The Borrower Summary contains initial loan setup data utilized to create a new loan file. This screen is editable by both originator and lender users, dependent on the Final status. If the loan has been finaled then an originator user will no longer have access to the screen and only the lender will have access. If the loan is not finaled, then only the originator user will have access to the screen.
Fields marked in red are required to be completed in order to save the Borrower Summary. All data entered on this screen will populate to the 1003. It is recommended that users fill out as much information on the Borrower Summary as possible, as all data entered here will flow to additional pages throughout the loan file.
At the top of the screen the Underwriting Engine for the loan application may be changed, if the appropriate user right is enabled. Click the expand icon (+) on the Configuration Tab and select Fannie Mae or Freddie Mac.
The user may also change the Loan Origination Type if multiple channels are tied to the institution to which this loan is being created. Loan Origination Types include: Retail, Wholesale, Correspondent, Brokered Out, and Purchased.
For any borrower address fields, first enter the zip code if this is known. This will automatically populate the city, county, and state. If the user begins in the City field, a dropdown menu will appear with correlating cities based on the first characters entered.
Note: The city will populate in ALL CAPS and this will carry over to the documents.
If the user chooses No for the co-borrower, then the co-borrower section on the 1003 > Borrower tab will be disabled. If the user chooses Yes for the co-borrower, then the user must fill out the red required fields before save/closing the page. A co-borrower may always be added later in the loan file within the 1003 > Borrower tab > Add Co-Borrower section.
If the loan is a refinance, choose the Yes radio button to the question: Same as Borrower’s Present Address? Doing so will disable all fields within the Property Information section and automatically use the borrower’s current address as the subject property address. If the loan is not a refinance, leave the defaulted selection as No and complete the address fields within the section. The newly entered address will then auto-populate into the Subject Property Address field.
When the option for Pre-Approvals is enabled in your site, a Pre-Approval check box will display to the right of this question. If the loan file is a pre-approval, mark the box.
Enter all known data as applicable in this section as it will flow to multiple other screens associated with the loan file. Listed below are some points of interest in this section:
· Sales Price may be transferred to the Appraised Value field by clicking on the blue hyperlink titled: Same as Sales Price. The Base Loan Amount will be auto-adjusted to be reflective of the difference between those two values.
· Enter in either a percentage of or whole dollar amount into the Down Payment fields to auto-adjust the Base Loan Amount.
· Is Employee Loan field is one of only two places on a loan file where it may be marked as such. The other location for marking a loan as employee is Actions > Flag Employee.
· Number of Months is a blank field so that the user may choose the amortization duration regardless of product selection
· Subordinate Financing Liab field is the balance of subordinate financing from the 1003 > Liabilities tab. (Any mortgage loans marked as Subject Property Lien, Lien Type 2nd or 3rd, Subordinated Indicator.) This field is not editable.
· Subordinate Financing DOT field data will flow from the 1003 > DOT > Line ‘j'. .
Construction/Construction Permanent only section can be expanded to include additional information for construction loans. Listed below are some points of interest in this section:
· Construction Type has two options: Newly Built and Construction Conversion. Newly Built is only selected for VA or FHA loans when submitting a loan file as Construction – Permanent to LP. This field should be left blank if it’s a standard Construction Lending loan file.
· Initial Construction Close Date may reflect the Estimated Close Date that a user will enter in the 1003 upon further processing of the loan file. If a true Initial Construction Close date is known, enter it here.
At the bottom right of the Borrower Summary are three action buttons: Loan Notes, Save/Close and Cancel.
· Loan Notes is utilized to record comments on the loan file for other users to share with one another. Further information on Loan Notes functionality can be found in the Loan Notes chapter of LOS Help
· Click Save/Close to save the changes and return the display to the loan pipeline view.
· Click Cancel to void all changes made and return the display to the Loan Dashboard.