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# View 4a: Loan Origination Page/New or Refinanced Loan at Closing (Part One)

The loan origination page collects additional at closing time data about the subject loan.

New or Refinanced Loan at Closing

Select the applicable indicator if the characteristic applies to the loan being delivered.

- Assumable [ID 225]

  Select if the loan is assumable by another borrower.

- Buydown Temporary Subsidy [ID 228]

  Select if there is a temporary buydown subsidy. A subsidy is money paid by the borrower or third party for the purpose of paying down the interest rate or reducing the monthly payments.

- Capitalized Loan [ID 229]

  Select if the loan has been modified or is an Option Adjustable Rate Mortgage (ARM). Capitalized mortgages are those in which accrued interest, taxes, hazard insurance premiums and/or late charges are added to the unpaid principal balance of the loan. Interest capitalization occurs any time interest (accrued and unpaid) and loan fees are added to the outstanding principal balance of a loan.

- Construction Loan [ID 231]

  Select if the loan is a construction loan.

- Convertible [ID 232]

  Select if the loan has a convertible characteristic.

- Affordable [ID 238]

  Select if the loan qualifies for a Fannie Mae Affordable Product program as specified in the Fannie Mae Selling Guide. HomeReady is the only standard Fannie Mae Selling Guide product that is considered an affordable program. The lender's Master Agreement may contain variances for other affordable products. The lender must contact its Fannie Mae Account Manager or Credit Account Risk Manager (CARM) with questions about specific variances.

- Note Stored Electronically [ID 233]

  Select if at the time of delivery, the Note is stored electronically (eNote) rather than by traditional paper documentation.

- Relocation [ID 241]

  Select if the loan is part of a corporate relocation program.

- Shared Equity [ID 243]

  Select if the property has a shared equity mortgage. These mortgages are typically done as part of an affordable lending program with a government agency or nonprofit sharing some of the costs (and ownership), and thereby incurring lower payments or costs to purchase for the homeowner. All loans (first or second) with a shared equity feature are to be identified as shared equity loans, regardless of the form of the investor.

Maximum Term [ID 135](conditionally required if extendable mortgage)

Enter the maximum number of months over which an extendable mortgage may be amortized. Extendable refers to a balloon product that has the option to extend to a full term after an initial set period.

Amortization Period [ID 136] (required)

Enter the number of periods (as defined by the Loan Amortization Period Type) over which the scheduled loan payments of principal and/or interest are calculated to retire the obligation.

Borrower Reserves Monthly Payment Count [ID 287] (required)

Enter the number of loan payments that are available to the borrower from verified financial reserves after closing.

Loan Amortization Term Type [ID 137] (required)

Select the duration of time used to define the period over which the loan is amortized. Monthly must be selected.

Loan Amortization Type [ID 138] (required)

Select a classification or description of the loan generally based on the changeability of the rate or payment over time. Options include:

- AdjustableRate

- Fixed

- GraduatedPaymentARM [Not supported in mortgage]

- GraduatedPaymentMortgage [Not supported in mortgage]

- GrowingEquityMortgage [Not supported in mortgage]

- Step [Not supported in mortgage]

Annual Percentage Rate (APR) Spread (nn.nn) [ID 208] ( conditionally required)

Enter the HMDA reportable APR Spread. The difference between the annual percentage rate (APR) and the average prime offer rate (APOR) as required for HMDA Reporting Requirements. Any loan with an Annual Percentage Rate (APR) that is 'greater than or equal to 1.5 percentage points above the applicable Average Prime Offer Rate for first lien loans,' or 'greater than or equal to 3.5 percentage points above the applicable APOR for subordinate lien loans' must be reported. Fannie Mae will not accept any value that is less than 1.5%.

The Number of Months the Loan Remains Interest Only (not used)

Interest-Only End Date [ID 218] (conditionally required for Interest Only loans)

Enter the date on which the interest-only period on the loan ends.