Loan Tab

The Loan tab allows users to review loan information, input important loan dates, and include additional loan features.

The Loan tab is divided into four sections: Loan Type, Loan Amounts, Loan Dates and Other Information.

Loan Type

The Loan Type section allows users to review specific product and loan information.

The Loan Type section will automatically populate the Purpose of Loan, Product Code, Product Name, Loan Number and Lien Type.

Tip: All fields within the Loan Type section are disabled and cannot be edited.

Loan Amounts

The Loan Amounts section allows users to review and edit specific loan details.

The Base Loan Amount, Total Loan Amount, Interest Rate, Sales Price, Appraised Value, Number of Months, Amortization and P&I Payment will automatically populate based on data entered in the Forms & Docs > 1003, GFE and TIL.

The Late Charge field will auto populate to 5.000% and Late Days will auto populate at 15 with a few exceptions:

If the loan is being originated with the subject property located in the state of Massachusetts, the Late Charge will generate as 3%.

If the loan is being originated with the subject property located in the state of Mississippi, the Late Charge will generate as 4%.

If the loan is being originated with the subject property located in the state of New York, the Late Charge will generate as 2%.

If the Mortgage Applied For is a FHA and/or USDA loan, the Late Charge will generate as 4%.

Tip: If the Mortgage Applied For is FHA and/or USDA and the subject property is located in either MA, MS, or NY, the Late Charge that is generated will be 4% based on the Mortgage Applied For.

The Abatement Term (months) and Abatement Amount (dollar) allows users to manually enter the Abatement Term and Amount, if applicable.

Loan Dates

The Loan Dates section allows users to enter important dates for the loan file such as date of the closing, first payment, settlement date, etc.

The Application Date field will automatically populate based on the date the application was generated in MortgagebotLOS. This is an editable field and may be changed, if applicable.

The Closing (Note) Date field is a manually entered field and allows users to enter the scheduled closing date.

The First Payment Date and Maturity Date fields will automatically populate once a Closing (Note) Date has been entered.

The Rescission Date field is a manually entered field and allows users to enter the scheduled rescission date of the loan.

The Settlement Date field is a manually entered field and allows users to enter the scheduled settlement date of the loan.

The Closing Docs Out Date field can be automatically populated if the Forms & Docs > Closing Request > Date Institution Prepared Package field is completed (based on the setup of the site by the system administrators.)

Tip: If the Closing Docs Out Date field is setup is auto populate based on the Forms & Docs > Closing Request > Date Institution Prepared Package field, users will still have the ability to override the date and manually enter a date in that field.

If the Closing Docs Out Date field is not setup to auto populate, then upon entry of the Loan tab, the Closing Docs Out Date field will be blank and users can manually enter the date the closing docs were sent out for the closing.

The Cancelled/Postponed Date field is a manually entered field and allows users to enter the date the closing was either cancelled or postponed.

The Requested Closing Date and Requested Settlement Date fields can be automatically populated if the Forms & Docs > Closing Request > Requested Closing Date and Time and Requested Settlement Date fields are completed.

Other Information

The Other Information section allows users to include additional specific loan information based on the loan file.

This Loan is Prime field allows users to indicate if the loan is a Prime Loan by indicating Yes or No from the This Loan is Prime drop-down list.

The This Loan May Be Assumed field allows users to indicate the assumption rules for the loan file and users have the ability to indicate if the response is May, May Not, or May Subject to Conditions from the This Loan May Be Assumed drop-down list. If this field is already indicated on the Forms & Docs > TIL screen it will automatically populate the correct response.

The Timely Payment field allows users to indicate if the loan falls under the Timely Payment Rewards feature with an investor by allowing users to indicate Yes or No from the Timely Payment drop-down list. If users indicate No from the Time Payment drop-down list, then the Reward (%) field will be disabled. If users indicate Yes from the Timely Payment drop-down list, then the Reward (%) field will be enabled and a percentage amount may be entered.

The Interest Only (Interest First) and Period (Months) fields will automatically populate based on the Forms & Docs > 1003 > Terms tab and will be disabled.

For Loans submitted prior to October 3, 2015, the Interest Days field will automatically populate based on the Forms & Docs > GFE/IFW > Interest Days field. Users have the ability to override the Interest Days and indicate the Interest Days as either 360 or 365 from the Interest Days drop-down list.

For Loans submitted on or after October 3, 2015, the Interest Days field will automatically populate based on the Forms & Docs > Loan Estimate > Interest Days field. Users have the ability to override the Interest Days and indicate the Interest Days as either 360 or 365 from the Interest Days drop-down list.

The PMI field allows users to indicate if the loan file has PMI by selecting Yes or No from the PMI drop-down list. If the PMI field on the Forms & Docs > Lock screen is indicated and the loan file is Locked, then the PMI field will automatically populate based on that field.

Tip: If the PMI field is indicated as Yes, then the Additional tab will have MI screen populated for the closer to view and edit. If the PMI field is indicated as No, then the Additional tab will not display any MI information.

The Escrow Hold field allows users to indicate if there is an Escrow Hold on the loan file by indicated Yes or No from the Escrow Hold drop-down list.

The Escrow Funds Held By field allows users to indicate who the Escrow Funds are being held by, by indicating Title or Lender from the Escrow Funds Held By drop-down list.

The Holdback Amount field allows users to indicate the amount of escrow funds being held by entering the dollar amount in the Holdback Amount field.

The Escrow Completion Date field allows users to enter the date Escrow is to be completed.

The EEM (Energy Efficient Mortgage) field allows users to indicate if the loan file is an EEM loan by selecting Yes or No from the EEM drop-down list.