The Funding screen allows the user to track funding information such as the funding date, price, funding method, and breakdown of funds. Users can access and edit the Funding screen after the loan has been finaled.
The Funding screen is divided into the following sections:
1. Borrower Information - information in this section automatically populates based on the data entered on the 1003.
2. Loan Details – information in this section automatically populates based on the data entered on the 1003 and GFE. Users can enter the Property Tax ID and will populate automatically to the Forms & Docs > Funding Request > Property Tax ID field. Changes made to the Property Tax ID on either screen (Funding or Funding Request) will copy to the other.
3. Closing Information - Bank/Broker Name and Phone auto-populates from the 1003 and cannot be edited on this screen. The following fields in this section are editable:
a. Closing Date – enter the date of the closing. If the Closing Date was entered on the Closing Request, Funding Request, or Closing Docs screen, the date will auto populate here. Changes made here will automatically update the other screens (Closing Request, Funding Request and Closing Docs).
b. Maturity Date – the Maturity Date will calculate and populate automatically based on the Closing Date.
c. Settlement Date – enter the settlement date. If the Settlement Date was entered on the Closing Request, Funding Request, or Closing Docs screen, the date will auto populate here. Changes made here will automatically update the other screens (Closing Request, Funding Request and Closing Docs).
d. Delivery Method for Funds - select Wire (attached wire instructions), Check, Remote Printer or Certified Check from drop-down list. If the Delivery Method for Funds was entered on the Closing Request or Funding Request screen, the selection made will auto populate here. Changes made here will automatically update the other screens (Closing Request and Funding Request).
e. First Payment Date – the first payment date will calculate and populate automatically based on the Closing Date.
f. On Hold – defaults to No but user can select Yes from the drop-down list. If a selection was made on the Funding Request screen, the selection will display here. Changes made here will automatically update the Funding Request screen.
4. Title Company/Settlement Agent Information - the Title Company/Settlement Agent will automatically populate if previously entered on the Vendor Info, Title Request, Closing Request, Funding Request, or Closing Docs screen. Changes made here will automatically update the other screens (Vendor Info, Title Request, Closing Request, Funding Request and Closing Docs).
5. Wire Bank Information (for Title Company/Settlement Agent) – the Wire Bank Information will automatically populate if the information is stored in Vendor Admin for the Title Company/Settlement Agent selected in the Title Company/Settlement Agent Information section. Users can enter reference information for the wire in the Reference field. Select Enter New to enter new wire information if not using the pre-populated information. Changes made here will automatically update the other screens (Vendor Info, Title Request, Closing Request, Funding Request and Closing Docs).
6. Trustee – the Trustee Company/Settlement Agent will automatically populate if previously entered on the Vendor Info, Title Request, Closing Request, Funding Request, or Closing Docs screen. Changes made here will automatically update the other screens (Vendor Info, Title Request, Closing Request, Funding Request and Closing Docs).
7. Escrow – the Escrow Company will automatically populate if previously entered on the Vendor Info, Title Request, Closing Request, Funding Request, or Closing Docs screen. Changes made here will automatically update the other screens (Vendor Info, Title Request, Closing Request, Funding Request and Closing Docs).
8. Wire Bank Information (for Escrow Company) – the Wire Bank Information will automatically populate if the information is stored in Vendor Admin for the Escrow Company selected in the Escrow section. Users can enter reference information for the wire in the Reference field. Select Enter New to enter new wire information if not using the pre-populated information. Changes made here will automatically update the other screens (Vendor Info, Title Request, Closing Request, Funding Request and Closing Docs).
9. Warehouse - the Warehouse Bank will automatically populate if previously entered on the Closing Docs screen. Changes made here will automatically update the Closing Docs screen.
10. Funding Information – Funding Request Received populates with the date that the Funding Request was submitted. Investor, Investor Loan Number and Investor Commitment Number automatically populates based on the data entered on the Investor Lock screen. The following fields in this section are editable:
a. Date File Received – enter the date the funding file was received.
b. Funds Ordered On – enter the date the order for funds was placed.
c. Funded Price – enter the sell price provided to the warehouse bank.
d. Scheduled Price – enter the market cost of the rate plus any additional pricing costs for the loan.
e. Funder – select the name of Funder from the drop-down list.
f. Date Funded – enter the funding date.
g. Funding Type – select Wet or Dry from the drop-down list.
h. Legal Package Sent – enter the date the legal package was sent.
i. Pulled – enter the Pulled date.
j. Funding Method – select Table Funded or Warehouse Funded from the drop-down list.
k. Pre-Fund QC Completed – enter the date of the pre-funding quality control was completed.
l. Advance Amount % - enter the percentage of the advance amount.
m. Advance Amount – enter the amount the bank advances against the Lender’s line.
n. Publish Purchase Advice – mark the check box.
11. Funds Tracking Information – click on Funds Tracking Information to track the funds disbursed by adding Wire and/or Check information. Click Add Wire to enter the Date Funds Sent/Received, Time Funds Sent/Received, Funding Number, Federal Reserve Tracking Number, Amount, Wire Number, and Comments. Click Add Check to enter the Date Funds Sent/Received, Time Funds Sent/Received, Funding Number, Check Number, Amount, and Comments. The Total Disbursement Amount will calculate automatically. A message stating “Total Disbursed Amount does not match Net Loan Disbursement in Funding Breakdown” will display until the Total Disbursement Amount equals the Net Loan Disbursement.
12. Funding Breakdown – click on Funding Breakdown to display fee line information. The fee line information will display in this section based on the setup in Admin and will automatically populate the fee information from the GFE/IFW. The Net Fee boxes are used to calculate the Net Loan Disbursement. Checking the Net Fee box will either reduce or increase the total Net Loan Disbursement. Changes made to the fee information will automatically update the other screens (Closing Request, Funding Request and Closing Docs), but will not update the GFE/IFW. See the chapter on GFE 2010 and Itemized Fee Worksheet for detailed information on the GFE/IFW Fee Lines.
Tip: The date fields may be entered manually or by utilizing the calendar icon to the right of the field.
Tip: Sections of the Closing Request that are not used can be turned off in Admin and will no longer appear on the Closing Request screen or the print version.
Click Save/Close to save the information entered on this screen and return to the Dashboard.
Click Cancel to discard all changes made to this screen.