Transaction Details

The Transaction Details Tab will show the fee breakdown and Cash From/To Borrower for closing. The fields will populate from other tabs in the 1003 along with GFE values.

Details of Transaction section:

a. a. Purchase Price	Populates from Forms & Docs > Borrower Summary > Sales Price *Tip:* If changed on the DOT, it will update Borrower Summary
b. b. Alterations, Improvements, Repairs	Value of any alterations, improvements or repairs that need to be made/will be made to the subject property can be input here
c. c. Land	The purchase price of loan/lot if it was acquired separately can be input here
d. d. Refinance	This value will be the total of all debts from the 1003 > Liabilities Tab marked Paid At Closing From Loan Proceeds
e. e. Estimated Prepaid Items	The total from Forms & Docs > GFE/IFW > 900 and 1000 sections from the most recent saved GFE
f. f. Estimated Closing Costs	The total closing costs from Forms & Docs > GFE/IFW from the most recent saved GFE
g. g. PMI, MIP, Funding Fee	PMI: Value from Forms & Docs > GFE/IFW > Line 902 MIP: FHA UFMIP factor can be selected here or Forms & Docs > GFE/IFW > Line 902 Funding Fee: VA Funding Fee hyperlink can be accessed here or Forms & Docs > GFE/IFW > 800 section *Tip:* 1003 > Terms Tab > Mortgage Applied For drop-down list must display VA or FHA for MIP or Funding Fee options to appear
h. h. Discount	Value from Forms & Docs > GFE/IFW > Line 802 Tip: Only the dollar amount indicated as “Paid By Borrower” on the GFE/IFW will appear (for example, If “Paid By Seller”, value will be $0 here)
i. i. Total Costs	The total sum of lines a. thru h.
j. j. Subordinate Financing	Any simultaneous secondary financing obtained to finance the purchase of the subject property. The value from Forms & Docs > Borrower Summary > Subordinate Financing DOT will populate here *Tip:* If the secondary financing is a HELOC, this value will be the drawn amount
k. k. Borrower’s Closing Costs Paid By Seller	The sum of all closing costs from Forms & Docs > GFE/IFW indicated as “Paid By Seller”
l. l Other Credits	The sum of the Other Credits section from 1003 > Transaction Details Tab (see Other Credits below)
Closing Costs from New Second Mortgage	The sum of the closing costs paid to obtain the secondary financing from line j. Subordinate Financing
m. m. Loan Amount	The base loan amount for the subject property
n. n. PMI, MIP, Funding Fee Financed	The value of the PMI, FHA MIP or VA Funding Fee to be financed
o. o. Loan Amount	The total loan amount for the subject property, including financed fees
p. p. Cash From/To Borrower	Total amount paid from or to the borrower at closing

HELOC Information

Undrawn HELOC Amount

Used in conjunction with j. Subordinate Financing. If a HELOC is used to finance a portion of the subject property but the full amount will not be drawn, the undrawn value will be input here (for example, $25,000 HELOC; $10,000 drawn amount will go to line j. Subordinate Financing and $15,000 will go into this field to total the complete $25,000 HELOC)

Sales Concessions

IPCs: Excess Financing Concessions or Sales Concessions Amount

If submitting to DU/DO for Automated Underwriting enter Interested Party Contributions here. This will be entered on the 1003 > Other Data Tab if using LP for Automated Underwriting

Other Credits Section

Tip: All values in this section appear in line l. > Other Credits in the Details of Transaction section above.

Cash Deposit on Sales Contract	Users can indicate any Earnest Money paid by the borrower
User selected drop-down list	Lump sum credits for Borrower Paid Fees, Employer Assisted Housing, Lease Purchase Fund, Other, Relocation Funds or Seller Credit *Tip:* Lump sum Seller Credits do not populate back to the GFE/IFW. For a Seller Credit to populate on the GFE/IFW, users can itemize on the GFE using the “Paid By Seller” drop-down list option and the total seller credit will flow to line k. on the 1003 > DOT
User selected drop-down list	Lump sum credits for Borrower Paid Fees, Employer Assisted Housing, Lease Purchase Fund, Other, Relocation Funds or Seller Credit
Lender/Originator Paid Fees and POCs in GFE	The total sum of fees that are indicated as “Paid By Lender, Broker or POC” on Forms & Docs > GFE/IFW will populate in this field

When the user navigates from the Transaction Details Tab and the total amount in the Cash From/To Borrower field is less than the total liquid assets, then a message window will display to notify the user that liquid asset total is not sufficient to cover closing costs. The message window will also display the total liquid asset value from the 1003 > Assets Tab to easily identify how much more the borrower will need for closing.

When the Base 1003 Format is Freddie Mac (Loan Prospector), there is an Override Reserves Amount for LP Submission. Here, users can choose to enter in the amount of reserves to pass to LP for findings rather than use all of the assets listed on the 1003 > Asset Tab.

When the 1003 > Terms Tab > Mortgage Applied For drop-down list displays FHA there will be MI Renewal Rate % drop-down list in line g. where users can select the UFMIP factor.

When the 1003 > Terms Tab > Mortgage Applied For drop-down list displays USDA/RHS there will be a Guarantee Fee hyperlink in line g. When selected, a GRH Fee Calculation window will open. Once the Conditional Commitment Data field is input, the monthly and upfront guarantee factors will populate and the Guarantee Fee will calculate. Users can indicate the dollar amount for the Financed Guarantee Fee. Save/Close will save the data and close the GRH Fee Calculation window while Cancel will close the window without saving any data entered.

When the 1003 > Terms Tab > Mortgage Applied For drop-down list displays VA there will be a Funding Fee hyperlink in line g. When selected, a VA Funding Fee Percentage Factors window will open. Users can fill out the applicable drop-down options. Save/Close will close the window and populate the VA Funding Fee to line g. while cancel will close the window without saving any data entered.