For loans applied for on or after 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. Users will be presented with an error message if attempting to access this page without entering property state and county.
The creditor displays for the users reference. The Loan ID is greyed out for the end user unless the loan channel has “Allow User Entry of Loan ID” checked. The “TILA/RESPA Form Type” field displays 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 displays after the loan has been disclosed for a second time or more.
The Initial Disclosure section displays for loans. The Date of Loan Estimate field is disabled and greyed out and defaults to the current date and the “Allow Edit Date of GFE / Loan Estimate” is turned off for the user. This field continues to update with the current date until the Loan Estimate is disclosed (meaning the user clicks the Disclose button). When “Allow Edit Date of GFE / Loan Estimate” is turned on, this field is editable and will update with the current date. If the date is manually overwritten, the current date will no longer update.
The Loan Estimate Expiration Date is disabled 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 drives the calculation for the Borrower Received Date:
· Blank
· E-disclosure
· In Person
· US Mail
· Other
The Borrower Received Date field calculates 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 clicks the “Disclose” button, the data entered in these fields is preserved with those values throughout the life of the loan. The data represents 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 functions just as the Initial Disclosure section prior to October 3, 2015, but will continue to update with the most recent redisclosure information.
The View History link will load a history modal that will details 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 Loan Details section requires every field that could be used when calculating fees. These fields come from and populate the corresponding fields on the 1003 and Borrower Summary screens. If these fields are completed they populate this screen. If fields have not been completed and 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 is listed in the Loan Details section when applicable based on the loan type.
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 Estiamte Screen then the FHA Monthly Factor will default based off the calculation table below.
TERM |
MIN LTV |
MAX LTV |
Factor |
MIN LOAN AMOUNT |
MAX LOAN AMOUNT |
0 - 180 |
0% |
78% |
0.45 |
$0 |
$1,000,000 |
0 - 180 |
78.01% |
90% |
0.45 |
$0 |
$625,501 |
0 - 180 |
78.01% |
90% |
0.7 |
$625,501 |
$1,000,000 |
0 - 180 |
90.01% |
100% |
0.7 |
$0 |
$625,501 |
0 - 180 |
90.01% |
100% |
0.95 |
$625,501 |
$1,000,000 |
181 – 240 |
0% |
95% |
0.8 |
$0 |
$625,501 |
181 – 240 |
0% |
95% |
1 |
$625,501 |
$1,000,000 |
181 – 240 |
95.01% |
100% |
0.85 |
$0 |
$625,501 |
181 – 240 |
95.01% |
100% |
1.05 |
$625,501 |
$1,000,000 |
241 – 300 |
0% |
95% |
0.8 |
$0 |
$625,501 |
241 – 300 |
0% |
95% |
1 |
$625,501 |
$1,000,000 |
241 – 300 |
95.01% |
100% |
0.85 |
$0 |
$625,501 |
241 – 300 |
95.01% |
100% |
1.05 |
$625,501 |
$1,000,000 |
301 - 360 |
0% |
95% |
0.8 |
$0 |
$625,501 |
301 - 360 |
0% |
95% |
1 |
$625,501 |
$1,000,000 |
301 - 360 |
95.01% |
100% |
0.85 |
$0 |
$625,501 |
301 - 360 |
95.01% |
100% |
1.05 |
$625,501 |
$1,000,000 |
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.