To complete the Loan Estimate
- Open a prospect or borrower file.
- Open the Loan Estimate from the Forms menu or the shortcut toolbar.
- Enter or edit the Application Date and Date Issued.
- Enter or edit the Estimated First Payment Date.
- Select the Purpose from the dropdown list.
- Edit the remaining data as needed.
The Loan ID will populate from the Lender Case No. field on page 1 of the Loan Application when the Company Information default is set to Lender.
- Enter the number of days of the Rate Lock Period.
- Enter or edit the Lock Expires Date and Time and specify the Time Zone.
- Enter or edit the Cost Expires Date and Time and specify the Time Zone.
Note: If the Intent to Proceed date is entered on the Fees Worksheet the Closing Costs Expiration will not print.
- Scroll to the Calculating Cash to Close section.
- Select the applicable checkbox to specify whether to disclose the loan by using the Standard form or the Alternative form.
Note: Standard Form is the default selection.
- Scroll to the Other Considerations section.

- Select the applicable Assumptions check box to indicate whether the loan is assumable if the property is transferred.
- Enter or edit the Late Payment data and select the payment type from the dropdown list.
- Select the applicable Servicing checkbox.
- Scroll to the Confirm Receipt section and select the Confirm Receipt checkbox to include a signature line on the printed form.
If the checkbox is not selected, a line for the borrower's signature is not included on the printed form.
Many fields on the Loan Estimate are populated from the corresponding field on the Fees Worksheet. The following tables show the mappings for fields that are not populated directly from the same field on the Fees Worksheet.
Loan Estimate
Loan Estimate |
|
|
Mapped from |
Section/Field |
Screen |
Section/Field |
Applicants Names
Address |
Borrower Information,
Loan Application Pg. 1 |
Borrower/Co-Borrower
Mailing Address |
Property |
Borrower Information |
Subject Property |
Sales Price |
Borrower Information |
Purchase Price |
Est. Property
Value/Appraised
Value |
Borrower Information |
Appraised Value |
Loan Term |
Borrower Information |
Loan Summary,
Term/Due |
Purpose |
Borrower Information |
Loan Summary |
Product |
Truth-In-Lending |
Summary of Combination
Fields |
Loan Type |
Borrower Information |
Loan Summary |
Rate Lock |
Registration and
Rate Lock |
Rate Lock Period |
Loan Terms
Loan Estimate |
|
|
Mapped From |
Field |
Screen |
Section/Field |
Loan Amount |
Truth-In-Lending |
Summary of Loan
Total Loan Amount |
Can This Increase? |
Truth-In-Lending |
Summary of Loan
Even if payments are made on time,
can the Loan Balance rise? check box |
Goes, Can Go,
as high as, Increases,
Can Increase until |
Truth-In-Lending |
Payment Schedule |
Interest Rate |
Truth-In-Lending |
Summary of Loan
Initial Interest Rate |
Can this increase? |
Truth-In-Lending |
Determined by various loan data and
loan terms |
Adjusts every
starting in
Goes, Can Go,
as high as, in
See AIR Table page 2
for details
|
Truth-In-Lending |
Adj Period
1st Change
Summary of Loan
Variable Rate Feature check box
|
Monthly P & I |
Truth-In-Lending |
Summary of Loan
Monthly Payment |
Can this increase? |
Truth-In-Lending |
Payment Schedule, worst case
scenario |
Adjusts every
starting in
Goes, Can Go,
as high as, in
Includes only interest and not
principal until
See AIR Table page 2
for details
|
Truth-In-Lending |
Adj Period
1st Change
Summary of Loan
Initial Pmt Rate Period when Interest
Only During Initial Pmt Rate Period
check box selected
Variable Rate Feature check box
|
Prepayment Penalty
Penalty |
Truth-In-Lending |
Prepayment |
Balloon Payment |
|
Calculated |
You will have to pay $
at the end of |
Truth-In-Lending |
Payment Schedule |
Projected Payments
Loan Estimate |
|
|
Mapped From |
Section/Field |
Screen |
Section/Field |
Principal & Interest |
Truth-In-Lending |
Payment Schedule |
Mortgage Insurance |
Truth-In-Lending |
Payment Schedule |
Estimated Escrow |
Fees Worksheet |
G. Initial Escrow Payment at Closing
total of all items with the Escrowed
check box selected |
Estimated Total
Monthly Payment |
|
Calculated Field |
Estimated Taxes, Insurance, and
Assessments |
Fees Worksheet |
G. Initital Escrow Payment at Closing
total of all items that contain a monthly
amount value |
This Estimate Includes |
Fees Worksheet |
G. Initial Escrow Payment at Closing
fees that contain a value for the
corresponding category, i.e.,
Insurance, Taxes, Other |
In Escrow |
Fees Worksheet |
G. Initial Escrow Payment at Closing
Yes = At least one item in the
category has the Escrowed check
box selected.
No = None of the
items in the category
have the Escrowed
check box selected.
Yes Some = Only
applies to Other. Some
items have the
Escrowed check box
selected and some do
not. |
Fees
Loan Estimate |
|
|
Mapped From |
Section/Field |
Screen |
Section/Field |
I. Total Other Costs |
Loan Estimate |
The sum of sections E, F, G, and H |
J. Total Closing Costs
Lender Credits |
Loan Estimate
Payoffs and Adjustments |
The sum of all closing costs (A
through H)
Total Lender Credits
(displayed as a negative value)
|
Calculating Cash To Close
Loan Estimate |
|
|
Mapped From |
Section/Field |
Screen |
Section/Field |
Standard Form |
|
|
Total Closing Costs J
|
Loan Estimate |
The sum of all closing costs (A
through H) |
Closing Costs Financed
|
Loan Estimate |
Calculated |
Down Payment/Funds from
Borrower
|
Fees Worksheet |
Calculated |
Deposit
|
Payoffs and Adjustments |
Total Seller Credits
(displayed as a negative value) |
Adjustments and Other Credits
|
Payoffs and Adjustments |
|
Estimated Cash to Close
|
|
Calculated |
Alternative Form* |
|
|
Loan Amount
|
Borrower Information |
Loan Summary
w/MIP, FF |
Total Closing Costs (J)
|
Loan Estimate |
The sum of all closing costs (A
through H), displayed as a negative
value |
Estimated Total Payoffs and
payments
|
Payoffs & Adjustments |
|
Estimated Cash to Close
|
|
Calculated |
Estimated Closing Cost Financed
|
|
Calculated |
*Not applicable for loans that have a seller
Adjustable Payment (AP) Table
Loan Estimate |
|
|
Mapped From |
Section/Field |
Screen |
Section/Field |
Interest Only Payments? |
Truth-In-Lending |
Payment Adjustments
Interest Only during Initial Pmt Rate
Period |
Optional Payments? |
Truth-In-Lending |
Optional Payments |
Step Payments? |
Truth-In-Lending |
Graduated Payments Mtg
Years |
Monthly Principal and Interest |
|
First Change/Amount |
Truth-In-Lending |
Payment Adjustments
Initial Pmt Rate Period ____ mths |
Subsequent Changes |
Truth-In-Lending |
Payment Adjustments
Adj Period |
Maximum Payment |
|
Calculated |
Adjustable Interest Rate (AIR) Table
Loan Estimate |
|
|
Mapped From |
Section/Field |
Screen |
Section/Field |
Index + Margin |
Truth-In-Lending |
Rate Adjustments
Margin Index Type
Index Type |
Step Rate (Increases in Interest
Rate) |
Truth-In-Lending |
Buydown Mortgage |
Initial Interest Rate |
Truth-In-Lending |
Higher Value of:
Loan Information, Note Rate,
Rate Adjustments, Margin + Index |
Minimum Interest |
Truth-In-Lending |
Rate Adjustments Floor |
Maximum Interest Rate |
Truth-In-Lending |
Rate Adjustments
Life Cap |
Change Frequency |
|
|
First Change
|
Truth-In-Lending |
Rate Adjustments
1st Change |
Subsequent Changes
|
Truth-In-Lending |
Rate Adjustments
Adj. Period ___ mths |
Limits on Interest Rate Change |
|
First Change
|
Truth-In-Lending |
Rate Adjustments
1st Adj. Cap |
Subsequent Changes
|
Truth-In-Lending |
Rate Adjustments
Adj. Cap |
Comparisons
Loan Estimate |
|
|
Mapped from |
Section/Field |
Screen |
Section/Field |
Loan Costs |
Truth-In-Lending
Loan Estimate |
Sum of the first 60 payments on the
Payment Schedule,
Section D. Total Loan Costs, and
Section F. Prepaid Interest |
Principal Paid
|
Truth-In-Lending |
Payment Schedule - estimated
principal paid in the first five years |
APR |
Truth-In-Lending |
Payment Schedule
APR |
TIP |
Truth-In-Lending |
Payment Schedule
TIP |
Other Considerations
Loan Estimate |
|
|
Mapped From |
Section/Field |
Screen |
Section/Field |
Assumptions |
Truth-In-Lending |
Assumption |
Late Payment
If payment is more than ___
days late
You will be charged |
Truth-In-Lending |
Late Charge |
Servicing |
Truth-In-Lending |
Servicing |
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