1. Open Calculations.
2. Click the Proceeds and Fees button.
3. Select the Complete Fee data for GFE option.
1. Click the RESPA Origination Charges button.
2. Choose the appropriate options.
Scenario 1: There is no credit/charge for the interest rate, or it has already been included in the origination charge.
n The origination charge in Block #1 is the combined total of all fees that are set to GFE Block #1 during setup in administration or at transaction time.
n Leave all fields unchecked or choose the A Lender credit or charge is applicable to this transaction. option if applicable. Complete the other options as applicable. Enter the credit below or the charge on the Fees window as applicable.
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Scenario #2: A credit is given to the borrower for the interest rate and you need to itemize the credit in Block #2.
n The origination charge in Block #1 is the combined total of all fees that are set to GFE Block #1. This amount should include all origination charges plus the credit in GFE Block #2.
n Choose the A Mortgage Broker credit or charge is applicable to this transaction option or A Lender credit or charge is applicable to this transaction option and enter a credit.
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Scenario #3: A borrower is charged for the interest rate and you need to itemize it in Block 2.
n The origination charge in Block #1 is the combined total of all fees that are set to GFE Block #1 Admin or at transaction time.
– Select the A Mortgage Broker credit of charge is applicable to this transaction or Lender credit or charge is applicable to this transaction option.
– Select the The credit or charge to the borrower will be itemized option.
– On the PrePaids tab in Proceeds and Fees, enter an amount for the Borrower Charges Or Points fee in the GFE AMT/Pct and Amt/PCT fields.
1. Select the Complete Fee data for GFE option in Proceeds and Fees.
2. Verify the details for each fee.
n The GFE block assignment will determine the block on the GFE where the fee will appear. The available service provider types are determined by the selection made in the GFE block assignment option. The service provider type will be used in the tolerance calculation at closing.
n The Service provider type drop-down list displays the default option and cannot be edited. You can edit the service provider type on the HUD Fee Details windows during closing and the edited provider type will print on the HUD Comparison Chart.
n After fees are entered in Proceeds and Fees, each fee block will be summarized on the Your Adjusted Origination Charges and Other Estimated Settlement Charges tabs in the RESPA GFE area of Calculations.
1. Complete the Important Dates tab.
n The Complete fee data for GFE option must be selected on the Proceeds and Fees page.
n The dates on page #1 of the Good Faith Estimate populate from the Important Dates tab. You must enter the dates manually. If left blank or at the default of 00/00/0000, the GFE prints NA. HUD requires the date for the All other estimated settlement charges are available through option to be at least 10 business days from the date of the Good Faith Estimate to allow a borrower to shop for the best mortgage.
n To avoid fee amounts printing incorrectly on your GFE and/or HUD, complete the following if you make changes to fees:
– In Calculations, verify the Complete Fee Data for GFE is selected. Verify all information.
– Navigate to the RESPA GFE window and select the Update from Transaction button. Failure to do so may cause amounts to print incorrectly on your GFE and/or HUD.
2. Select the Your Adjusted Origination Charges tab and review the information.
The Your Adjusted Origination Charges and Other Estimated Settlement Charges tabs are read only. The tabs allow you to view information before printing documents.
3. Select the Other Estimated Settlement Charges tab and complete the information.
4. Select the GFE Tradeoff tab and complete the information.
5. Enter an example of a loan with a higher rate and lower settlement charges and/or a loan with a lower rate and higher settlement charges (if the Lender offers these additional options). For adjustable loans, the comparison is for the initial interest rate before adjustments.
6. Click the Calculate Tradeoff options button to calculate the payment and changes in settlement charges.
7. Select the Change of Circumstances tab and complete the information.
n The Change of Circumstances tab is used to describe the specific changes in circumstances that lead to the lender to re-issue a GFE. This information prints to the RESPA Good Faith Estimate Changed Circumstances document.
n The RESPA Good Faith Estimate Changed Circumstances document is not autoselected if this tab is not completed.
1. Click the Escrow button in Calculations if applicable.
2. Click the Account button and complete the information.
1. Complete the data entry that appears if an escrow account will be established for the loan.
