View 4c: Loan Origination Page/New or Refinanced Loan at Closing (Part Three)

Closing Costs

For more information, refer to 4d: Loan Origination Page/New or Refinanced Loan at Closing (Part 4).

Select the + symbol to add a data collection for each Closing Cost. Freddie Mac accepts up to 4 collections.

Other Funds Collected at Closing Amount [ID 157]

Enter the dollar amount of the Other Funds Collected At Closing. This data point captures the total amount of buydown, prepaids, or escrow item funds collected.

Other Funds Collected at Closing Type [ID 158]

Specifies how to apply other funds that are collected from the borrower at closing. Options include:

  • Advance PITI Payment

  • Escrow Funds

  • Other: If Other is selected, the Buydown option displays.

  • Principal Curtailment

Down Payments

For more information refer to 4e: Loan Origination Page/New or Refinanced Loan at Closing (Part Five).

Select the + symbol to add a data collection for each Down Payment. Freddie Mac accepts up to 4 collections.

Interest Calculation Period [ID 214] (required)

Select the length of the interest accrual period. Options include:

  • Bi-weekly

  • Daily

  • Monthly

Interest Calculation Type [ID 215] (required)

Select the method used to calculate the interest on the loan. The available option is Simple.

Credit Score Information

  • Loan Level Credit Score Value [ID 251] (conditionally required)

    Enter a value indicating the representative credit score assigned to the loan. If there are multiple borrowers, determine the applicable credit score for each individual borrower (lesser of two or middle of three) and select the lowest applicable score from all borrowers with credit scores as the representative credit score for the mortgage. Disregard any borrower without a credit score when determining this value. If all borrowers have non-traditional credit, enter 0; otherwise a non-zero value will be expected.

  • Loan Level Credit Score Selection Method Type [ID 249/250] (conditionally required)

    Select the method used for the Loan Level Credit Score across all borrowers. Options include:

    • Average Then Average

    • Middle Or Lower Then Average

    • Middle Or Lower Then Lowest

    • Other: If Other is selected, the Seller Specific option displays.
  • Type of Credit Score Impairment [ID 247] (conditionally required)

    Select a characteristic of the Credit Score that impairs its effectiveness as an indicator of credit risk.

    Options include:

    • Insufficient Credit History

    • Significant Errors Score