TPO: Loan Details

The "Loan Details" page provides a centralized location for users to review important information about the borrower and their loan, including details about the selected loan product, the borrower's housing expenses and closing costs, and other significant information collected from the loan application. 

Table of Contents

• Overview
• Pricing Information
• Housing Expenses Breakdown
• Section L4 - Required Funds or Cash Back
• Income, Liabilities, and Assets
• Subject Property Information
• Using Loan Details After Disclosures

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Overview

The "Loan Details" page functions as the central homepage for each loan in your pipeline. Throughout the loan process, this page compiles information drawn from the application and the pricing/fee engines to provide a snapshot of the loan record. Before initial disclosures are created, this page can be used to perform important actions such as updating pricing and fees or navigating to the "Locking and Adjustments" page. After initial disclosures are created, this page can be used to view the most recent loan data from the lender's LOS or to request changes to the loan record.

To access this page, select the Loan Details tab in the navigation bar or select Loan Details from the loan menu.

The following buttons appear at the top of the "Loan Details" page:

• Create Quote - select this button to generate a quote using the currently selected loan product. Learn more about creating a quote.
• Shop for Rates - select this button to go to the "Shop for Rates" page and enter pricing information to search for eligible loan products. Select the white arrow on this button to update pricing and/or fees.
• Locking and Adjustments - select this button to go to the "Locking and Adjustments" page and place/update a lock or make a pricing concession request.

Directly below these buttons appears an overview of the borrower's loan. The information in this section is calculated and populated automatically as the application is completed and a loan product is selected.

1. Selected Loan Product - after a loan product has been selected, the name of the product appears here
2. Loan Amount - this figure represents the the size of the borrower's loan
3. Loan Type - indicates whether the borrower is seeking a Purchase or Refinance loan
4. Closing Date - this date represents the projected closing date. Select to adjust this date.
5. New Monthly Payment - this figure represents the borrower's projected monthly payment with the selected loan product with the current loan terms
6. Note Rate - this figure represents the interest rate used to calculate the borrower's monthly payment
7. APR - this figure represents the annual percentage rate on the borrower's loan
8. Amortization Type - this field describes how the borrower's loan will be amortized
9. Current Monthly Payment - this figure represents the borrower's current monthly housing payment
10. Loan Amount/Cash from Borrower - this graphic represents the relationship between the loan amount and the amount of money that is owed to or from the borrower (see section L4)

The remaining sections on the "Loan Details" page provide greater details about the borrower's loan. See below to learn about the information contained in each section.

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Pricing Information

The Pricing Information section contains details about any pricing information entered on the "Shop for Rates" page.

Pricing Information Decision Score - the borrower's credit score Purpose of Loan - purchase/refinance Lien Position - the lender's lien priority Qualifying Rate - the borrower's qualifying rate Price - price for discount point Term (Months) - planned term of the borrower's loan repayment Months of Reserves - number of months for which the borrower currently has funds to cover their payments Required Funds - required number of months of reserves Buying Stage - the current stage of the purchase process Down Payment - the amount of money that the borrower will pay out of pocket towards the purchase price Down Payment Source - where the borrower is obtaining the money for their down payment Income Verification Type - indicates how the borrower's income was verified HVE Date - date of Home Value Explorer (HVE) valuation HARP Indicator - indicates whether the loan is part of the Home Affordable Refinance Program (HARP) IPV Date - date of independent price verification (IPV) Par Rate/Par Price - standard interest rate/price Price Includes Admin Fee - indicates whether the price includes an administrative fee Price Includes Broker Compensation - indicates whether the price includes the broker fee Unique Property - indicates whether the subject property fits the definition of a 'unique property' No. Financed Properties - number of properties currently financed by the borrower Prepayment penalty - value of penalty incurred by the borrower for paying off their mortgage early

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Housing Expenses Breakdown

The Housing Expenses Breakdown contains an itemized list of the costs included in the borrower's monthly payment. This list draws information from the borrower's credit report to present a side-by-side comparison of the borrower's current housing expenses with their projected housing expenses under the terms of the new loan.

Housing Expenses Breakdown Rent - total rental costs paid by the the borrower First Mortgage P & I - cost of principal and insurance on the borrower's primary mortgage Subordinate Lien(s) P & I - principal and insurance for other mortgages Homeowner's Insurance - costs for borrower's homeowner's insurance Fixed Insurance - fixed insurance costs Other Supplemental Insurance - cost of additional insurance Property Taxes - total cost of property taxes MI - mortgage insurance costs. if mortgage insurance is necessary for the loan, click here to select a provider HOA Dues - cost of homeowner's association dues (if applicable)

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Section L4 - Required Funds or Cash Back

Section L4 displays a list of owed funds in order to calculate the amount of money that is owed either to or from the borrower. 

Section L4 - Required Funds or Cash Back Sales Contract Price - the selling price of the subject property Alterations, Improvements, Repairs - cost of any necessary repairs to the subject property Land - value of owned land (if acquired separately) Mortgages to be Paid Off - remaining balance on existing mortgage Credit Cards & Other Debts to be Paid - total amount of borrower's other debt Closing Costs, Prepaids & Escrows - total value of closing costs and other related expenses Discount Points - percentage of discount on the loan value Loan Amount - full amount of borrower's loan Subordinate Financing - cost of any subordinate mortgages Seller Credits - value of any money provided to the borrower by the seller Other Credits - value of any expenses that are being paid by the broker, lender, or other party Total Credits - total value of above credits Total Due from Borrower - total amount of money owed by the borrower Less Total Mortgages & Credits - value of the loan + credits Cash to/from the Borrower - total amount of money owed either to/from the borrower. Calculated by subtracting previous line from total due from borrower.

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Income, Liabilities, and Assets

The Monthly Income, Other Liabilities, Debt-to-Income, and Assets sections on the "Loan Details" page contain important information drawn from the loan application about the borrower's finances.

The Monthly Income section displays the total income from all sources entered on the Income tab of the loan application. If there are multiple borrowers on the loan, each borrower is represented by their own column in the table. 

The Other Liabilities section displays the total amount of any liabilities found in the borrower's credit report or entered on the Credit tab of the loan application. If there are multiple borrowers on the loan, each borrower is represented by their own column in the table.

The Debt to Income section displays the borrower's DTI ratio by loan type. This figure is calculated from the information provided on the Income and Credit tabs of the loan application.

The Assets section displays the total value of the assets entered on the Assets tab of the loan application. If there are multiple borrowers on the loan, each borrower is represented by their own column in the table. 

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Subject Property Information

This section displays the following pieces of information about the subject property:

1. Purchase Price - purchase price of the subject property
2. Appraised Value - appraised value of the subject property
3. Approval Contingency - approval contingency date
4. Appraised Contingency - appraised contingency date
5. LTV - loan-to-value ratio (graphic)
6. CLTV - combined loan-to-value ratio (graphic)
7. HCLTV - high credit loan-to-value ratio (graphic)
8. Property Type - subject property type
9. Attachment - indicates whether or not the property is attached or detached
10. Occupancy Type - indicates how the borrower intends to use the subject property
11. Additional Property Details - select this button to view additional information entered about the subject property on the Property tab of the loan application.

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Using Loan Details After Disclosures

After initial disclosures have been created, the loan record can no longer be changed in the Cloudvirga system, and the information on the "Loan Details" page will simply represent the state of the loan record at the time disclosures were requested.

Select View Lender Data from the disclosure status message bar after disclosures have been requested or created to see the current loan record as it is reflected in the lender's LOS. 

This button opens a separate "Lender Data" flyout window, which contains a series of columns that each represent the loan data at the following points:

1. Loan Data on Disclosures - this column represents the initial information that was sent to the lender's LOS at the time of disclosures. The date of initial disclosures appears below the column heading
2. Lender's Previous Data - this column represents any previous updates that have been received from the lender's LOS. The date of the previous update appears below the column heading
3. Lender's Current Data - this column represents the most up-to-date loan data as it is reflected in the lender's LOS. Any pieces of information that have changed from previous iterations of the loan data appear in red text

You can also indirectly make changes to the loan record by selecting Request Changes. 

Learn more about submitting a change request.

Cancel Disclosures

If you have requested disclosures but they have not yet been signed, you can cancel the request by selecting Cancel Disclosures from the disclosure status message bar.

Note: this button will be unavailable after disclosures have been delivered to the borrower.