The Funding Request screen allows the user to complete and submit a funding request for a loan. The Funding Request provides final disbursement figures to be reviewed prior to funding the loan. Users can access and edit the Funding Request screen before and after the loan has been finaled.
The Funding Request 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 > 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, or Closing Docs screen, the date will auto populate here. Changes made here will automatically update the other screens (Closing Request, Funding 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, or Closing Docs screen, the date will auto populate here. Changes made here will automatically update the other screens (Closing Request, Funding 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 screen, the selection made will auto populate here. Changes made here will automatically update the other screens (Closing Request and Funding).
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 screen, the selection will display here. Changes made here will automatically update the Funding 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, or Closing Docs screen. Changes made here will automatically update the other screens (Vendor Info, Title Request, Closing Request, Funding 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 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, or Closing Docs screen. Changes made here will automatically update the other screens (Vendor Info, Title Request, Closing Request, Funding and Closing Docs).
7. Escrow – the Escrow Company will automatically populate if previously entered on the Vendor Info, Title Request, Closing Request, Funding, or Closing Docs screen. Changes made here will automatically update the other screens (Vendor Info, Title Request, Closing Request, Funding 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 and Closing Docs).
9. Funding Calculation – 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 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.
10. Requestor Information – the information in this section will pre-populate with the contact information for the user accessing the Funding Request screen and the date the screen was accessed. The fields are editable and can be changed if needed.
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.
Special Instructions text box is available for the user to type additional information to include with the Closing Request.
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.
Click Submit to save the information entered on this screen and update the loan status.
Click the Printer Icon next to Forms & Docs > Funding Request to open a printable version of the Closing Request screen.