The Terms Tab is used to enter the basic terms of the loan. Just as information from the 1003 updates the Borrower Summary, if any information is input on the Borrower Summary, it will populate on the 1003.
If Interest Only is selected in the Repayment Type drop-down list, another field will appear to the right of the drop-down list for the user to enter the Interest Only Repayment Term. If the Repayment Type drop-down list is left blank, the LOS will assume the term is Fully Amortizing. If the loan product selected has the admin settings to not allow for an Interest Only Repayment Term, then Fully Amortizing will be the only drop-down list option.
Based on the configuration of the LOS Administration (Admin) Site, the Loan Number field might populate with the Pipeline Loan Number or it will be blank. If updated here, this number will populate on the initial disclosure package as the loan number.