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Configure pricing and rules for a new product
A lender is launching a new installment product and needs eligibility rules and priced offers to work together — decline the files that should not go through, and price the ones that should.
What you use
- Products for the product itself
- Rules Studio for eligibility and approve/deny outcomes
- Pricing Engine for the offer tables attached to those outcomes
Worked example
Riverbend adds “Personal Installment Loan” to the catalog, then wants applicants below 580 declined automatically and applicants in the 680–719 band priced from a standard tier table.
- Create or confirm the product in Products.
- In Rules Studio, add the rules that send a file to “Declined” or “Approved - Standard Review.”
- In Pricing Engine, create the “Personal Installment - Standard Tier” offer table, assign it to the product and to “Approved - Standard Review,” then publish it.
- Send a test application through. Confirm a 560 FICO file does not receive that table’s offer, and a 705 FICO / $15,000 file does.
Best practices
- Finish the product and the decision outcomes before you publish the offer table. A table with no matching product or outcome will not price the file.
- Keep decline rules and pricing tables pointed at different outcomes so a declined file never picks up a live table.
- Leave new tables in draft until you have checked input variables and cell mapping.
- If prices differ by state, use state-based table selection instead of asking agents to pick a table. See Pricing Engine.