Total Loan Amount
Input the total dollar amount of the loan, including any financed mortgage insurance (MI) or VA funding fee.
Appraised Value
Input the dollar amount of the value for which the property was appraised.
Note Rate
Input the interest rate to appear on the note. This is NOT your buydown rate. You can input up to three decimal places.
Fully Indexed Rate
When this field appears, it will be grayed out and disabled. The value appearing for this field is derived (usually from the Index and Margin fields on the ARM Info screen) according to the loan program.
Sales Price
For purchases, input the dollar amount for which the property was sold. If the loan is for a purchase, a sales price must be entered in order to get the correct Loan to Value (LTV) amount.
Term
Input the number of monthly payments to be made during the life of the loan. For example, a seven-year balloon loan would have a term equal to 84 (12 months x 7 years = 84 months).
2nd Trust Deed
If the loan is a first mortgage, which has a subordinate lien (a second mortgage), input the dollar amount of the subordinate lien.
Balloon Amortization
Input the number of months of the loan's amortization for balloons only. If the loan is a balloon, the amortization period is usually equal to 360 months (30 years). This amount should be longer than the term of the loan.
Down Payment
Input the dollar amount of the down payment on the property. This information will be disclosed on the Regulation Z per regulations for a credit sale.
Final Payment
For Simple Fixed loans, input the dollar amount for the borrower's final payment.
Total Sales Price (REO Loans Only)
Input the dollar amount of the total sales prices for the property. Like the down payment field, this field is only accessible if the REO box has been checked in the Main tab.
Est. P and I
Input an estimated dollar amount for monthly principal and interest (P & I). If this field is left blank, the system will calculate the P&I and disburse that amount in the Calculated P&I field. (See below.)
Base Loan Amount (FHA Only)
Input the dollar amount of the loan without any financed MI. This field should be used for FHA loans only.
ALTA Policy
Input the dollar amount of ALTA policy coverage, if applicable. Input restrictions cannot allow amounts equal to or exceeding $1,000,000. If your loan is $1,000,000 or larger, you will need to give Title special instructions on the "Other" Tab to obtain the proper policy.
Interest Only Term
If loan program includes an Interest Only term, enter the number of months here.
Per Diem Interest Paid By
Select a party responsible for paying the per diem interest 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.
Your options for Per Diem Interest Paid By are:
- Borrower
- Broker
- Lender
- Seller
Unless otherwise specified, the system will automatically calculate that the Borrower is paying the per diem interest.
Teaser Rate
Input teaser rate, if applicable.
Lock-In Rate
Input the locked interest rate, if applicable.
Teaser Term
Input the number of monthly payments to be made at the teaser rate.
Lock-In Term
Input the number of days for which the rate is locked.
Calculated P&I
This field will show the calculated P&I based on the Loan Amount, Term and Note Rate (or Fully Indexed Rate, when applicable) input.
Loan to Value
This field will show the calculated Loan to Value based on the Loan Amount divided by the Appraised Value or Sales Price, whichever is lower.
Step Rate Schedule
Upon clicking Click to enter schedule next to the Step Rate Schedule label, the step rate schedule will become visible and you will be able
to enter the terms and rates of the schedule.
Step Term
Enter the number of months that the step rate period will apply.
Step Interest Rate
Enter the Interest Rate applicable to the step rate period.
Document Date
Input the date in an MM/DD/YYYY format. This date will appear on all of the documents. The date you populate into this field should be the same date as the Closing Date (aka Settlement Date). The date you populate into this field will also be used to initially calculate the Rescission Date when you click on the calculator icon to the right of the Rescission Date field.
First Payment Date
Input the date on which the first payment will be due in an MM/DD/YYYY format. Along with the loan term, this date is used in determining the loan's maturity date.
Funding Date
Input the date on which the loan will be funded in an MM/DD/YYYY format. This date is used to calculate per diem interest. If this field is left blank, the system will automatically calculate 30 days. If the date is exactly one month before the first payment date, the system will calculate zero interest. If the funding date is less than 30 days from the first payment date, the system will calculate an interest credit.
Rescission Date
Input the date on which your rescission period ends. Dates should be entered in an MM/DD/YYYY format. You may either input the date manually or click on the calculator icon to the right of the field to calculate the date as three days after the Document Date, accounting for Sundays and federal holidays.
Application Rec'd Date
Input the date on which the signed loan application was received.
Section 32 Date
If the loan is a Section 32 loan, input the Section 32 date in an MM/DD/YYYY format. This date will appear on the Section 32 Disclosure Form. Note: If this is a Section 32 loan, make sure you have marked Section 32 on the Main Screen of input.
Lock-In Date
If there is a locked rate, input the date in which the rate was locked in an MM/DD/YYYY format.
Predisclosure Date
Input the Predisclosure date in an MM/DD/YYYY format.
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