This screen allows the user to view, add, and/or edit fees charged to the Institution on a loan. Fee Tracking is typically used to manage internal or investor fees that are not charged to the borrower or seller. Users can access and edit the Fee Tracking screen before and after the loan has been finaled with the applicable user rights (noted below) by clicking Fee Tracking from the left-side navigation under Status & Tracking. Fees available on this screen are not included on and do not populate to the Forms & Docs > GFE screen or Doc Packages > Closing Docs > HUD Page 2 tab.
For loans applied for on or after October 3, 2015, a configuration grid is required for administrators to control what Fee Change Reasons are seen by the end user. This configuration grid is critical in analyzing whether fees in the 0% or 10% Tolerance categories cause the tolerance baselines to be reset, or if the tolerance baselines are unable to be reset through redisclosure. This setting is located in Admin > System Admin > Disclosures > TILA/RESPA Integrated Disclosures > Fee Change Reasons.
All Fee Change Reason Descriptions marked as “Active” appear in the Fee Change Modal. When a Fee Change Reason Descriptions is marked as “Inactive” will remain described as such. The Description field is a configurable field for administrators to have control over what the end user sees in the Fee Change Modal on the front end of the LOS. The Change Categories field is how administrators tie the end user friendly description to the pre-defined change reasons as detailed out by the regulation. These reasons will determine whether the fees being changed will cause the tolerance baselines to be reset or if the tolerance baselines are unable to be reset through redisclosure.
Loan Information section automatically populates with the Loan Number and Borrower Name.
Fee Breakdown section contains the Fee Name, Amount, and Total. Users can manually add a fee to the Fee Breakdown by selecting the fee from the Add Fee dropdown list and the selected fee will display in the Fee Breakdown. The Amount may automatically populate based on the setup in Admin or the user can manually enter an Amount or edit the pre-populated Amount.
The fee tracking screen will also allow users to net out fees by entering negative amounts.
Tip: Fees for the Fee Tracking screen are setup in the Administrative Site in System Admin > Other > Fee Setup.
For WorkQueue users, the following fees will automatically populate in these situations:
· Preliminary Rush Fee – the Preliminary Rush Fee will automatically populate if this fee is setup in Admin and Preliminary Instructions is selected as the Request Type and a Rush Date is chosen on the Forms & Docs > Closing Request screen.
· Rush Fee – the Rush Fee will automatically populate if this fee is setup in Admin and a Rush Date is chosen on the Forms & Docs > Closing Request screen.
· Redraw Fee – the Redraw Fee will automatically populate if this fee is setup in Admin and Yes is selected for Redraw on the Forms & Docs > Closing Request screen.
· Per Loan Fee – the Per Loan Fee will automatically populate if this fee is setup in Admin and the Date Funded has been entered on the Forms & Docs > Funding screen.
Click Save/Close to save the information entered on this screen.