Forms and Docs > Loan Estimate

For loans applied for after the TRID date of October 3, 2015, the Loan Estimate screen is under the Forms and Docs category of the left hand navigation for loans with a product that is set to “Subject to TILA/RESPA?” set to “Yes” in the product profile in the administration site. This screen takes the place of the GFE and TIL edit screens that users see today.

In order to effectively calculate fees and associated settlement service providers, subject property state and county are required before the page can be accessed. If users attempt to access this page without that information, they will be presented with the error message below.

Once a subject property state and county have been entered, users will see the following screen load. The creditor will display in ready only fashion for the users reference. The Loan ID will be greyed out for the end user unless the channel to which the loan resides has “Allow User Entry of Loan ID” checked. The “TILA/RESPA Form Type” field will only display if the System Level Setting for “Refinance Version of TILA/RESPA Forms” is set to “Determine at Channel Level” AND if the Channel level setting is set to “Determine at Loan Level”.

The Most Recent Redisclosure section will only display after the loan has been disclosed for a second time or more.

The Initial Disclosure section will always display for loans. The Date of Loan Estimate field is disabled and greyed out and will default to the current date and the “Allow Edit Date of GFE / Loan Estimate” is turned off for the user. This field will continue to update with the current date until the Loan Estimate is disclosed (meaning the user clicks the Disclose button). When the user right “Allow Edit Date of GFE / Loan Estimate” is turned on this field is editable and will continue to update with the current date. However, once the date is manually overwritten the date will no longer update with the current date.

The Loan Estimate Expiration Date is a disabled field and will display the sum of the Date of Loan Estimate plus ten (10) general days. A general business day is defined as Monday, Tuesday, Wednesday, Thursday, Friday and Saturday only when System Admin > Other > Compliance Alerts > Compliance Alerts General Settings > Consider Saturday a Business Day is set to “Yes” (Sunday and legal public holidays are excluded). The count will start the next business day that the Financial Institution is open and it will expire on the 10th day. The time will default to 5:00 PM but can be overwritten.

The Disclosure Delivery Method field has the following options available in the drop-down menu and will drive the calculation for the Borrower Received Date:

·      Blank

·      E-disclosure

·      In Person

·      US Mail

·      Other

The Borrower Received Date field is calculated off of the Disclosure Delivery Method. If E-disclosure, US Mail or Other is selected then three (3) business days will be added from the Loan Estimate Date. A business day is defined as Monday, Tuesday, Wednesday, Thursday, Friday and Saturday (Sunday and legal public holidays are excluded).If In Person is selected the Borrower Received Date will display the same date as the Loan Estimate Date. This field is enabled and editable by the user when the user has the user right “Allow Edit Initial Disclosure Received Date” turned, otherwise the field is disabled and greyed out.

Once the user has clicked the “Disclose” button for the first time the data entered in these fields will be preserved with those values throughout the life of the loan. The data will represent a static record of those fields at the time of initial disclosure.

Note: Any changes made to these dates via the user permission will still be logged in Loan History.

The Most Recent Redisclosure section will function just as the Initial Disclosure section but will continue to update with the most recent redisclosure information.

The View History link will load a history modal that will detail out every time the loan was disclosed, the Date of the Loan Estimate, the date the Disclosure button was selected, the Loan Estimate Expiration Date, the Delivery Method, and the Borrower Received Date.

The Intent to Proceed section will continue to populate as it does today. These new fields are detailed out in the 15.1 Release Notes.

The Loan Details section requires every field that could be utilized when calculating fees. These fields will all come from and populate the corresponding fields on the 1003 and Borrower Summary screens. If these fields were already completed they would populate this screen. If they have not been completed and then are completed on this page, the values will automatically update the fields on the 1003 and Borrower Summary as well. The fields available in this section are:

·      Product (read only field and controlled by the selection on the Borrower Summary screen)

·      Escrow Waiver (If the Escrow Waiver field is set to “Yes”, then the fee configured in Admin that has a Special Fee Type of “Escrow Waiver Fee” will display and print on the Closing Disclosure.)

·      Interest Rate

·      Interest Rate Expiration Date (will populate from the Lock Confirmation and the time will default to 5:00 PM but allow for user override)

·      Estimated Closing Date

·      Estimated First Payment Date (this field must be entered on this page as this is the only place in the upfront disclosure screens that it is collected)

·      Loan Purpose

·      Occupancy

·      Loan Amount

·      Purchase Price/Appraised Value

·      Property Type

·      Number of Units

The information required to calculate some of the system calculated fees will also be listed in the Loan Details section when they are applicable based on the loan type. When a loan is configured as a VA loan, the following fields will be displayed in order to accurately calculate the VA Funding Fee:

The Veteran Exempt field will default to “No”. The Purpose of Refinance will default from the 1003 > Property tab if configured. They Type of Veteran field will default to blank to allow for user selection. The Type of Refinance field will default to blank to allow for user selection. The First Time Use field will default to blank to allow for user selection. The Assumption field will default to “No”. The Prior Use Not Permanently Affixed field will default to “No” when the First Time Use field is set to “No”. The Permanently Affixed field is enabled and will default to “Yes” when Property Type is set to Manufactured Home: Condo/PUD/Co-Op or Manufactured Housing, Manufactured Home Singlewide, Manufactured Home Multiwide. The Exception for Residual Income will default to “No”.

When a loan is configured as a FHA loan, the following fields will be displayed in order to accurately calculate the Upfront MIP Factor and FHA Monthly Factor.

The Upfront MIP Factory will default to 1.750 and if the Term, Loan Amount, and Appraised Value/Sales Price were already completed before coming to the Loan Estimate Screen then the FHA Monthly Factor will default based off the calculation table below.

When a loan is configured as a USDA loan, the following field will be displayed in order to accurately calculate the USDA Guarantee Fee. The user can then enter the Conditional Commitment Date.

Note: Since the calculations of the fees is performed through the Loan Estimate screen and Fees tab, the calcualtors for the system calcualted fees mentioned above will all be driven off of these pages. This means that the claculators will no longer display on the 1003.

The Payment Schedule button will load the amortization schedule in a modal window for users reference.

The Compliance Details section will track the calculated “Closing Cannot Occur Until” date. This field is disabled and will calculate as follows: if the “Borrower Received Date” from the Most Recent Redisclosure section contains a date add four (4) general days to that date. If the “Borrower Received Date” from the Most Recent Redisclosure section is blank then the calculation will use the “Date of Loan Estimate” from the Initial Disclosure section and will add seven general days to that date. If the “Borrower Received Date” from the Most Recent Redisclosure section and the “Date of Loan Estimate” from the Initial Disclosure section both contain dates then the “Closing Cannot Occur Until” date will display the later of the two dates.

There will also be a comparison chart that will list out the Last Disclosed values and the current values for the following fields:

·      Annual Percentage Rate (APR) – previously listed on the TIL

·      Total Prepaid Finance Charges (PFC) – previously listed on the TIL

·      Total Interest Percent (TIP) – a new calculation for the new disclosures

There will be a brand new screen available under the Forms and Docs category of the left hand navigation for loans with a product that is set to “Subject to TILA/RESPA?” set to “No” in the product profile in the administration site. This screen will take the place of the GFE and TIL edit screens that users see today and will be labeled “Fees”. This will be a smaller version of the Loan Estimate screen. The only fields that will be located on the details tab of this screen is the Loan Details section, as the other data does not apply to loans not covered under the regulation.

There will also be a print icon next to the Loan Estimate task. Users will need the following user rights to gain access to the Loan Estimate Screen and the Loan Estimate Print icon:

·      Loan Estimate – Edit

·      Loan Estimate – Print

Users with the corresponding GFE user rights will automatically receive these user permissions. The Loan Estimate print icon will print a processing form for internal users to reference of the Loan Estimate.