineered Cost Estimate field does not appear on Valuation Contingencies.

Review Memos

Contingencies data can be added to a Review Memo. Click Actions next to the relevant service, then select Start Review Memo from the dropdown menu.
 

Select a data source and review memo template, then click Start Review Memo.

The Review Memo opens.
 

1. Click the tags icon.

2. Click Contingencies.

3. Click Table. 

The Contingencies table is inserted into the Review Memo. Every Contingency in that Service Group is visible in the table, regardless of status. 

For more information about the Review Memo Process, including how to add Contingencies to a Review Memo Template, refer to the following documentation: 

• ORM - Data Capture and Online Review Memo Workflow

• ORM - Review Memo Template Management