IMPORTANT! The following information is only applicable to loans submitted prior to October 3, 2015.
The Summary of the Loan section provides basic information on the loan scenario and is located on the Good Faith Estimate (GFE).
Base Loan Amount, Interest Rate, Number of Months, Will Escrows be Waived, and Amortization Type will automatically populate based on the information previously entered on the 1003. If Amortization Type is ARM, the user will be able to complete the 1st Interest Rate Change (months) and Maximum Interest Rate fields.
Interest Days will default to either 360 or 365 based on the setup in the Admin site but can be modified by the user.
All Property Taxes Escrowed and All Insurance Escrowed will default to No and won’t be editable if Yes is selected for Will Escrow be Waived. If No is selected for Will Escrow be Waived, the user will be able to select Yes or No for the All Property Taxes Escrowed and All Insurance Escrowed fields.
If Balloon Indicator is No, the Balloon Payment Amount and Balloon Mortgage Term (months) will be grayed out and not editable by the user. If Balloon Indicator is Yes, the user will be able to complete the Balloon Payment Amount and Balloon Mortgage Terms (months) fields.
Borrower Intends To Continue With This Loan? can be completed by selecting Yes or No from the drop-down list.