The VA Loan Summary screen gives an overview of loan details, borrower information and VA related information for a file. Most of the fields on this screen are grayed out as they populate from various fields within Forms & Docs > 1003 and GFE/IFW.
In order to access the VA Loan Summary screen, ensure Forms & Docs > 1003 > Terms tab > Mortgage Applied For drop-down list displays VA. Users can edit or print this screen if they have the applicable user rights. There are five sections within the VA Loan Summary screen:
VA Loan Summary Sheet
VA’s 12-Digit Loan Number will populate from Forms & Docs > 1003 > Government tab > VA Government Information section > Agency Case Number.
Veteran’s Name, Veterans SSN and Veteran’s DOB will populate from Forms & Docs > 1003 > Borrower tab.
Gender of Veteran, Ethnicity and Race will populate from Forms & Docs > 1003 > Government Monitoring tab.
Tip: If 1003 > Government Monitoring tab is set as Not Applicable or Information Not Provided, the above radio buttons on the VA Loan Summary will be blank.
The Entitlement Code can be manually entered and the Amount of Entitlement Available will populate from Forms & Docs > 1003 > Government tab >
The Branch of Service radio buttons will populate from Forms & Docs > 1003 > Transaction Details > Funding Fee hyperlink > Type of Veteran drop-down list.
Tip: The hyperlink is also accessible from Forms & Docs > GFE/IFW > Section 807 > VA Funding Fee > Calculate hyperlink.
Users can manually update the Military Status radio buttons as applicable.
The First Time Home Buyer radio button will update based on the response from Forms & Docs > 1003 > Government tab > VA Government Information > Is This a 1st Time Use Loan drop-down list. If set to Yes the radio button will display Yes and if set to No the radio button will display No.
Users can manually update Loan Procedure radio buttons as applicable.
The Loan Code radio buttons will updated based on information input on Forms & Docs > 1003 > Property tab > Property type drop-down list and Purpose of Loan drop-down list as well as Forms & Docs > 1003 > Government tab > Refinance Type drop-down list if applicable to the loan transaction.
Users can manually update the Prior Loan Type radio buttons as applicable.
Type of Mortgage radio buttons will populate based on the loan product set-up within the LOS Admin Site and Forms & Docs > 1003 > Terms tab > Amortization Type drop-down list selection.
Users can manually update the Type of Ownership radio buttons as applicable.
The Closing Date will populate from Doc Packages > Closing Docs > Loan tab > Closing (Note) Date.
The Purchase Price will populate from Forms & Docs > 1003 > Transaction Details > Purchase Price.
The Reasonable Value field will populate from Forms & Docs > Borrower Summary > Appraised Value field.
Users can mark all applicable check boxes associated with Energy Improvements along with the dollar amount of improvements.
The Loan Amount will automatically calculate based on the calculation logic next to the Loan Amount field. The Loan Amount cannot be manually changed in this field.
The Property Type will populate from Forms & Docs > 1003 > Property tab > Property Type drop-down list selection.
Users can manually update the Appraisal Type, Type of Structure and Property Designation radio buttons as applicable.
The Number of Units radio button will populate from Forms & Docs > 1003 > Property tab > Number of Units drop-down list selection.
Users can manually enter the Master Certificate of Reasonable Value number in the MCRV No. field along with select the applicable Manufactured Home Category radio button.
The Property Address, City, State, Zip and County will populate from Forms & Docs > 1003 > Property tab.
The Lender VA ID Number will populate from Forms & Docs > 1003 > Government tab > VA Government Information section > VA Lender ID field.
The Agent VA ID Number will populate from Forms & Docs > 1003 > Government tab > VA Government Information section > VA Sponsor ID field.
The Lender Loan Number will populate from the loan number of the file in MortgagebotLOS, either the system generated or edited loan number.
For LAPP Cases Only
This section is applicable only when using the VA Lender Appraisal Processing Program and will be disabled unless the Lender has SAR approval.
Income Information (Not Applicable for IRRRLs)
Users can manually select the applicable radio buttons YES or NO for Loan Processed Under VA Recognized Automated Underwriting System.
If the radio button selected is YES, the radio button options for 47B. Which System Was Used and 47C. Risk Classification will open and users can select the applicable response for each.
The Credit Score will populate from the credit report.
The Liquid Assets field will populate from liquid assets within Forms & Docs > 1003 > Assets tab.
Tip: The Asset Type displayed in the drop-down list will determine whether the asset is considered liquid.
Total Gross Monthly Income will populate from Forms & Docs > 1003 > Income & Housing tab > Gross Monthly Income section > Total field.
Residual Income will populate from Forms & Docs > 1003 > Government tab > VA Government Information section > VA Residual Income field.
Residual Income Guideline will populate from Forms & Docs > VA Loan Analysis > Section E > Line 43. Balance Available for Family Support > Guideline field.
Debt-Income Ratio will populate from Forms & Docs > VA Loan Analysis > Section E > Line 44. Ratio field.
Spouse Income Considered radio buttons will populate as applicable. If radio button is YES, users can enter the Spouse’s Income Amount.
Discount Information (Applicable for All Loans)
Discount Points Charged and Discount Points Paid By Veteran will populate from Forms & Docs > GFE/IFW > Line 802.
Tip: If the Paid By drop-down list in line 802 displays Borrower then it will appear in the Discount Paid By Veteran fields.
Term and Interest Rate will populate from Forms & Docs > 1003 > Terms tab.
The Funding Fee Exempt radio button will populate from Forms & Docs > 1003 > Transaction Details > Funding Fee hyperlink > Is Veteran Exempt.
Tip: The hyperlink is also accessible from Forms & Docs > GFE/IFW > Section 807 > VA Funding Fee > Calculate hyperlink.
For IRRRLs Only
This section will be grayed out unless Forms & Docs > 1003 > Government tab > VA Government Information section > Refinance Type drop-down list displays Interest Rate Reduction Refinance Loan. If applicable, users can manually enter IRRRL information when the fields are available.
Allowable Closing Costs and Pre-paids can be manually entered.
A text box is available to type additional Remarks if applicable.