To complete the Loan Estimate

1. Open a prospect or borrower file.
2. Open the Loan Estimate from the Forms menu or the shortcut toolbar.




3. Enter or edit the Application Date and Date Issued.
4. Enter or edit the Estimated First Payment Date.
5. Select the Purpose from the dropdown list.
6. 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.

7. Enter the number of days of the Rate Lock Period.
8. Enter or edit the Lock Expires Date and Time and specify the Time Zone.
9. 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.

10. Scroll to the Calculating Cash to Close section.



11. 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.

12. Scroll to the Other Considerations section.




1. Select the applicable Assumptions check box to indicate whether the loan is assumable if the property is transferred.
2. Enter or edit the Late Payment data and select the payment type from the dropdown list.
3. Select the applicable Servicing checkbox.
13. 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