Users have the ability to edit fees, specifically: Standard Fees, State Specific and Branch Specific Fees with Fee Manager Functionality.
Requirements: Users must first be granted access to this privilege by their Administrator. The privilege can be granted under “Edit Fee Manager”.
The Fee Manager can be found within the ADMIN menu under Fee Manager. The user will be given options to enter the Standard Fee or Branch Specific Fee section upon navigating the ADMIN menu.
Upon entering the Standard Fees section users will be able to edit various fee types by clicking on the edit pencil icon. The edit pencil icon will activate the Standard Fees Configuration fly out page. It is within the fly out page that users can edit the following sections for:
- Vendor Fee ID - The unique ID used to map a vendor fee into the iMP. If not vendor supplied, this field will display Internal.
- Loan Transaction Type - Configure fees by Loan Transaction Type. Select Refinance or Purchase. Chose Select One, if the fee applies to both Refinances and Purchases Fee Settings
- Fee Name - Display name for iMP, Disclosures & LOS (Required field)
- Fee Category – Defines the Fee Category for the Preferred Settlement Service Provider (PSSP)
- Cost Group – Defines the estimated cost groups.
- LE Section - Section in which the fee will be displayed in Loan Estimate document (i.e. A, B, C...). If blank, internal rules will be used to determine LE section based on CD Section and Supported Sections.
- CD Section - Section where the fee will be displayed in the Closing Cost Details screen and in Closing Disclosure Documents (i.e. A, B, C...)
- Supported Sections – Defines additional section where the fee can be manually added in the Closing Cost Details screen if a Borrower shops for a Fee
- Tolerance Levels – Defines the tolerance bucket for the fee
- VA Allowable Type – Defines the VA tolerance bucket for the fee
- Paid By – Defines who will pay for the fee at closing
- Paid To – Select One will use the value returned from the vendor for a Service Provider. Selecting an option from Global Contacts will override the provider returned by the vendor
- HUD Line Number - iMP’s internal unique HUD line number (not editable)
- Sub HUD Line - iMP’s internal unique sub HUD line number (not editable)
- HUD Line Export ID – The HUD line number that the fee will be exported to the LOS
- Paid To Export ID - The Paid To value that will be exported to the LOS
- This is an APR Fee – Defines if this fee will be included in the APR calculation
- Override Vendor APR – Select Yes to override the APR flag, if returned from the vendor
- Seller Obligated - Disabled for now
- Section 32 Fee – Disabled for now
- Must Be Unique - If set to ‘Yes’, user cannot add the same fee twice in the Closing Cost Details screen
- Can Be Locked - If set to ‘No’, lock icon is hidden in Closing Cost Details screen
Upon entering the State Specific section users will be able to edit various fee types by clicking on the edit pencil icon. The edit pencil icon will activate the State Specific Fees Configuration fly out page. It is within the fly out page that users can edit the following sections for:
- Occupancy Type - Defines the Occupancy Type for when the fee applies. If ”Select One”, the fee applies to all Occupancy Types
- Rules for mortgage types (Conventional, USDA, FHA and VA):
- For all Mortgage Types - set USDA, FHA and VA fields to 'Select One'
- For Conventional loans - set the USDA, FHA and VA related fields to 'No'
- For USDA, FHA and VA loans - set corresponding mortgage type field to ‘Yes’
- If any of the USDA, FHA and VA fields are set to ‘Yes’, the fee will not apply to Conventional loans, and a separate fee needs to be added for Conventional loans with all three fields set to ‘Select One’ or ‘No’
- Property Type - Defines the Property Type for when the fee applies. If ”Select One”, the fee applies to all Property Types
- Condo – This indicator is used only to define the HOA Questionnaire fee
- Subordinate Junior Liens - Select “Yes” to add a Subordination fee for each Junior Lien that will not be paid off or closed
- Bank Statements Income - Defines the Income Type for when the fee applies. If ”Select One”, the fee applies to all Income Types
- Streamline - Defines if the fee only applies to VA or FHA Streamline loans
- Property Inspection Waiver – The fee will be applied if Property Inspection Waiver is set to “Yes”
- Same Servicer – The fee will be applied if Same Servicer indicator is set to “Yes”
- Is Wholesale - The fee will be applied if Is Wholesale indicator is set to “Yes”
- Amount Factor – Defines the % factor multiplied by the Total Loan Amount to calculate the fee amount (Fee amount field below must be blank to use this indicator)
- Amount – The Amount of the Fee to be used in the Closing Cost Details page, Closing Disclosures and LOS.
Each State may be configured for the specific fee being edited by adding a checkmark next to the box by its abbreviated name.
Branch Specific Fees
Upon entering the Branch Specific Fees section users will be able to edit various fee types by clicking on the edit pencil icon. The edit pencil icon will activate the Branch Specific Fees Configuration fly out page. It is within the fly out page that users can edit the following sections for:
- Fee Name and Branch, which are required fields
- Loan Transaction Type - which is optional. If 'Select One', the fee amount is applicable for both refinance and purchase
- Amount – in which this field can be $0.00 or any other amount
The Branch Specific Fees option can be used to override the default internal fee amount set up under the State Specific Fees tab. The State Specific fee must be set up prior to adding the Branch Specific Fee override. One Fee entry must be set up for each branch. Any branch not defined will use the default internal fee amount from the State Specific Fees.
Fee names that are changed within the Fee Manager will reflect across multiple pages as previously described. The admin user has the ability to control the Fee Name so they are not forced to use the vendor fee names.
Reflected in Closing Cost Details:
Reflected in LE: