For loan applications submitted on or after October 3, 2015, a user has an option for Adhoc Fee in the Select a Fee to Add drop-down if the user has the user right for “Fees – Allow Addition of Fees Outside of Fee Template”.
Selecting Adhoc Fee provides the user with an Add Fee modal window requiring user input. All values are available for edit. Features available within the modal vary slightly depending on the category in which the Adhoc fee is added. Similar to preconfigured fees, the Add Fee modal offers the same options for Fee Name, Amount, PFC, Sec 32, Paid by, Paid To, Affiliate, Financed, and POC. In addition to these fields, a Calculation field is available to indicate how the fee is calculated. Users have the option to select Flat Fee, % of Appraised Value, % of Loan Amount, and % of Purchase Price. When the Calculation is set to Flat Dollar and the category is not Services Borrower Can Shop For, Prepaids, or Initial Escrow Payment at Closing, then users have the option to enter a flat dollar amount in the Amount field. If the Category is Services Borrower Can Shop For and Calculation is % of Appraised Value, % of Loan Amount, and % of Purchase Price, users are able to enter a percentage value in the Amount field.
If the category in which the fee is added is Prepaids or Initial Escrow Payment at Closing then the user has the ability to enter the number of months and correlating monthly amount. The calculation option does not appear to the user.
When an Adhoc fee is added, Origination Charges, Services Borrower Cannot Shop For, Taxes and Other Government Fees, and Other Sections also load options to allow the user to indicate that the fee is a Title Fee or Optional Fee to appropriately set the requirement naming conventions for the fee.
If an Adhoc fee is added to the Services Borrower Can Shop for Category, users have the additional option to enter Settlement Service Provider Details.
User Rights tied to Adhoc Fees
Fees – Allow Addition of Fees Outside of Fee Template
Statuses Driven from Adhoc Fees
N/A