Loan Number
Enter the corresponding Loan Number.
Doc Set Type
Select a Document Set Type from the pull-down menu. Your options for Doc Set Type may include:
- Closing Documents
- Predisclosures
Loan Type
Select a loan type from the pull-down menu. To use the pull-down menu:
- Click inside the field or on the arrow to the right-hand side of the field to view the selections of the pull-down menu.
- When you have found your choice, click on it once with the left button of your mouse.
You can also make your selection by typing the first letter of the loan type you want to choose. Your options for loan types include:
Position
Select a position from the pull-down menu. To use the pull-down menu:
- Click inside the field or on the arrow to the right-hand side of the field to view the selections of the pull-down menu.
- When you have found your choice, click on it once with the left button of your mouse.
You can also make your selection by typing the number of the position you want to choose. Your options for positions include:
- 1 (first mortgage lien)
- 2 (second mortgage lien)
- 3 (third mortgage lien)
Payment Plan
Select a payment plan from the pull-down menu. To use the pull-down menu:
- Click inside the field or on the arrow to the right-hand side of the field to view the selections of the pull-down menu.
- When you have found your choice, click on it once with the left button of your mouse.
You can also make your selection by typing the first letter of the payment plan you want to choose.
Your options for payment plans include:
- Fixed Payment
- ARM (Adjustable Rate Mortgage)
- Balloon (Fixed)
- Balloon ARM
Refund of Finance Charge
Check this box if the borrower is entitled to any part of the finance charge, such as upfront MIP on FHA loans.
Rescission/Refinance
Check this box to indicate that the loan is a refinance and a rescission form is needed. Use this box only if the loan is a refinance with a lender other than the original lender and if the property is the borrower's primary residence. A rescission form is not given on a second home or investment property. If the loan is a refinance, but not subject to rescission, do not check the box.
Refinance Original Lender
Check this box if the loan is a refinance with the original lender of the borrower's primary residence. The correct rescission form will print. If the loan is a refinance, but not subject to rescission, do not check the Rescission/Refinance box.
Assumable
Check this box if the loan is assumable. The correct verbiage will appear on the Federal Truth In Lending Disclosure. If this is an FHA or VA loan, this box will be checked automatically.
Non-Owner Occupied
Check this box to indicate that the property is an investment property, not occupied by the owner. NOTE: If you need the "1 to 4 Family Rider/FHA 2561" to print, be sure to mark that box on the Property tab.
Duplex-Owner Occupied
Check this box to indicate if the home is a two family home where one of the units is occupied by the owner. NOTE: If you need the "1 to 4 Family Rider/FHA 2561" to print, be sure to mark that box on the Property tab.
Demand
Check this box if the loan includes a demand feature, that is, if the lender can call this loan due on demand. The correct verbiage will appear on the Federal Truth In Lending Disclosure.
Section 32
Check this box if the loan is a high-cost loan needing a Section 32 Disclosure.
REO
Check this box to indicate that the loan is an REO (Real Estate Owned - property a lender acquires as the result of foreclosure). The correct Federal Truth In Lending Disclosure will be generated for a credit sale. The lender is the seller in an REO Transaction.
Biweekly
Check this box if the loan payments are to be paid every two weeks instead of once per month.
Buydown
Check this box if the loan is a buydown. Once this field is checked, you can access the Buydown tab.
Prepay
For more information on inputting prepays, click here to download the Inputting Prepayment Data user guide.
Prepayment Penalty
Check this box if the loan has a prepayment penalty. If the "Prepayment Term" field is available for edit, enter the applicable Prepayment Term.
Prepay Option
Indicate the type of prepayment that applies to the loan. Options for Prepay Option may include:
- No Prepayment (blank)
- Standard Prepay
- Modified Prepay
- Custom Modified Prepay
- Special Modified Prepay
- Soft Prepayment
- Hard Prepayment
- Full Parity
- State Specific
- Full Prepay - 4 Month
Prepayment Term
If the loan has a prepayment penalty, and this field is available for edit, enter the term during which a prepayment penalty applies. Any number between 1 and 5 refers to years. Numbers 6 and greater refer to months.
Alternative Hard Prepayment Term
If the loan has an alternative hard prepayment penalty, besides a general Prepayment Term, enter the term during which the alternative hard prepayment penalty will be in effect for. Any number between 1 and 5 refers to years. Numbers 6 and greater refer to months.
Prepayment Rate
If the loan has a prepayment penalty, and a single prepay rate applies (no "tiered" prepay), enter the prepay rate that applies to the loan.
Advance Interest Months
If the loan has a prepayment penalty, and the Advance Interest method will be used to calculate the penalty, enter the number of months of advance interest that will be used to calculate the prepayment charge.
Tier
If the loan has a prepayment penalty, and a "tiered" prepay structure applies, add the "tiered" prepay information as applicable.
Enter term information in the left column and prepay rate information in the right column. You can input up to five different prepay terms and rates.
FHA Case #
Input the FHA or VA case number for the loan. This field only applies to FHA, VA, or VA Automatic loans.
FHA Section #
Input the FHA section number. This field is only accessible for FHA loans.
MERS Code
If the loan is a MERS product, enter the MERS number here.
Documentation Type
Select a Documentation Type from the pull-down menu. Your options for Documentation Type may include:
- Full/Alt Doc
- Reduced Doc
- Streamline Refi
- No Ratio
- No Doc
- No Income/No Asset
- Stated Income
Loan Purpose
Select a Loan Purpose from the pull-down menu. Your options for Loan Purpose may include:
- Cash Out Refi
- Refi No Cash Out
- Home Improvement
- Purchase
- Construction
- Other
Closing Information
Branch
Type the name of the branch responsible for this loan file, if applicable.
Name
Input the name of the loan closer.
Phone
Input the office phone number of the closer, including the area code and extension, if applicable.
Fax
Input the office fax number of the closer, including the area code.
License No
In this field, provide the branch's license number.
Address
Type the address of the branch responsible for this loan file, if applicable.
City, State, and Zip
Type the city, state, and zip code of the branch responsible for this loan file, if applicable.
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