TIL

Forms & Docs > TIL

 

IMPORTANT! For loan applications submitted on or after October 3, 2015, the TIL screen will no longer displays, and all ARM fields will be controlled from the 1003 > Other Data tab > For ARM Loan Only section.

 

IMPORTANT! The following information is only applicable to loans submitted prior to October 3, 2015.

 

The GFE screen must be saved, prior to the user accessing the TIL.  User may edit and print the TIL as long as they have the user right to do so, and have access to the file based on the final status.  To edit the TIL, click on the TIL screen in the left-hand navigation menu under Forms and Documents. 

Previously entered loan information from the 1003 and GFE will auto populate the matching fields on the TIL (such as the borrower's name and address).  The First Payment Date field on the TIL is synced with the first payment date on the GFE.  The user will need to complete the missing information fields, make selection from the dropdown menus, and ensure all standard business information at the bottom of the TIL is correct.  If MI is required, user will need to complete the Mortgage Insurance section to include MI1 & MI2 and the applicable months. 

 

The following sections will populate as follows, and the user will have the ability to edit these sections:

·         "Security" section auto-populates from Admin.

·         “Filing Fees” will auto populate the value on Line 1201 Government Recording Charges from the GFE.

·         "Late Charge" 15 days will auto-populate and percentage of payment at 5% except for the following states:

 

 

·         "No Prepayment Penalty" will default to none.

·         "Assumption" will populate from the settings established in Product Admin.

 

Once the TIL has been completed click Calculate to allow the TIL to calculate and display correct values for items such as the APR and Amortization Payment Schedule. 

Clicking the link “Full Amortization Schedule” will expand and collapse the amortization schedule.  The user must click Calculate or Save/Close for any updated values to display on the TIL’s printed version.  To exit and save the TIL click on Save/Close or click on another screen option to navigate way.